Price-shopping for fees and costs a notary in Quebec of your real estate (residential real estate, mortgage, financing / mortgage renewal, ac quittance and release, will, protective mandate of incapacity, power of attorney, contract marriage, estate,) can mean buying problems. For many, the role of the notary is not clear. We are generally perceived as an obligated expense during the purchase of a house, an expensive rubber stamp! To buy a house is one of the most important investments in life. Besides saving up for the down payment, it is necessary to plan your monthly budget to pay the new mortgage, expenses for the inspection, moving expenses, welcome tax, municipal and school taxes, furniture and appliances, renovations, real estate agent commission for buying or selling the house, etc.
In short, it costs a lot of money to buy a house, and so many people will be tempted to shop for notary fees to save money, which for them is just a formality to formalize everything. Unfortunately, that is the problem. The notary’s visit is not just a formality. It’s not just having you fill out forms that are already established; our role is much more important than that! People are often mistakenly said, after the offer to purchase is signed, hey, we just bought a house! That’s not entirely correct. Through the promise to purchase, you have contracted to purchase the house at a future date. It is the transfer of ownership to the notary. When you say transfer of rights that also implies a transfer of responsibility for the house.
What is important to know, it is that the notary, just like the inspector who protects you against the physical defects of your house, protects you against the legal vices (defects) associated to your house. Indeed, a real estate file takes on average 15 to 20 hours to prepare. The notary, by his meticulous checks (offer to purchase, examination of the titles, municipal and school tax, certificate of location, taxes paid up to date), is going to make sure that you hold a good title deed. If during his search, the notary discovers anomalies, the notary will communicate with you and will explain the risks and the solutions. The good news in all of this? It’s not your problem, it’s the seller’s problem. The seller will have to correct any problems. If the risk to be taken is too great for you, you will also have the option of withdrawing from your purchase.
That is why you should shop for a reputable and reliable notary, a scrupulous notary who will be dedicated to your interests and will find any potential problems or issues with the property you wish to buy. If you choose a notary ONLY because of low fees compared with the other notaries and think you are getting a good deal, make no mistake, there are strong chances the notary puts less time in your case and can miss important things. When you sell your property, it is possible you might have to pay to fix problems your notary did not see.
Besides his role of verification your file, the notary also has the task to advise you legally on the protections to set up. For example, according to your situation, he can inform you about the advantages to make a will, to make a protective mandate, to make an agreement of common life or to add a clause of protection of your down payment in the deed of sale. Indeed, when you buy with several other buyers, he can add a clause in the deed of sale planning to share the capital in the event of the sale of the building, and to plan who pay what, etc.
The notary can also explain to you what the legal implications are when only one person is the owner but the other contributes to the payment of the mortgage, but also what documents can be signed to protect everyone in a situation like that. Prevention is better than cure, and a good notary is there for that.
In short, I advise you to aim for competence, not only price, and to listen to your feelings in choosing your notary. You must deal with a notary who you trust, because as notaries we are the guardians of your rights.Contact us now!