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The role of the notary in the purchase of a property

Congratulations, your offer to purchase a home has been accepted! You’re one step closer to the property of your dreams. To complete your purchase, you will need to find a notary who will accompany you throughout your process and will take care of several administrative tasks for you.

First, the notary must ensure that everything is in order by verifying the titles and other documents of the seller (title of current property, certificate of location, mortgage deeds etc.). After confirming that all the titles and documents are in order, the notary will check to ensure that the municipal and school taxes are up to date, making any adjustments if needed.

After going through the initial steps and confirming all documentation, the notary proceeds to set up the required mortgage. The notary takes the mortgage deeds provided by the seller and uses these to determine what type of mortgage will be needed to secure the property. They must then request the account statements from the creditor and prepare the delisting acts.

Based on the conditions of the previously accepted offer of sale and the instructions received from the creditor, the notary will draft the deed of sale and the act of mortgage. These are very important legal documents and the notary must be meticulous and rigorous during the drafting of these forms so that they best reflect the will of the buyer and the seller.

Your notary will then collect the needed funds in their trust account (the down payment and mortgage financing) while ensuring that the compensation periods are respected. In order to obtain funds from your creditor, the notary must send a request for funds.

Once all these steps have been completed and everything has been verified, the notary will schedule appointments to sign all the documentation with the parties involved in the transaction. The signature of the mortgage deed and the deed of sale for the buyer are made in two appointments about a week apart. After each appointment, the notary publishes the signed documents.

The notary is also in charge of issuing cheques and preparing copies for the involved parties. In particular, they prepare the cheque to repay the mortgage and sends the act of cancellation (receipt) for signature so that the only mortgage on the property is the one owed by the buyer. Once all steps have been completed, the notary must produce the final report to the creditor.

Here is an infographic to help you understand the role of a notary during a real estate transaction.