Notarized Deed of Sale: Everything You Need to Know Before Signing
What is a notarized deed of sale?
The notarized deed of sale is an official document of paramount importance in a real estate transaction. Drafted by a notary As a public official, this document—also known as a notarial deed—certifies the validity of the transaction. It is legally enforceable, which means it can be used to compel the parties to comply with the terms set forth therein. Once signed and validated by the notary, it acquires indisputable legal validity, thereby ensuring the security of the parties involved.
What is the difference between a preliminary sales agreement and a notarized deed?
The sales agreement is a preliminary contract, an agreement between the seller and the buyer that sets forth the terms of the sale.
In contrast, the notarized deed marks the conclusion of the transaction and carries much greater legal weight. It definitively validates the transfer of ownership and is binding on both parties, unlike the preliminary sales agreement, which can be canceled under certain conditions before the notarized deed is signed.
What does a notarized deed of sale contain?
The drafting of a bill of sale is subject to strict rules regarding both form and content. Each page of the document must bear the signatures of all parties involved; otherwise, the document is void.
The notary carefully ensures that these formalities are followed to guarantee the validity of the deed. In particular, the document must include the date of signature and the identity of the drafter, the full civil status of the parties involved, a detailed description of the property in question—including its legal classification—the title deed, the various charges, as well as the agreed-upon price and payment terms, along with all required documents such as the technical inspections of the property.
How does the signing of the notarized deed of sale take place?
The signing of the notarized deed takes place in the presence of the notary, the seller, and the buyer. If one of the parties is unable to attend, they may be represented by granting power of attorney to a third party. This delegation is then noted in the deed. Whether in paper or electronic form, the document is read in its entirety by the notary before the parties sign it.
Which notary drafts the notarized deed of sale?
The choice of notary is not required by law. The parties may choose a joint notary or each may retain their own notary. If two notaries are involved, only one will be responsible for drafting the deed.
In accordance with Article 1593 of the Civil Code, the so-called “notary fees” are the responsibility of the buyer; it is generally the buyer’s notary who drafts the deed of sale.
