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- Buyer's Guide intro
- before you view any properties
- what & where to buy
- a good agent
- your viewing tour
- agreeing the purchase
- choosing your lawyer
- confirming your offer
- exchanging contracts
- preliminary searches
- completion
- taxes and fees
- bank accounts
- mortgages
- currency exchange
- summary
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Buyer's Guide
Completion At The Notary
Most registered property transactions overseas must take place in front of a public notary.
The notary's job is to check:
- that the sale documents are correct,
- to verify the identities of the parties involved,
- to collect the tax on the sale due to the government
- and to ensure that the entries in the land registry are updated to show the new owner.
Both the buyer and the seller may appoint an authorised representative to sign on their behalf.
The sale is formally completed when the title deeds of purchase are signed in front of a notary and the final payment is made. Possession is now transferred to the buyer. The buyer(s) and the seller(s) attend the notary's office on the specified day, to sign the title deed.
Do remember that the notary is not acting for you (or the vendor). He is impartial and will not necessarily point out any "anomalies" in the contract - this is the job of your lawyer.
If you are funding the balance with a mortgage, the mortgage deed is also signed in order that the bank will release the funds. Once signed, the notary will handle the formalities of registration of your title deeds at the local land registry. He is also normally responsible for registering the sale for tax purposes.
Your lawyer will arrange payment of all the relevant transfer taxes, notary fees, VAT, etc. associated with the purchase of your property. They will also arrange for utility accounts, such as water and electricity, to be transferred into your name.
Next - Taxes & Legal Fees
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