Real estate transaction: how much does it cost to work with a notary in Quebec?
A real estate transaction is a process that involves several key steps to ensure that everything happens in the best conditions for each of the parties involved. In addition to real estate agents, several other experts are involved, including notaries.
Indeed, during a real estate transaction, notaries play a very important role. In this article, we will first see how much you have to pay the notary who takes care of your transaction. Then we will explore the role of the notary during this process.
What are the notary fees for a real estate transaction in Quebec?
The amounts you will pay include two separate fees: notary fees and administrative expenses.
For the purchase of a single-family home, a minimum fee of $ 1,200 is required, in addition to transaction fees and applicable taxes. These fees are used to compensate the notary. Note that the fees may vary from one notary to another, which is why it is important to compare quotes from several professionals.
For the other additional fees, the total will vary between $ 450 and $ 500, regardless of the value of the property. This amount is used to reimburse the expenses associated with the processing of your file. For example, the fees paid by the notary to register your file in the land register.
Is it mandatory to work with a notary in Quebec?
In Quebec, the law states that it is mandatory to have the documents of a real estate transaction signed and validated by a notary.
Who chooses the notary with whom you will work?
In most cases, the buyer will choose the notary who will validate the transaction. Even if the notary must remain neutral, the buyer must make sure that they are well protected, especially during a transaction where they may owe the seller. In the event that the object of the sale is a new condo project, the seller may choose the notary. There are other possible situations, but this is determined on a case-by-case basis.
In rare cases where the notary is in a situation of conflict of interest, they are required to report it to the parties involved in the transaction. Faced with the information, the seller and the buyer will be able to decide if they decide to use the services of another notary or if they are ready to sign the documents with full knowledge of the facts.
What does the notary do during the real estate transaction?
The role of the notary is essential to ensure the validity of the documents involved in the transaction. The real estate agent sends him several documents pertaining to the property transaction. For example, it will be necessary to give them the title deeds, the certificate of location, the municipal tax statements and documents related to the civil status of each party.
With these documents in hand, the notary will check if they notice any irregularities in order to avoid potential problems that could complicate the transaction.
Then, they are also called upon to perform other administrative tasks, such as delisting mortgages that are no longer valid, preparing new mortgages, sending documents to financial institutions, and so on.
Finally, they also make use of their expertise by performing certain calculations regarding the costs to be covered by the buyer or the seller.
Lastly, the notary will also have the task of drafting the deed of sale, publishing it in the land register and having all the documents signed by the parties involved.
To learn more about the role of the notary during a real estate transaction, read the following article What is the role of notaries in real estate transactions?
Why it's important to use the services of a notary
A notary is a public officer who operates impartially and must abide by many strict rules in order to obtain and maintain its title. Working with a notary is a guarantee of security to ensure that the transaction takes place in the best conditions and that there are no surprises before or after the signing of documents.
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