atHome.lu Blog
Menu

The role of the notary in a property sale

If you have decided to sell your house or flat, you will need a notary. There are several reasons for this.

Your file from A to Z

Generally speaking, the role of the notary in a property sale is to secure the transaction. When you are a seller, this involves several stages, from advice to drafting the deeds. You can also contact this professional as soon as you have made your decision, as he or she is competent to evaluate the price of your property, in the same way as an estate agent, due to his or her knowledge of the market.
The notary will then monitor the entire sale and intervene in all administrative matters. His task is to draw up the preliminary sales agreement and of course the final deed, but also to manage formalities such as prior declarations or possibly the declaration of capital gains. The notary is also in charge of paying taxes to the tax authorities, which are added to the costs and fees on your side. The total of these costs is commonly referred to as thenotary costs” .

Law and tax: meticulous checks

In fact, the notary manages the entire file. It is the notary who checks the property's mortgage situation, the compliance (and even the existence) of mandatory energy performance certificates, and whether there are any pre-emptive rights, conventional easements, etc. The list is long, since before drawing up the deed of sale, a notary pays attention to a hundred or so legal and tax points! His role therefore goes far beyond the simple "signature before a notary" as practised by every seller and buyer. And he doesn't stop there, since at the end of the sale, he takes care of what is known as land registration: he registers the legal situation of the property on the given date, which, as you can imagine, can avoid some unpleasant surprises.

Finally, you should know that the number of notaries in Luxembourg is limited to 36, and that they are distributed over the Grand-Ducal territory according to needs and the number of inhabitants. To find your notary, you can consult the website of the Chamber of Notaries: www.notariat.lu

What are the property prices at the moment?

Prices are slowing down. Interest rates are rising. What are the trends for the coming months?
Read the analysis
atHome

Written by

atHome

Posted on

03 October 2017

magnifycrossmenuchevron-down