Hi Everyone! Hoping to get a few opinions here so please share your experience! We are looking at signing a final deed for a property we are buying real soon! Our Notary has advised to transfer to him the final amount. He is already holding our deposit. Is this normal to transfer to our Notary the final amount before the final deed? Or should we be getting a bank draft in the sellers name to present on signing? Btw: the seller has a loan. Please tell me your experience...
Property Purchase - Final Deed
Sally8585
23 April 2017 20:08:55
1
Fred
23 April 2017 23:35:46
27506
The seller has a loan on that property?
If he does, the bank likely owns it until it's paid off so your taking a potentially great risk.
Check, then double check.
volcane
24 April 2017 10:39:44
1049
When I bought the final sums were done by bankers draft to the name of the seller and the DGIR and this was paid on the day we exchanged. The draft in the sellers name is used by the Notary to settle the final load the seller had with their bank etc
Notary holds the deposit though in his account under kind of escrow (though not quite like a proper escrow service)
Fred
24 April 2017 11:01:09
27506
The draft in the sellers name is used by the Notary to settle the final load the seller had with their bank etc
That's that potential issue looked after.
Andrew-scuba
08 May 2017 21:20:06
7
I sent the money to the notary who held it in a separate account for clients money. The notary distributed the money to the sellers after the contract was signed, like you would do in the UK. Check with the notary that this is what will be done and that they will ensure the loan on the property will be paid.
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