What happens at the notary's office when you buy a home?
When buying a home, the notary is indispensable. Without a notary, a home in the Netherlands cannot officially change owner. Yet many buyers don't know exactly what the notary does. In this article we explain which steps take place at the notary's office.
The notary's role
The notary is an independent lawyer. He or she ensures the transfer of the home proceeds legally correctly, checks that the seller is truly the owner and that there are no seizures or mortgages on the home that won't be repaid. The notary also arranges payment of the purchase price and registration with the Land Registry.
Choosing a notary
In most cases the buyer chooses the notary, because the buyer pays the transfer costs. Compare fees and ask what's included. Your buying agent or mortgage adviser can recommend a notary, but you're free to choose.
The purchase agreement
After the sale is agreed, usually the agent draws up the purchase agreement. Sometimes the notary is asked to do this. The purchase agreement is often sent to the notary, who registers the agreements in the public register. That protects you if the seller goes bankrupt or tries to sell the home to someone else.
The deposit or bank guarantee
The purchase agreement often states that the buyer, within a certain period, deposits a security amount or provides a bank guarantee, usually a percentage of the purchase price. That amount goes to the notary and is settled at transfer.
Preparing the deeds
In the weeks before the transfer, the notary prepares two deeds: the deed of transfer and the mortgage deed. You'll receive a draft in advance and a statement of settlement, showing which amount you need to deposit yourself. Check these documents carefully and ask questions if anything is unclear.
The final inspection
Just before the visit to the notary, you do a final inspection of the home together with your agent. You check whether the home is in the agreed condition and whether all the agreed movable items are present.
Signing the deed
At the notary's office the deeds are read aloud or gone through. Buyer and seller sign the deed of transfer, and the buyer additionally signs the mortgage deed. After signing you receive the keys and become the owner. The money is transferred to the seller via the notary.
After the transfer
The notary registers the deed with the Land Registry. That officially records that you are the owner. Shortly afterwards you receive a copy of the deed. Don't forget to change your address and arrange all energy and insurance matters. Our moving checklist lists everything.
Guidance up to the keys
Want to buy worry-free, with someone monitoring the deadlines and documents for you? Our buying agents guide you all the way to the notary. Also read our step-by-step plan for buying a house or get in touch.
The statement of settlement
The statement of settlement shows exactly which amounts are settled. Think of the purchase price, the transfer tax, the notary fees, the land registry costs and the settlement of municipal taxes or owners' association contributions. The difference between the mortgage and the total amount you must deposit yourself, usually a few days before the transfer. Check the statement carefully and ask the notary for clarification if anything is unclear.
What do you bring?
Bring a valid ID on the day of transfer. If you're buying together, both buyers are present or a power of attorney has been arranged. Plan enough time: signing the deeds usually doesn't take long, but asking questions is part of it. Afterwards you get the keys and can head straight to your new home.