Terms & Conditions Acceptable Use Policy Take Down Policy Privacy Policy Contact Us

Go Back   Overseas Property Investment Forum - The Totally Property Overseas Real Estate Forum > European property > Bulgaria property

Bulgaria property Chat about property investment in Bulgaria and exchange views and opinions on Bulgarian properties. Also talk about issues related to property purchases in Bulgaria like land ownership, legal, infrastructure, rental and management, taxation and more

What does a notary do?

Reply
 
Thread Tools
  #1  
Old 28-08-2007, 10:36 AM
Moderator & Senior Member
 
Join Date: Jun 2007
Location: Sofia, Bulgaria
Posts: 285
Default What does a notary do?

UK buyers are often confused as to what a notary does and how that differs from the work of a solicitor/lawyer. British purchasers are not familiar with the practices of a notary as they do not participate in conveyancing. However, in Bulgaria a notary has to be involved in the purchase/sale of real estate. I thought the following might help understand the differences between a solicitor and a notary.

Since nearly everyone knows what a solicitor does for a client, it is useful to take a look at the notary’s duties that will help you understand why and when you need a notary.

Both solicitors and notaries are lawyers holding a law degree. Following graduation, in order to become a solicitor a legal professional needs to pass a special exam and if successful, the latter joins the so-called “Attorneys’ College”. There is no limitation on the number of solicitors that can practice in Bulgaria or in a certain region. In order to become a notary, a legal professional needs to pass a special exam for notaries, and if successful, one joins the Notary Chamber. The number of notaries in Bulgaria and in the regions and towns is limited – therefore in order to become a notary, there must be a vacancy open in the respective region in which one wishes to work.

The functions of notaries and solicitors differ significantly.

One realises that, if hired to render a certain service, consultation or to conduct litigation, the solicitor’s function is to act in the client’s best interests. The solicitor works for and in favour of the client, provides a full range of services, offers different resolutions, sometimes negotiates or acts in another way on behalf of the client in protection of its rights.

Notaries are seen as much more “independent” in their activity. Although they are also “hired” by clients, the substance of their functions is such that even when involved in a certain deal or a separate legal action, they remain a relatively independent party.

The most substantial part of the notary’s job is to certify the relevant date on a document, the availability and the occurrence of certain facts, the will that was expressed by certain persons, the authenticity of someone’s signature - or in other words, to act as a trustworthy witness of important acts.

Notaries are not supposed to act in your best interest, but mainly in the interest of the truth.

When authorising a signature on a document, a notary has to be convinced that the signature belongs to the person stated in this document. When certifying the will of one or more persons, a notary has to be convinced that this is the free will of these persons and that they understand the consequences of their expressed will.

When witnessing a sale of a real estate the notary must make sure to have examined and to have convinced himself that the seller is the owner and that there are no legal obstacles in order to execute the transaction. This is where the notary’s responsibility ends.

He does not become a consultant, unlike a solicitor. The notary will consult his/her clients only as much as this is necessary for the client to understand the relevant procedure, which requires the witnessing by a notary and to accomplish such procedure in the proper manner. However, the notary is not obliged to advise a client, whether he/she is signing in his/her best interests or to provide consultation, whether there may have existed a better way of doing this. Of course, this does not mean that most notaries would stay silent and would not utter a word, if they realise that the client’s interests may be seriously damaged in spite of everything being legally correct and done as a consequence of free will. This is not their job, however. It is the solicitor’s job.

One would say, why is a notary needed, if the latter would not act in the client’s best interests? Under Bulgarian law certain documents are held to be valid only if they are notarised, i.e. if the authenticity of the signature of their author is certified by a notary with a notary stamp and signature. Such documents for example are Powers of Attorney, the specimen of the Signature of a Director of a company which has to be submitted to the company file of the company in the Court Registry, most Declarations when they are presented before an authority by a third party on behalf of the declarer, etc.

Some transactions are also held to be valid only, if they are executed in a notary form, that is, not by way of a simple written contract, but through preparation of a Notary Act (Deed), having a strict official form, signed and stamped by the notary. Such transactions are all deals involving real estates – purchase-sales, donations, exchanges, constitution of limited real property rights on real estates, etc. The legislator has provided for a mandatory notarisation in all cases affecting serious legal and contractual relations and therefore need more legal security and certainty. The providing of such security is assigned to notaries and that is why their functions are very important and, accordingly, their responsibility is very substantial. Thus, not only the contractual parties, but also every third party will be sure of the authenticity of a signature, a will, a sale-purchase, etc.

In the cases of a sale-purchase the notary appears usually only at the end of the process, at the finalisation of the deal. At that time the notary prepares the Notary Act (deeds) and ascertains the parties, the property, subject to the deal, the ownership and the will of the parties. Bear in mind that the notary is obliged to make sure that the seller owns the property subject to sale, that the persons on behalf of whom the Notary Act is signed are the persons described in it, or in the case there are proxies, that the latter have valid representation power and that the will expressed in the Notary Deed matches the will of the parties.

Although many notaries require it, the notary is not obliged to make sure that the property is free of encumbrances. The notary is not obliged to include declarations of the seller in this sense, the notary is not obliged to include penalties or other similar provisions protecting the parties’ rights.

Generally, the notary is not acting on the side of any of the parties; he is independent and supervises the observation of the law. The Notary Act has several obligatory elements and as long as the notary has complied with such requirements, he has fulfilled his duties. That is why, even at this final phase of a transaction a buyer or a seller must not rely on the notary only, but be careful, read carefully, and if possible, use professional legal assistance.

One can use a notary every time you want to authorise a date or a signature in a document and also, what is very important – when you want to deliver an important notice (for example for terminating a contract) to a third person, you can use a notary who certifies the date of delivery and the receiver, which may be used as solid proof in the court phase of a dispute.

Best wishes
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Sponsored Links
Sponsored Links

Reply

Bookmarks

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Be careful with Bulgaria.... rabarbaro Bulgaria property 53 08-08-2008 04:33 PM

LEGAL NOTICE
By using this Website, you agree to abide by our Terms and Conditions (the "Terms"). This notice does not replace our Terms, which you must read in full as they contain important information. You must not post any defamatory, unlawful or undesirable content, or any content copied from a third party, on the Website. You must not copy material from the Website except in accordance with the Terms. This Website gives users an opportunity to share information only and is not intended to contain any advice which you should rely upon. It does not replace the need to take professional or other advice. We have no liability to you or any other person in respect of any content on this Website.
FORUM PARTNERS
Totally Property is owned and operated by the MoveForward.com Limited group. You can find out more about us here. We also run the Expat Forum, an ideal community for people moving overseas and looking for jobs abroad. Keep a look out for some up coming ventures like: The Dubai Forum for everything about Dubai. The Income Forum for everything financial.


Latest Active Threads

All times are GMT +1. The time now is 11:30 AM.

SearchSearch the site

Premium Account Benefits
Premium Member Benefits

Brazil Property ForumBrazil Property
Bulgaria Property ForumBulgaria Property
Dubai Property ForumCyprus Property
Dubai Property Forum
Dubai Property
Egypt Property ForumEgypt Property
French Property ForumFrench Property
German Property ForumGerman Property
Morocco Property ForumMorocco Property
Portugal Property ForumPortugal Property
Spanish Property ForumSpanish Property
Turkey Property ForumTurkey Property
UK Property ForumUK Property

Premium SubscriptionList Your Properties With a Premium Membership

Overseas Property ForumsOverseas Forum Home

Overseas Property GuidesOverseas Property Guides

Overseas Property BlogOverseas Property Blog

Overseas Property For SaleProperty For Sale

Member OffersSpecial Member Offers




Powered by vBulletin® Version 3.7.2
Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.2.0