PURCHASE PRICE PAID THROUGH NOTARY'S ACCOUNT

This option is used most often by notarial deals related with property transfers where the buyer must pay the purchase price and is not sure if the money will be received into his (her) bank account. For example: when the bank account of the seller and buyer are in different banks and it takes 2-3 days for the money to be received; when the sellers is first who technically is signing the notary deed and then he or she is expecting the money to be paid, even there is a preliminary agreement, etc.

In such of cases the seller and the buyer are signing an agreement (contract) with the respective notary where the parties agree that the purchase price will be transferred on the notary's account and after the notary deal is finished the notary must transfer it to the seller' s account. The notary is a guarantee for the receipt of the money. It is done because by the notary's practice the notary is obliged to register the notary deed in the Land registry although the notary is not provided with the respective bank document for the paid money.

For that service the notary is collecting a notary fee, separate from the ordinary notary fees and property tax fee which the parties are making for the property transfer.

Prepared by "Valova and Angelova" law firm