The Jurisdiction of the Notary
A notary is a public officer authorized to draw up deeds (i.e. sales, exchanges, divisions of property, loans etc.) and testaments, witness them publicly and authenticate them, keep and issue copies, certificates and extracts.
A deed drawn up by a notary is a public document and as such carries particular legal force: statements made in a notarial deed provides full evidence (in other words must be considered as true, even by a judge), unless falsification has been proved.
The notary, by law, is obliged to treat all parties equall. The notary is impartial and has to prepare agrements that protect all parties, to which he clearly and completely explains the content and legal effects.
The notary ascertains both parties will and consults with them on the most appropriate deed to reach their objectives. The notary can also suggest a different outcome from the one initially requested, if he deems it appropriate in order to better balance their interests and avoid fraudulent actions whose effects are not clear to the parties.
Deed Signing, Delivery and subsequent legal formalities
At the time of deed signiing, the notary collects from the parties notarial fees and duties and taxes set by the government, paying them himself to the Treasury.
Subsequently, the notary registers the deed and if needed he carries out the Property Transcription in the Real Estate Register or the Registration in the Business Register.
Are Notaries necessary?
The Notarial Profession does not exist in all countries, in some, such as the United States of America, purchases are made in front of simple state employees.
However, since there is no public official to ensure that all parties are treated equally, each party usually pays a lawyer to assist them with the signing of the contract.
In addition, as there is public officer to guarantee the safety and the certainty of the acquisition the buyer protect himself taking out expensive insurance polices.
Guarantees and responsibility of the notary
The notary ensures that the deed is legally compliant.
For real estate deeds, the notary examines the public real estate registers and ascertains, whether in the last twenty years, mortgages, foreclosures, seizures, easements or other constraints can limit the availabilty and the use of the property.
The notary is responsible for the damage suffered by the party to whom has not been brought attention such information, and trusting the investigations carried out by the notary has concluded the agreement. In this case the notary has to compensate the party.
For corporate deeds, the notary is personally responsible for the accuracy and legality of the deed. To compensate the party for any damage caused, it has been taken out an insurance with AON S.p.A. Insurance & Reinsurance Brokers e Banchero costa insurance broker s.p.a.
Having done so, our clients can be sure to be fully protected, even in case of any errors.