Moving to the notary as part of a pool of credits is mandatory when the transaction involves one or more mortgage guarantees required by the new bank. However, what are the notary fees in a loan buyback?
Credit redemption: when should a notary be required?
Apart from some special cases (judicial mortgage), in France only the notary can register a mortgage guarantee on real estate. This act falls into the category of important acts requiring the intervention of the notary. In fact, the notary plays the role of adviser by drawing the borrower’s attention to the scope of his engagement and by shedding light on the eventual consequences of the act. As a result, the solicitor is solicited only for mortgage repurchases involving a mortgage guarantee, even if it is possible to use them for all types of loan consolidation.
Takeover of credit and passage to the notary: how does it go?
In the context of a credit consolidation (real estate and consumption), the borrower can decide to solicit the services of a notary to benefit from useful information. As a result, after acceptance of the loan offer by the borrower, the new bank sends the new contract to the notary who instructs him by collecting various essential documents (civil status with the town halls, the amortization tables of the credits in progress or the mortgage situation with the administrative department of the land advertising). After collecting all the necessary documents, the notary draws up the deed establishing the new loan agreement. Then he receives the customer or his representative for signing. Finally, after the signing of the deed, the notary proceeds to the reimbursement of all the creditors, to the payment of the expenses of all the interveners (banking intermediary, notary fees) and payment to the borrower of a new assigned funding (some notaries pay part of this funding while waiting for supporting documents for the project).
- Notary fees calculation
- Redemption of credit: should there be notary fees?