Whether you are a buyer or seller in a Real Estate transaction you will have to make the decision to use a notary or lawyer to complete the transaction for you. You can actually do the transaction without using either but it is complicated and risky. Whether a buyer or seller uses a notary or lawyer is their own personal decision. Usually the decision is based on a savings. The general opinion is that using a notary is a reduced expense compared to using a lawyer. However, you should know there are some inherent differences. First and foremost a notary is not legally allowed to give legal advice. That means if there are any problems with your sale or purchase you would have to hire a lawyer on top of hiring your notary. Secondly, you should know that a Real Estate sale is not a simple transaction. My estimation is that there is a need for some kind of legal advice in about 40% of the transactions. Lastly, from my recent research I have found that the cost savings of using a Notary are very minimal. Usually it is around $50-$100 lower. Whether that is enough of a discount to warrant the extra risk is a decision that comes down to each individual buyer or seller's perception of that risk.
Did you know there are many differences in using a lawyer or Notary?
- July 15, 2015