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Copy linkIncreased safety for real estate buyers and sellers – What do notaries and Law on real estate trading bring?
As of September 1, everybody who wants a contract on sale of rent should not go to a court but solely at public notaries who are new legal profession.
It is a key item of the Law on real estate turnover which came into force yesterday, immediately it was adopted August 31.
Real estate trading contract will be produced in a form of public notary document at public notaries’ in the municipalities where notaries ‘offices are open. There are 43 notaries in Belgrade now while 51 of them are in other places in Serbia. The appointments will continue because Serbia should have 371 notaries.
Increased safety in real estate trading
Notaries should first of all bring increased safety in real estate sector, both for buyers and sellers.
A public notary is responsible to check legal framework of the activities he is in charge of and to make sure the procedure is legal for all parties, not only for his client.
For instance, when it comes to sale and purchase of real estate, a notary is responsible for checking whether a flat can be sold, whether a seller really is an owner, whether a flat was already sold which happened before, whether it is booked, whether a buyer can buy it at all, etc.
He will be entitled to refuse to produce a document if he thinks the task is illegal.
The General Manager at Adventis Real Estate Management, Ervin Pasanovic, outlines the courts so far gave not bothered with the contents of the contact upon verification which changed with public notaries.
Nedeljko Malinovic, owner of real estate agency, Legat, also thinks that notaries will provide greater legal security.
Key problem is a citizens’ distrust
Our collocutors agree citizens have serious issues to accept new things within legal system.
Malinovic points out that last week there were big crowds in courts so that citizens would finish their real estate affairs before September 1 when notaries took it over.
General Manager at Adventis Real Estate Management mentions the citizens should recognize a licensed agent as an advantage, according to the Law on real estate brokerage and trading, as well as public notary’s introduction.
Real estate prices
The owner of Legat estimates that that introduction of notaries cannot influence real estate prices increase but points out it can be affected only by new investments in Serbia. He mentions Belgrade on water project as an example.
The head at Adventis Real Estate Management thins that although there are extra costs, a buyer will pay it at the end.
Notary exists in all the countries in the region and Serbia is the last one which will implement the activity.
There are no changes to the Law on real estate trading when it comes to
obligation relations. You ca have a look at the document HERE.
S.O.
