17. Notarial deposit.

One of the safest methods of securing both parties by a real estate purchase/ sale transaction is a notarial deposit.

A notary public, as a person of public trust, may accept funds into a notarial deposit in order to release them to a designated person, after performing a specific action, such as signing a deed transferring ownership of real estate. This form of security guarantees the seller that the buyer has the necessary resources to conclude the contract; at the same time, the buyer also minimizes the risk because he does not have to pay the funds directly to the seller before concluding the sale contract. In case when the transaction is not finalized, the funds deposited at notary`s are returned to the buyer. All arrangements related to what will happen to the deposited funds are regulated by the notarized acceptance protocol. At Leach & Lang, we quite often conduct transactions by which our clients decide to use this method of paying the price for the purchase of the real estate.