What is the certificate of location?
Posted: Sun Dec 22, 2024 10:27 am
The certificate of location is issued by a land surveyor. In the context of a real estate transaction, it must be up to date and show the current condition of the property. It represents the physical and legal state of the premises, which means that all buildings, structures, hedges, fences, entrances, easements, flood zones or areas at risk must appear there. In addition, the land surveyor's report must state the applicable regulations and laws, and indicate their impacts on your property. A certificate of location may even be required for vacant land!
The need for an up-to-date certificate of location saudi-arabia business email list depends on several factors. It is necessary to see what is provided for in the signed purchase offer, the requirement of the mortgage lender, the date of the preparation of the last certificate and subsequent changes to it. It is assessed on a case-by-case basis, and the notary is the real estate lawyer who determines whether a new one is required.
Because even if the location certificate seems to be completely consistent with the current state of the premises, the notary has a professional responsibility to conduct a rigorous examination of it. If he has the slightest doubt about its conformity with the current state of the building, or if the certificate is 10 years old or more, he will request another one. Why 10 years? Because in a decade, there is a strong chance that legislative changes or regulations have occurred, often without the owner's knowledge, even if the visual appearance of the building does not seem to have changed.
Who pays what?
To answer this question, we must return to the preliminary contract, that is, the offer to purchase or the promise to sell. It is this document that gives rise to the sale and usually determines certain commitments of the seller and the buyer.
The preliminary contract generally provides that "the seller will provide the buyer with a true copy of his title of acquisition (for example a deed of sale) as well as a true copy of a location certificate indicating the current state of the property. Any new location certificate will be the buyer's responsibility if it does not reveal any modification to the certificate provided by the seller."
The notary will have to inform the seller and the buyer if a new certificate of location is necessary and will apply what is mentioned in the offer to purchase. Only after receipt of the new certificate will it be possible to determine who will pay the costs of it.
No certificate: beware of danger!
The overheating real estate market is causing a lot of hassle for buyers. It also happens that a seller who receives multiple offers refuses to produce a new certificate of location. If you give in to pressure, know that you will still have to provide this certificate to the notary, generally at the request of your creditor, and at your expense. The title insurance often offered in the event of the absence of a certificate or an up-to-date certificate can sometimes be useful, but will not protect you from the unfortunate consequences of anomalies that could appear on the certificate. This insurance will only cover the costs necessary to standardize your building.
The need for an up-to-date certificate of location saudi-arabia business email list depends on several factors. It is necessary to see what is provided for in the signed purchase offer, the requirement of the mortgage lender, the date of the preparation of the last certificate and subsequent changes to it. It is assessed on a case-by-case basis, and the notary is the real estate lawyer who determines whether a new one is required.
Because even if the location certificate seems to be completely consistent with the current state of the premises, the notary has a professional responsibility to conduct a rigorous examination of it. If he has the slightest doubt about its conformity with the current state of the building, or if the certificate is 10 years old or more, he will request another one. Why 10 years? Because in a decade, there is a strong chance that legislative changes or regulations have occurred, often without the owner's knowledge, even if the visual appearance of the building does not seem to have changed.
Who pays what?
To answer this question, we must return to the preliminary contract, that is, the offer to purchase or the promise to sell. It is this document that gives rise to the sale and usually determines certain commitments of the seller and the buyer.
The preliminary contract generally provides that "the seller will provide the buyer with a true copy of his title of acquisition (for example a deed of sale) as well as a true copy of a location certificate indicating the current state of the property. Any new location certificate will be the buyer's responsibility if it does not reveal any modification to the certificate provided by the seller."
The notary will have to inform the seller and the buyer if a new certificate of location is necessary and will apply what is mentioned in the offer to purchase. Only after receipt of the new certificate will it be possible to determine who will pay the costs of it.
No certificate: beware of danger!
The overheating real estate market is causing a lot of hassle for buyers. It also happens that a seller who receives multiple offers refuses to produce a new certificate of location. If you give in to pressure, know that you will still have to provide this certificate to the notary, generally at the request of your creditor, and at your expense. The title insurance often offered in the event of the absence of a certificate or an up-to-date certificate can sometimes be useful, but will not protect you from the unfortunate consequences of anomalies that could appear on the certificate. This insurance will only cover the costs necessary to standardize your building.