What does the future hold for the notarial profession?

   source: www.koengeens.be 

DID YOU KNOW: The profession of notary only exists in countries that were ruled by Napoleon! 

So there are no notaries in the Netherlands or England…

It is true that the usefulness of the notarial profession has often been called into question, even though notaries are still regarded as trusted advisers. This is why the Minister of Justice, Koen Geens, commissioned a report containing proposals to modernise the profession so that it better reflects changes in society.

In the property sector, notaries play an active role in transactions, which is why some of these proposals are of interest to us, although we do not consider them revolutionary…

 

– The first proposal is to introduce a division of notarial fees between the buyer (75%) and the seller (25%), whereas these costs are currently borne solely by the buyer. The proposed division is based on the principle that the notary is of benefit to both parties.

– Still on the subject of fees, the report recommends that the current fee scales be made more transparent and easier to understand, with lower fees for transactions in the lower price brackets and higher fees for those in the upper brackets.

– The report also recommends removing territorial restrictions, based on the principle that “the location of the property or the parties’ place of residence is not decisive in determining the notary’s jurisdiction”.

– Finally, they would like to remove the requirement to be physically present when notarial deeds are executed, provided that the client creates their ‘digital profile’ in advance, specifying the deeds for which this arrangement is accepted. After all, “time is money”, and having to be present for every notarial deed is not always easy!  Stay tuned—these proposals may come into effect in the near future!   Read the full report here!