The notary's role in a real estate transaction in Mauritius
In terms of real estate law in Mauritius, the current legislation requires that all property deeds be drafted by a licensed local notary. They are responsible for certifying all documents and permits related to the property. The role of the notary is crucial in the real estate acquisition process, ensuring legal compliance and protecting the rights of the parties involved.
Role and responsibilities of the notary in Mauritius
- They advise the parties on the legal implications of the transaction, including tax aspects that may vary depending on whether the buyer is a resident or a non-resident.
- They discuss with the investor the best way to acquire a property based on the investor's profile.
- They receive clients' reservation deposits as escrow, which involves significant responsibility in managing funds.
- They draft essential documents such as the preliminary sale agreement and authentic acts, ensuring their legality and compliance with current laws. These notarized acts have probative and enforceable force.
- They ensure that the seller holds all necessary rights to sell the property and that there are no encumbrances or mortgages on the property, thereby protecting the buyer from potential future disputes.
- They certify the presence of guarantees, insurances, permits, and required authorizations in the case of VEFA.
- They manage all administrative formalities related to the transaction, including registering the sale deed with the competent authorities, calculating and paying transfer duties and other taxes.
- They are present throughout the process, from the beginning to the end of the sale, to ensure that all steps are followed and that the interests of both parties are protected.
The notary is defined by law as a "Ministerial Officer," which grants them a delegation of power from the state to authenticate acts. This function allows them to ensure the authenticity and legal security of real estate transactions in Mauritius. As an expert in real estate law, they play an essential role in wealth management and taxation of real estate properties, thus providing a secure framework for investors.
For any additional information, the DECORDIER real estate Grand Baie agency supports you in all your real estate projects:
DECORDIER immobilier Grand Baie
Phone : +230 268 2828
E-mail : contact@decordier-immobilier.mu
Website: www.decordier-immobilier.mu