A real estate transaction in Cameroon is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties such as in a conveyance where one party is the seller and the other the buyer. The duty of a notary public in real estate transactions in Cameroon is quite detailed and sometimes complex with regard to the specificity of the transaction in question.
The duty of a notary public in real estate transactions in Cameroon is aimed at regularizing, certifying, and verifying the documents involved and exchanged between the parties.
The seal of the notary public in Cameroon in real estate transactions usually serves as the final confirmation that a transaction is regular according to the law.
Duty of a Notary Public in Real Estate transactions in Cameroon
The duty of a notary public in real estate transactions in Cameroon are as follows;
- Confirm the Capacity of the Parties: it is the duty of a notary public in real estate transactions in Cameroon to ascertain that the parties to a real estate transaction indeed have the capacity to engage in those transactions or are duly represented.
- Due Diligence on the property: it is the duty of a notary public in real estate transactions in Cameroon to ensure that the property exists and belongs to the seller or mortgagor.
- Verify the authenticity of documents: it is the duty of a notary public in real estate transactions in Cameroon to verify the authenticity of the documents which cover the property subject to a sale or mortgage.
- Confirm the willingness of parties to do business: it is the duty of a notary public in real estate transactions in Cameroon to ensure that the parties in the transaction are willing to do business. Hence no party is coerced into the transaction.
- Confirm and witness the signature of the parties: It is the duty of the notary public to confirm and witness the signing of the parties to the transaction. The signing is usually executed before the notary’s office.
- Certify the transaction: the notary public certifies a real estate transaction through his signature and seal. If the notary is not certain of the regularity of the transaction, he cannot endorse his signature and seal on the document. If he does so, he will be liable for any disputes which emanate from the transaction.