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In Germany, the notary is actually required to read out loud the entire contract and make sure each clause is clear, valid and understood by all parties. I alw

In Germany, the notary is actually required to read out loud the entire contract and make sure each clause is clear, valid and understood by all parties. I always thought this was a stupid, overly expensive and bureaucratic process when incorporating a company. However, for a house purchase contract it was surprisingly useful (but still ridiculously expensive...notary costs here are more or less a fixed percentage of the transaction worth).

pjc50 8y ago
I think this is one of those things where the Anglospheric absence of notaries and generally simpler bureaucracy is a good thing - company formation cost me £25 and there's even an API for it now. For small companies the duties are simple and the required accounts basic. Real estate purchases in England still have a number of surprises for which you have to retain a solicitor, but in Scotland the system is almost entirely standardised. (Real estate involves not only surprises in or below the building but in feudal or other attached liabilities or easements (e.g. "chancel repair liability") - and don't get me started on the US weak title system)
kaiwen1 8y ago
In the Philippines the notary is the scam. Only lawyers can be notaries. The lawyers association (the Bar) for each jurisdiction sets the fee. Any lawyer caught charging lower than the standard fee is subject to sanctions. And what's the fee? It's a percent of the value of the contract. For land sales it's typically 2-3% in most jurisdictions. And of course, this scam hits the poor the hardest. They get stuck paying these preposterous fees while the rich just cut deals with the attorneys.
mjevans 8y ago
It should have the effect of discouraging bad behavior by any party in the contract as well as encouraging a more succinct and simple contract. I am constantly amazed at how much 'boiler plate' stuff needs to be re-defined in each and every contract (at least in America). It's as if the concepts of a standard contract, where one thing is exchanged for another or payments are made on a term, doesn't exist.

pjc50 8y ago

I think this is one of those things where the Anglospheric absence of notaries and generally simpler bureaucracy is a good thing - company formation cost me £25 and there's even an API for it now. For small companies the duties are simple and the required accounts basic. Real estate purchases in England still have a number of surprises for which you have to retain a solicitor, but in Scotland the system is almost entirely standardised. (Real estate involves not only surprises in or below the building but in feudal or other attached liabilities or easements (e.g. "chancel repair liability") - and don't get me started on the US weak title system)

kaiwen1 8y ago

In the Philippines the notary is the scam. Only lawyers can be notaries. The lawyers association (the Bar) for each jurisdiction sets the fee. Any lawyer caught charging lower than the standard fee is subject to sanctions. And what's the fee? It's a percent of the value of the contract. For land sales it's typically 2-3% in most jurisdictions. And of course, this scam hits the poor the hardest. They get stuck paying these preposterous fees while the rich just cut deals with the attorneys.

mjevans 8y ago

It should have the effect of discouraging bad behavior by any party in the contract as well as encouraging a more succinct and simple contract. I am constantly amazed at how much 'boiler plate' stuff needs to be re-defined in each and every contract (at least in America). It's as if the concepts of a standard contract, where one thing is exchanged for another or payments are made on a term, doesn't exist.