The notary never receives the funds from the mortgage loan directly from the bank without a formal request called a “funds call.” The transfer order is only made after verifying all the documents in the file and validating the suspensive conditions. An oversight or delay in this procedure can lead to the postponement of the signing of the sales deed. The bank systematically requires the funds call drafted by the notary to release the borrowed amounts. This mechanism ensures the security of the payment and the accuracy of the amounts transferred, in accordance with the acquisition schedule.
What is the purpose of the notary’s funds call when purchasing real estate?
No improvisation is possible in this venture. Each step of the real estate purchase follows precise rules: rights, obligations, protection for all parties. Everything happens behind the scenes, and the notary’s funds call for the bank embodies this necessary step. It occurs a few days before the official signing. At this stage, the notary clearly details the amounts to be transferred: property price, file fees, taxes, leaving no room for chance. As long as the bank does not have this request, there will be no disbursement, no signature.
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Behind this numbered letter lies the guarantee that everything is in order. The funds call certifies that the documents are complete, the conditions are lifted, and everyone is ready to fulfill their commitments. This passage through the notary’s escrow account locks the trajectory of the funds. It is impossible to lose track: every euro is followed from the transfer to the seller.
This process is essential for several clear reasons:
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- Meeting deadlines: sending the funds call too late means delaying the signing and moving in.
- Financial transparency: everything is outlined, from the smallest cent to additional fees.
- Securing the seller: the payment is made on the same day, with no possible debate.
This document is not just a formality. It materializes the trust between the parties and allows the real estate sale to proceed smoothly, up to the handover of the keys.
What are the key steps for the bank to release the funds?
In the real estate purchase process, nothing is left to chance. Once the compromise is signed, the loan file is finalized, and then the bank issues the official offer. The legal countdown begins, which cannot be shortened. However, everything stops until the notary requests the money via the funds call.
This official signal starts the process. The notary’s precise request arrives at the bank, which meticulously checks the amounts, dates, and compliance of the file. If everything matches, the funds are immediately scheduled for the notary’s escrow account. Once the amount is received, the preparation for the sale can accelerate.
The concrete process looks like this:
- Receipt of the complete request by the bank, issued by the notary;
- Verification of the figures and compliance with the loan offer;
- Planned transfer to the notary’s office account;
- Validation of receipt and final preparation at the notary’s office.
For a purchase in VEFA or when significant work is planned, the process repeats with each funds call, according to the progress of the construction. It is impossible to bypass the procedure: a missing document, a delay, and the final signature moves further away. Vigilance regarding deadlines and supporting documents becomes even more acute in these cases.
Documents to prepare and practical tips for a successful funds call
Building an impeccable file is key. Gathering each supporting document in advance limits the risks of unnecessary waiting. The notary systematically requests certain documents: the duly validated loan agreement, the accepted offer, and the personal contribution certificate if you are investing a portion of your own savings. This certificate guarantees the source of the funds, ensuring transparency.
The proof of transfer of the contribution, which is essential, must also be included in your documents. And above all, send the funds call at the right time: too late, and the transfer will not arrive before the scheduled deadline. It is better to plan ahead, as banking delays can sometimes be unpredictable.
Here are some good habits to adopt for a smooth procedure:
- Compare each figure with the compromise and the loan offer: no discrepancies should remain.
- Ensure that the names of the buyers, the file reference, and the purpose of the payment are clearly stated on each document.
- Archive a copy of each exchange, request, acknowledgment of receipt, proof of transfer, and transmission of supporting documents.
This meticulous yet effective coordination determines the smoothness of the funds handover. For staged acquisitions or when multiple funds calls are necessary (especially in VEFA or with construction), leaving nothing to chance secures the operation. A perfectly oiled payment means the key is passed, the threshold crossed, without unnecessary stress or last-minute surprises.