The civil law notary as a value added contributor to property conveyancing

Abstract

The traditional Latin Notary is of fundamental importance in the civil law jurisdiction where he enjoys a monopoly in property conveyancing. Characterised by impartiality and independence, such a legal profession provides legal certainty and security of title in the real estate transaction, benefitting the parties to the contract as well serving the public interest. Strict regulation, a rigorous selection process and barriers to entry for the profession coupled with the amount of responsibility placed on the civil law notary ensure high quality of service and reliability. However the civil law notary is continuously under scrutiny for the exclusive competence that he enjoys and is criticised for being too strictly regulated, therefore hindering competition and growth. Critics argue whether such a legal professional is an anachronism in a free market economy. In order to highlight the value that the civil law notary contributes to the transfer and acquisition of real estate, various actors of both civil law and common law jurisdictions are reviewed and analysed, touching on the evolution of such professionals, as well as an analysis of the various processes in place for property conveyancing across the regulatory systems. Arguments by critics are analysed and rebutted, bringing out the importance of the civil law notary in the real estate transaction and the economy at large.