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23/10/2013 PROFILE > Notaire , Conseil financier

Duty to advise: the party taking out a property credit is entitled to advice from the bank and notary public

Duty to advise: the party taking out a property credit is entitled to advice from the bank and notary public
When taking out a mortgage, the borrower is entitled to advise and notices from the notary public and banker. And even if both are involved in advising on the same subject. It is in this manner that the notary public must prove that, by virtue of its duty to advise, it has correctly informed the borrower and that it has, where applicable, notified the latter against the financial risk incurred by the project with the bank. This is set forth under a decree of 2 October 2013 by the first civil chamber at the Court of Cassation.
If the banker has not provided correct advice on the mechanism taken out, its costs and risks, on the one hand. And if the notary public has also defaulted in its duty to advise at the time of signing the contract, on the other. The borrower may then claim invalidity of the loan due to an error in determining information. 
Moreover, the notary public may not make do with including in the authentic deed drafted the entire offer by the bank as being accepted by the buyer. It must prove that it correctly fulfilled its own duty to inform and advise so as to clarify the client "in a full and justified manner, on the scope, effects and risks of deeds" concerning which the authentic deed is based.