A notarial policy is a commercial document that reflects a contract, typically between a financial institution (bank, credit union, etc.) and an individual or company. Its intervention by a notary grants it public faith, legal certainty, and enforceability, allowing its enforcement in the event of noncompliance without the need for a prior declaratory judgment.
It is one of the most widely used instruments in the business and financial fields.
Among the most common policies are:
These policies may contain clauses on guarantees, interest rates, terms, and conditions freely agreed upon by the parties.
The intervention of a notary public guarantees:
In addition, the notary public provides impartial advice and can resolve any questions during the execution process.
The financial institution normally provides the policy template. The Public Notary intervenes and certifies the content and the signatures of the parties.
Yes. You can review the document as far in advance as you need, and the Public Notary is required to explain its content to you upon request.
Yes, the policy must be signed in the presence of the Public Notary, although simultaneous signing of the policies by the various parties involved is not required.
Can a notarial policy be modified once it has been signed?
It can be modified, but it will require the intervention of all the parties involved.
The fees depend on the type of policy and the amount of the transaction.
The Notary keeps the original, either in the Protocol or in the Commercial Transactions Registry Book, and delivers copies or certificates to the interested parties.
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