A notarial notice deed is a legally enforceable document of a notary produced based on the payment proof during the notarization of contract with an aim to secure the return of money or property and secure the pledge.
If you have a notarial notice deed, you can easily settle the disputes related to the non-performance of the agreement because instead of undergoing three instances at court proceedings, the judge shall issue for you an order obliging the other party to perform the obligations under the Agreement. Moreover, you can also save court costs ad there is no requirement to pay the State stamp duty as in the court litigations. Therefore, in case one of the Parties failed to satisfy the Agreement performance in good faith and on a voluntary basis, upon the submission of the judge order and the execution deed at the Executive agency of court decision within 7 days after the issuance of the execution deed an enforcement procedure for the performance of obligations under the Agreement shall be commenced.
And these are the requirements for the notarial notice deed that can save both time and money:
- To have a provision in the Agreement stating that the Parties shall perform the obligations under the Agreement in “undisputable manner” ,
- The Agreement and the documents shall be notarized,
- Not more than 3 years shall have passed after the commencement of claim rights,
- Parties shall have accepted /no dispute or conflict/ the payment under the Agreement,
- There is no court decision regarding this same Agreement.