Congratulations!!! You've finally found your dream home and are ready to take the plunge. However, before you have the keys in your hands, you have to go through the home transfer process. And that's where the notary comes in. But what are actually the costs of a notary for a home transfer? That's what we're going to talk about, among other things, in this article.
The role of the notary in home transfer
The notary plays an important role in the transfer of a property. He is the one who ensures that all legal matters are properly taken care of. He ensures that the transfer of ownership is done correctly, that there are no encumbrances on the property and that the mortgage deed is drawn up correctly. Everything to do with legal matters is taken care of by the notary.
What is the cost of a notary for a home transfer?
Now that we know exactly what the notary does, it is time to find out what the costs are. The cost of a notary for a home transfer depends on several factors, such as the surveys to be done by the notary, the type of mortgage and the region in which the home is located.
Notary fees
Let's look at notary fees. The cost can consist of several components:
- Notary fees for the deed of delivery
- Notary fees for the mortgage deed
- Land registry fees
- VAT
- Research costs
The notary fees for the delivery deed depend on the value of the property and the complexity of the transfer. This can range from several hundred to thousands of euros. The notary fees for the mortgage deed are often slightly lower and are between €500 and €1,000.
In addition, you must take into account the land registry fees. These are costs incurred for registering the mortgage deed and transfer of ownership in the Land Registry. These costs are often between €100 and €200.
One aspect that is often overlooked is the costs associated with researching the buyer(s). The notary conducts a due diligence investigation to verify the identity of the buyer, check that the property is not attached and ensure that all legal requirements are met. These investigation costs can vary and are an important part of the total cost.
And finally, VAT must be paid on notary fees. This is currently 21% of notary fees.
Why are notary fees so high?
Let's face it, notary fees can be quite high. But why is that really the case? The answer is simple: the notary is an important link in the buying process, and he or she has to make sure that everything is legally correct. Moreover, there are many administrative tasks that need to be performed, such as drafting the deed of delivery and the mortgage deed, checking ownership papers and registering them with the Land Registry. All this takes time and expertise, and that translates into costs.
Can you save on notary fees?
Yes, you certainly can! You can compare different notaries to see which one is the most advantageous. But there are other ways to save money. Here are a few tips:
#1 Negotiating
Ask if there is room for a discount. Many notaries are willing to take some off their fees if you ask.
#2 Package discount
If you have both the delivery deed and the mortgage deed prepared at the same notary, you can often get a package discount.
#3 Ask for a quote
Always ask for a quote before engaging with a notary. That way, you know exactly what to expect and there won't be any surprises.
#4 Choose a local notary public
Notaries in large cities often charge higher fees than notaries in smaller towns or villages. So consider choosing a local notary if you want to save money.
