How to lower notary fees?

 How to lower notary fees?

In a real estate transaction, the notary fees represent 7 to 8% of the sale price in the old against 2 to 3% in the new. In principle, these are fixed. However, there are a few tips to reduce the cost of your real estate purchase. Drink explains how to lower the number of notary fees.

Deduct the value of the furniture from the purchase price

Homes are rarely sold completely empty. Most of the time, they include a certain number of equipment that escapes the notary fees. These are mainly:

  1.  From the equipped kitchen
  2. Bathroom furniture
  3.  Garden sheds
  4.  Appliances

To reduce notary fees, it is, therefore, useful to make a list of equipment before estimating its value. An obsolescence coefficient may be applied depending on the age of the furniture concerned. Then simply deduct the sum from the sale price to determine the amount subject to acquisition costs. To benefit from this reduction in notary fees, it is absolutely necessary to distinguish very clearly the price of housing from the value of the equipment from the sales agreement.

The concerned authorities have yet to carry out Nova City's NOC. Any housing society's and investors' primary concern is the NOC. The developers will officially launch Nova City Housing Society Islamabad with its complete greatness once the NOC is approved.

There is no need to provide supporting documents to the notary. The tax authorities can nevertheless request invoices to verify the amounts indicated in the deed of sale. In the event of fraud, an adjustment with penalties may be ordered.

Pay the fees of a real estate professional separately to reduce notary fees

If you went through a real estate agency or an independent real estate advisor to buy your property, you have the option of deducting their fees from the purchase price before calculating the notary fees. Thus, the notary fees will be calculated on the net seller selling price. Regardless of the nature of the contract signed with the real estate professional. This can be a search mandate or a sole mandate, but beware, the fees must be paid by the buyer, this must also be specified in the real estate advertisement.

The savings made are significant. For a property of 250,000 euros for which agency fees are estimated at 15,000 euros and notary fees at 7%, the savings will be around 1,050 euros on notary fees.

To take advantage of this trick aimed at reducing notary fees, it is necessary to distinguish the price of the property from the number of fees in the sales agreement.

Negotiate the notary's fees to lower the acquisition costs

The emoluments (or fees) received by the notary during a real estate sale represent approximately 10% of the total fees paid during the signing of the authentic deed. They are also set by a decree of February 28, 2020, applicable since January 1, 2021. The rest of the acquisition costs are made up of disbursements, as well as taxes and duties collected by the notary for the benefit of the State and local authorities.

The notary in charge of the transaction may agree to reduce the amount of his remuneration. He can, in fact, decide to grant a discount to his customers, but it must be less than 20% when the transaction is € 100,000 or more. Moreover, if the notary grants this reduction, he must make it available to all his clients, he must therefore post it on his website and/or his office.

By buying new ones, you automatically reduce their amount. Some promoters even offer to cover all of its costs.

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