Facts about notary fees
Are you planning to buy or sell a property? According to the law, you have to consult a notary, in order to sign a legal contract. You will learn more facts about this topic in the present article.
A notary - Why? And how much do I have to pay?
The main task of a notary is to secure the rights of the seller as well as the ones of the buyer. Real estate matters are very complex. Therefore, a notary would be helpful for both parties.
Please keep in mind, that there are significant costs, that you should calculate in your financing. According to § 17 part 1 sentence 1 of the Federal Notarial Code, a notary is obliged to charge for his work only the statutory fees (Bundesnotarkammer). In general, one of the distributions for a sales contract is the market value of the property (www.baunebenkosten-rechner.de) as well as the importance or thevalue of the business (Bundesnotarkammer).
But a good notary is not only causing costs, he recognizes as well disadvantages for you as thebuyer and may save you from losses.
Note: Please keep in mind, that the buyer has to pay the notary fees. If the seller would have to pay the notary, he would probably raise the price of the property.
Additionally, there are also fees for the land registration.
If you wish to finance your property with a building loan, you have to pay additional costs for the granting of land charges.
It should be stressed, that it is a duty to obtain the notarial certification with the transference of ownership.
Notary fees - an example
Assumed that the purchase prize of a property is 250.00 Euro and the registered mortgage 200.00 Euro. The notary undertakes the notarial certification as well as the registration of the mortgage. In this case you would have to bear the following costs (including value added tax):
|Settlement fee house sale:
|864,00 Euro notary costs
|375,00 Euro notary costs
|Enforcement costs sale:
|216,00 Euro notary costs
|Fee for notary trust account:
|662,50 Euro notary costs
|Fee for notary approval:
|89,25 Euro notary costs
|Enforcement costs registration:
|89,25 Euro notary costs
|357,00 Euro land registry
|Registration fee change of ownership:
|432,00 Euro land registry
|Value added tax total:
|Source: Dr. Klein o.J.
The tasks of a notary as an overview
- Draft contract
- In the event of an agreement (between the buyer and the seller), the contract signature takes place; the notary authenticates this process
- Additionally, notary fees cover: the declaration of the right of first refusal as well as the application of the notice of conveyance in the land register; the notary records here the change of ownership (Dr. Klein)
- In general, the notary supervises the legal and the official transference