There comes a time when buying real estate becomes essential. Whether you opt for a loan or have sufficient funds, it will always be necessary to provide for the fees of the notary who will help you finalize the real estate transaction. Moreover, for an old property, you will have to pay more than 7.5% of its purchase price just for the notary. Here are some tips for reducing notary fees.
Pay the fees of the real estate agency of those of the notary
If you use a real estate agency to help you find the property that meets your needs, you have the choice of not paying the fees of the agent who took care of you. How is it possible ? Quite simply, when you set up the sale, you choose to either pay the agency fees or let the seller handle it.
It must be up to you to pay the fees in order to be able to deduct the agency fees from those of the notary. When it is up to the seller to do so, ask the real estate agent to issue you a search warrant in the name of the seller, specifying that it is the buyer who will proceed with his commission. Then, when the time comes for the sales agreement, note that you will pay the price of the property as a net seller and that the agency will be paid separately.
Please differentiate real estate from furniture
Here is some information that should make you happy. The notary’s fees are applicable only to the real estate purchase and not to what it contains such as furniture and equipment. Thus, when making your sales agreement, please differentiate between the price of the property and that of its furniture.
If you don’t know how much your fitted kitchen or household appliances cost, try to estimate their value based on what already exists on the market.
To better understand these two tips, here is an example of the reductions you can make in relation to notary fees.
For example, if you plan to buy an old house at a net selling price of €200,000, suppose that you will have to pay €15,000 in real estate agency fees and that the value of the furniture is €10,000. We present 4 different simulation cases:
For the first case, the notary’s fees will be calculated without the two tricks, taking into consideration the agency and furniture fees, which means that you will have to pay €215,000 net hunter on the price of the property. The notary’s fees will then be as follows €16,125.
For the second case, we assume the first trick which is that the costs are paid separately, which means that the notary’s costs will be counted from €200,000, the price of the property. Thus, they will be 15,000€.
For the third case, we assume the second tip where the price of the furniture will be separated from the total price of the property, but the agency fee is still €15,000. Thus, the notary’s fees are deducted from the price of €205,000. They will thus become €15,375.
For the last, we assume the two tips combined. The net seller’s price will be €190,000. The notary’s fees will be €14,250. Thus, you will save 1.875€.