ᐅ How much are the notary fees for drafting the purchase agreement?
Created on: 21 Feb 2024 22:48
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Pascali
Hello, the notary fees for purchasing a property are generally known to be 1.5% (notary fees) plus 0.5% (land registry fee). However, in the first step, the notary only drafts a contract. How much do the costs for this draft amount to? These are included later in the total 1.5% notary fees and do not increase that percentage. But it would be possible to walk away from the purchase after the draft is prepared.
Pascali schrieb:
It’s interesting that it says the purchase is partly financed. What happens if I decide not to finance it after all but pay entirely out of pocket? Would that have any legal consequences?Basically, the notary applies for the registration of a mortgage lien for the financing at the same time as the purchase contract is signed (or not). Doing both at once is faster and cheaper than having to do it separately two weeks after signing. The signing appointment is the last chance to cancel that, if it’s not needed.Fuchur schrieb:
The signing appointment would be the last opportunity to have that removed if it is not needed.If that is not removed, what are the consequences? The purchase still goes through. But does the notary still receive 0.5% for registering the land charge (mortgage) that they do not actually perform?
Is it not possible to find a wording that covers both options – without financing and with partial financing? Or would a notary refuse to agree to that? In the end, I either transfer the full amount to the seller, or I need financing and the notary registers it. Depending on what happens, the notary settles the fees accordingly.
Fuchur schrieb:
The result would be that you get a useless mortgage registration that you pay for and might have to pay again later to have it removed.About what amount? I don’t even specify the amount in the basic data sheet for drafting the contract. I only mention that it is partially financed.Fuchur schrieb:
Also, for whom it should be registered. You currently only have a first draft, which will be completed later.Alright – he can argue that. They signed the key data sheet as is (partly financed).The land charge (mortgage lien) will be registered for the bank, which is likely how I’ll be financing. It will be exactly the amount the bank pays me out as a loan. What documentation does the notary usually require as proof?