How much does a notary take to buy a house?
You have found THE house of your dreams in Collioure ? The steps are underway and you have found your notary to accompany you in this great project and conclude the sale?
In addition to the amount of the house for sale in Collioure the sum of the notary fees to be foreseen is consequent.
Did you know that the amount of the notary's fees is not the amount that the notary will be paid? Find out everything there is to know about notary fees in this article.
The role of a notary
A notary is a professional who intervenes in the sale or purchase of a house. During a real estate transaction, it is often necessary to call upon the services of a notary.
Your notary is an intermediary between the two parties and has multiple roles. He must certify that the property is indeed the one described by the parties, verify that the deed of sale complies with the regulations and that there is no fraud.
But since the notary is an intermediary between the two parties, it is important to know the notary's share in the purchase or sale of a house.
The amount of the notary fees
The amount of the notary fees is composed of several elements.
First of all, it is important to know that the cost of notary fees varies according to the region where the property is located. Thus, a notary who intervenes in Île-de-France will have a much higher price than a notary who intervenes in Collioure.
Then, on average, it is necessary to count between 2.5% and 4% of the purchase price of the house. However, this price may vary depending on the goods sold.
For example, if the property is located in a tense area, the selling price of the land will be higher. The notary will then receive a larger percentage of the total price. If the property is located in a less tense area, the cost of notary fees will be lower.
A regulated scale of notary fees:
- For a property of less than 6,500 €: the notary fees are 4% of the purchase price.
- For a property between 6,501 € and 17,000 €: the notary fees are 1.65% of the purchase price.
- For a property between 17 000 € and 60 000 €: the notary fees correspond to 1,1 % of the purchase price.
- For a property worth more than 60 000 €: the notary fees correspond to 0.825% of the purchase price.
Additional costs to be paid
In the total amount of notary fees to be paid, there are between 70 and 80% that correspond to taxes.
The notary will pay this money to the Treasury. This makes it possible to make this real estate transaction compliant with the State. The notary tax is fixed by the Treasury according to the value of the property.
Additional fees may be charged by the notary:
- The "file deposit fee": This is a deposit paid to the notary to ensure the payment of the property tax and the housing tax
- The "inventory of fixtures fee": It allows the notary to establish an inventory of fixtures of the property which will be submitted to the State.
These additional fees are both mandatory.
Transfer duties are paid to the State. Their purpose is to allow the transfer of ownership. For this, they must be paid at the time of the signature of the sale contract, the day of the signature at the notary's office.
This amount is set by the government and includes the real estate capital gains tax, the property tax and the tax on furniture.
Finally, there is one last tax to pay: the registration tax. It is established by the notary and allows to ensure the public service towards the State. It is calculated on the amount of the purchase price and generally amounts to 2.5% of the price of the property.
This is the reimbursement of the costs advanced by the notary at the time of the sale of the property. For example, this could be the cost of various documents or the remuneration of external parties.
The notary's remuneration
The notary's fees represent only 10-20% of the notary's remuneration.
The notary's fees
The emoluments are a remuneration that the notary will receive following his service, i.e. your real estate transaction. Its rate is regulated. This means that the amount will be the same for all notaries.
Unlike emoluments, fees correspond to a tariff that is not regulated. They are also part of the notary's fee.
The amount of the fee is determined between the notary and you. It can be the result of a commercial lease, a legal consultation etc...