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Is the time for your first real estate purchase arrived? Then you better do some calculations to figure out how much money you need. A question that is not easy to give a clear answer to is how much does a notary cost for the purchase of a first home
The fee for a notarial procedure can in fact vary significantly depending on various factors ranging from the value of the property to the city where it is located. In this article, we at Casavo will help you clarify what type of expense to expect.
What are the expense items of the notary fee
The notarial fee is one of the most variable indicators within the budget for a real estate purchase. To understand precisely how much a notary costs for the purchase of your first home, you must take into account some elements established by law, such as taxes, and other more variable ones, such as the legal professional's actual fee.
These variables are sometimes complex to calculate and could catch you by surprise when it comes to the final payment.
However, remember to always ask for a quote at the beginning, to have the most accurate references possible. The notary's office is required by law to provide you with a precise estimate of the final costs, with a detailed list of all the items that will then make up the amount to be paid. Here are the fee points to take into consideration.
1. Taxes to be paid to the State
Notaries are usually responsible for paying the taxes due on real estate sales to the Revenue Agency. These are:
- the land registry and mortgage taxes, equal to 50 euros each for contracts between private individuals, 200 euros if you buy from a company;
- the registration tax, fixed at 200 euros for sales with a construction company, which increases to 2% of the cadastral value of the property when you buy from a private individual.
In the case of purchase from a builder, VAT must also be considered, set at 4% of the value of the first home, 10% for the second and 20% for luxury properties.
2. Other costs and taxes
The fee also includes a whole series of other charges and stamp duties, such as registration fees at the land registry, fees for the national notarial archive, land registry transfers, and searches.
Notary offices usually also require a reimbursement for all expenses incurred in terms of materials and stationery for the production of documents.
3. The actual fee
Here we come to the most complicated item to determine. It's not easy to understand how much a notary costs for buying a house. The fee, in fact, varies from city to city based on a price list established by the National Council of Notaries
On average, fees range from 1,500 to 3,700 euros per sale, to which 22% VAT must be added, and tend to be higher in large cities where the real estate market is more active.
The fee then rises further if for the sale you need to take out a mortgage for the first home. In fact, the legal professional will take care of filling out the deed for you, and will therefore add the procedure to their fee.
How to calculate the notary costs for the purchase of your first home
Perhaps you are asking yourself: "Do I really need a notary to buy a house"? We are sorry to tell you that the answer is yes. Only a certified professional has the authority to fill out the deed, the legal document that certifies once and for all the transfer of ownership of the property.
The notary has the fundamental role of guarantor in the sale. Their role includes a whole series of preliminary checks on property rights at the land registry office and on the presence of any mortgages, foreclosures, or other liens that could invalidate the contract.
After carrying out the research activities, the notary's office draws up the sales document and acts as an impartial intermediary between the parties involved to reach a stipulation that satisfies everyone. After the deed of sale, the professional is always responsible for paying the fixed taxes, delivering all the documents certifying the transfer of ownership, and registering the deed with the Revenue Agency
As we mentioned earlier, in the case of a mortgage, the firm will also take care of all the bureaucratic procedures necessary to obtain the financing.
How much does a notary fee for a house purchase cost: the two fundamental parameters
These verification and writing operations form the final fee. So, how much does a notary cost for a house purchase? As we have already mentioned, in most cases it is not possible to even roughly estimate the fee. This is because the actual fee depends on two main variables:
- the value of the property;
- the city where the property is located.
The final fee increases proportionally to the price established for the sale: the higher it is, the higher the fee will be. As for cities, as we have already seen, the Notary Office establishes a national price list with the various local references.
Getting an idea online of the costs to be incurred is not easy. There are some portals that help you get quotes quickly. Our advice is to gather as many prospectuses as possible to compare the various expense items.
Buying a house is a dream for many people, but sometimes the bureaucracy and documents risk turning it into a nightmare. While finding the support of an excellent notary firm is important for the legal side of things, for your new home search you can come to the Casavo's classifieds platform. Only verified properties await you, ready to welcome your new life.
