Thinking about buying a house with a mortgage? Prepare to visit the notary at least twice, although not necessarily pay notary fees for the purchase of your home.
The notary plays a key role in the process of obtaining a mortgage and also in the purchase of your home. Do you want to know what it is and how much they charge for it?
The role of the notary in mortgages and the purchase and sale of a house
The notary is an authorized public official who is responsible for certifying, in accordance with the law, contracts and extrajudicial acts. In the case of a mortgage and the purchase of a house, his work fulfills two functions:
- The first is to certify the transaction and make it a public document. That is, to certify through the notarial act that what is stated in the contract complies with the law and that those who claim to sign it do so freely.
- The second is directly related to the first. One of the notary's obligations is to ensure that you understand the content of the mortgage or the implications of the purchase. And this means that he will resolve any questions you may have about the mortgage loan.
In the end, the notary is there to help you with the transaction, both the purchase and the signing of the mortgage. For this reason, it is mandatory to visit him at least 10 days before the signing of the mortgage so that he can verify that the mortgage is in order, that you have all the information you need and that you understand it.
What are the notary fees when purchasing a home?
Notary fees when buying a house and signing a mortgage are regulated by the State. Specifically, the cost of signing the deed for the property ranges between 0.2% and 0.5% of the value of the property listed in the contract.
From there, the notary can apply a 10% discount.
Who pays the notary fees for the purchase of the house?
Notary fees when buying a house are the responsibility of the seller. As a buyer, you will only have to pay the cost of your copy of the document.
What about the mortgage? In the case of the mortgage, the operation is similar. The cost of the notary will be paid by the financial institution and you will have to pay the price of the copy of the deed.
How is the price of a home deed calculated?
The notary is one of the expenses of buying a house . Its cost depends on three factors:
The value of the house, which will be the price you paid for the property.
? The number of pages in the document.
? Copies issued thereof.
In addition to these expenses, the final cost of registering a property will also include:
? The cost of registering the property in the Property Registry, something that can be done by the notary, by an agency or that you can do on your own.
? The taxes on the purchase of the house, which include VAT or the Property Transfer Tax for the buyer and the Municipal Capital Gains Tax for the seller, as well as the Tax on Legal and Documentary Acts.
Can I choose the notary I want?
Of course! The choice of the notary for the signing of the mortgage is up to you and yours alone.
The General Council of Notaries itself is responsible for reminding and explaining that, when one party is a consumer and the other a financial institution, a businessman or a property developer, the right to choose always falls on the consumer.
No financial institution can impose its notary, although it can recommend one. The main advantage of signing with the notary that the institution works with is that normally the process to sign the mortgage will be faster because the notary will already know the institution's mortgages and also its legal department.
However, be very clear that you are the one who chooses the notary for the mortgage.
