In today’s study we will talk about one of the main and most Hamletic doubts during a real estate operation: we are referring precisely to the figure of the notary and all the expenses and decisions that revolve around it during the delicate phase of buying a new home.
A useful and practical reading just to dissect a topic that could seem cumbersome only in appearance. In fact, we assure you that at the end of reading this guide, you will certainly have clearer ideas about the steps to be taken by the final consumer.
It happens, in fact, that notary fees during the purchase of a new home are a parameter that absolutely cannot overshadow the calculation of out-of-pocket expenses. So isn’t it the case to be adequately prepared and informed?
After months of research in the field, finally, here we are: you have found the house of your dreams and you can’t wait to conclude the operation in the best possible way … and how to blame you.
But be careful: having finally found the property suitable for your housing needs, that’s certainly not all! Let’s explain better.
In fact, it will be necessary for you to realize, or get help in this from the licensed real estate agent who assisted you in the buying and selling process, to create a well-articulated and timely expense plan.
Those who buy a new home will have to meet, in fact, a series of expenses necessary to complete the operation.
The main ones are:
- Any commissions due to the real estate agency
- Notary fees (which we will talk about in this reading)
- Any expenses to be paid, in agreement with the home owner
The figure of the notary: fees, expenses and logistics
Let’s start from the basics: before we get to talking about expenses and fees, it would perhaps be good to introduce the topic by clarifying how the figure of the notary fits into the purchase (and therefore also the sale) of real estate.
During a sale, the notary is required to complete the transaction. This means that no real estate negotiation in Italy could ever be concluded without the notarial deed, by law.
In this case, in fact, the notary will be required to study the documents relating to the house object of the negotiation precisely to clearly outline the regularity of the operation, verifying the position of the homeowner and therefore his property rights on the property and the documentary situation of the property itself.
It will be necessary for the notary, therefore, to make sure that the real estate unit is in perfect order from the cadastral point of view, and does not bring with it building abuses, defects, mortgages or other prejudicial constraints.
The phase just described is defined as “preliminary” precisely because it involves checks to be performed in advance of the day of stipulation.
This is a fundamental and delicate step because if any irregularity should emerge from the study of the documentation, it would be advisable to have all the technical time available to proceed with the alignment, where possible.
After having carried out the preliminary checks mentioned above, the notary will be required to sign the deed and at the same time set the useful date for the stipulation.
You will understand well that, before arriving at the stipulation, everything must be perfectly aligned: a single mistake or an oversight could make the deed slip or even skip the entire operation.
For this reason, it should be the concern of the real estate agent who is following the practice to read all the documentation in advance before sending it to the notary. In this way, you can already work on any situations to be healed, shortening the timing.
Now that we have clearly outlined the role of the notary in the process of a real estate sale, let’s continue with the main topic of this reading: how much are the notary fees for the purchase of a new home?
Notary fees: here’s how to structure the calculation
Let us immediately clarify a concept that perhaps still eludes many: to date theoretically calculating the fee that a notary may require is practically an impossible operation.
This is because, since Law 248/2006 came into force, the ceilings (the now old minimum and maximum rates, in fact) have been abolished , thus making notaries free to request a fee as any freelancer would do. Offering a service.
It is precisely in the specific case of a property purchase deed that the factors to consider before drawing up a parcel are really many.
As regards the property in question, it will be necessary to consider:
- Characteristics of the property
- Number of owners
- Value of the property
As for the other parameters, it will be important to evaluate:
- If it is a deed of purchase as a first or second home
- The professional “level” of the notary, his experience, the competition in the area and the same geographical area of reference
Other parameters to consider then vary according to:
- To the nature, difficulty, complexity, the importance of the issues dealt with
- To the eventual urgency of the professional service
- To the commitment of the professional also in terms of time spent
- To the value of the work performed
- To the results and benefits, even if not economic, achieved by the customer
If this list just scared you, take a deep breath and take a step back together – don’t panic!
In fact, we must report that the decree of the Minister of Justice n.140 of 2012 provided, precisely in favour of the consumer, of the tables that can be consulted to try to get an idea of the possible calculation of the expected expenditure depending on the value of the property in question:
- from 25,001 euros to 500,000 euros – average value: 262,500 euros – percentage referred to the average value: 1.078% of the property value – increase up to 5.990%, reduction up to 0.653%;
- from 500,001.00 euros to 1,000,000.00 euros – average value: 750,000.00 euros – percentage referred to the average value: 0.440% of the property value – increase up to 0.653%, reduction up to 0.410%;
- from € 1,000,001.00 to € 3,500,000.00 – average value: € 2,250,000.00 – percentage referring to the average value: 0.210% of the property value – increase up to 0.410%, reduction up to 0.160% ;
- From € 3,500,001.00 to € 5,000,000.00 – average value: € 4,250,000.00 – percentage referring to the average value: 0.140% of the property value – increase up to 0.160%, reduction up to 0.120%.
Naturally, the average value indicated in the table just described refers to the value of the property indicated in the deed of origin, where it cannot be deduced from the real market value.
The calculation of taxes: first or second home?
Thus we come to talk about one of the aspects that even more confuses potential buyers in the real estate search phase. How to calculate the taxes to be paid for the purchase?
Surely, the first macro distinction will be made according to the type of purchase: are you buying as a first or as a second home? This is the main distinction to be able to best base the calculation of fixed taxes.
The distinction refers, in practice, to the fact that the cadastral value of the property must be multiplied by the cadastral income X115.5 if it is a first home or X126 if it is a second home.
After determining the appropriate cadastral value, the following calculation must be made:
- for the first house: cadastral value X2% (registration tax) + 50 euros (fixed mortgage tax) + 50 euros (fixed cadastral tax);
- For the second home: cadastral value X9% (registration tax) + 50% (fixed mortgage tax) + 50% (fixed cadastral tax).
Notarial deed: now you have all the useful information
After carefully reading this simple and affordable guide, you will certainly be more knowledgeable on the subject and therefore ready to face the notarial deed in the best possible way.
Of course, what we recommend is to have a professional follow you who can take care of the practice seriously, helping you to shed light and clarity on every aspect of a fiscal, tax, urban planning, cadastral nature, in order not to risk having unpleasant future surprises.
The quantification of notary fees for the purchase of a house is too important an aspect to be dealt with superficially or without the necessary information.