Notary fees for new or existing properties: How are they calculated?
So, How are notary fees calculated? when buying real estate, and why do these differ between new and existing properties? Our real estate agency in Paris's 16th arrondissement, CENTURY 21 Auteuil Immobilier explains everything.
What are the notary fees for an older property?
Notary fees for an older property generally range from 7 to 8 percent of the property's sale price.
These fees are paid upon signing the deed of sale at the notary, which is responsible for collecting these amounts. Once the fees have been paid, they are then distributed among the various entities involved, primarily the federal government, local governments, and the service providers that participated in the transaction.
What are the notary fees for a new property?
For new real estate properties, notary fees range from 2 to 3 percent of the sale price. This reduced rate is due to lower taxes, particularly registration fees.
Just as with an older property, these fees are paid to the notary when the deed of sale is signed. The notary, acting as an intermediary and “tax collector,” is responsible for forwarding these fees to the appropriate authorities.
Why do notary fees differ between older and new homes?
Notary fees differ significantly between older and new homes due to the taxes that make up these fees. Whether for a new or older property, notary fees include taxes, the notary’s fees, and miscellaneous expenses such as those related to finalizing the sale.
However, the main difference lies in the real estate advertising tax, a component of registration fees. For a new property, this tax is only 0.715% of the property’s pre-tax price, whereas for an existing property, it amounts to 5.80%.
