Before making the full payment for the real estate property, the buyer and the seller must use the services of a notary.
In addition to the advisory and informational role, the notary guarantees a proper real estate transaction for both parties through notarial deeds.
Acts and procedure established by the notary
According to Belgian legislation, several acts must be established by a notary for any real estate acquisition project. The seller’s notary contacts the buyer’s notary to proceed with the signing of the sales agreement. This is essentially a provisional sales contract. It may include suspensive clauses at the buyer’s request. This signing is generally accompanied by the payment of a deposit corresponding to 10% of the sale price by the buyer.
The law requires that a maximum of 4 months separates the date of signing the sales agreement and the final deed. The notary’s role during this time is to conduct administrative searches to ensure that the deed is incontestable, both in form and content. This period also allows the buyer to finalize their file if they are taking out a loan from a financial institution.
The notary’s duties then consist of drafting the notarial deed of sale and collecting the registration fees corresponding to the transaction. These are calculated based on the sale price of the property and their rate varies depending on the region where it is located. The legal professional also collects the registration fees for the mortgage deed if the buyer finances the transaction with a loan. These taxes are subsequently paid by the notary to the tax administration.
How to calculate notary fees?
It should be noted that in addition to the registration fees, the buyer must bear the notary fees as well as various other costs. The calculation of notary fees is based on the value of the real estate for the purchase deed and on the loan amount for the mortgage deed.
On our website, there is a notary fee calculator on this page where you just need to enter the purchase price and the applicable base rate. In a few clicks, you will be informed about the registration fees to be paid, the various costs, and the notarial fees.
