Before reaching the full payment of the real estate price, the buyer and the seller must use the services of a notary.
In addition to the role of advisor and informant, the notary is the guarantor of a good real estate transaction for both parties through notarial acts.
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 somewhat of 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 that of the final act. The notary’s role during this time is to carry out administrative searches so that the act is unassailable, both in form and content. This period also allows the buyer to finalize their file if they take 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 from the sale price of the property and their rate varies according to the region where it is located. The legal professional also collects the registration fees of the mortgage deed if the buyer finances the operation 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 registration fees, the buyer must cover the notary fees as well as various other fees. The calculation of notary fees is based on the value of the real estate for the purchase deed and on the amount of the loan for the mortgage deed.
On our site, 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 fees, and the notarial fees.