NOTARY COSTS
COSTS FOR NOTARY AND COURT
The most important facts about notary fees
TASKS OF THE NOTARY
Notarisation is essential for purchase contracts to be legally binding when buying a property. The notary acts as an independent and impartial mediator between the buyer and seller and ensures that the purchase contract is executed in the interests of both parties. The notary also has the task of formulating the contract clearly in accordance with the wishes of the buyer and seller and explaining the legal consequences. In addition, the notary obtains official authorisations or approvals, manages and monitors payments and is responsible for the final entry in the land register.
AMOUNT OF NOTARY FEES
Approximately 1.5 per cent of the purchase price must be calculated for notary fees and land registry costs. This includes the notary's fee, which is regulated by the scale of fees, and the court costs of the land registry. However, further necessary service steps will also be charged. The greater the work involved for the notary, the higher the notary fees. Such additional expenses are incurred, for example, for the cancellation of encumbrances, the registration of residential rights, etc. or the creation of a land charge. However, the actual amount of notary fees can only be determined on a case-by-case basis.
WHO BEARS THE COSTS?
Normally, the buyer bears the notary costs incurred. In the case of a "cancellation of third party rights", the seller bears their share of the costs. However, as the buyer and seller are legally liable for the costs, both parties are equally liable for paying the notary fees. The distribution of costs is regulated by contract.
SCHEDULE OF FEES
In Germany, notary fees are standardised in the provisions of the Court and Notary Fees Act (GNotKG). The notary fees are listed in a table depending on the transaction value (the purchase price when buying a property).
Notarisation
Both contracting parties, i.e. buyer and seller, must be present at the notarisation of the purchase agreement. The notary reads the purchase contract aloud and explains the legal details of the contract to both parties. If the parties wish to make any changes or additions, these will be taken into account by the notary if possible. After clarification of all open questions and agreement, the contract is signed by the buyer and seller and sealed by the notary. If you wish, we as estate agents can accompany you to this appointment. Do you still have questions about the most important facts? We will be happy to advise you at any time.