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June 9, 2023
Notary fees play a fundamental role in the process of buying and selling a home. This transaction involves a series of legal processes and documents that entail an additional cost, depending on the role you assume in the negotiation. These procedures are carried out before a notary and at the Registry of Public Instruments. Therefore, it is important to have an additional budget to cover these procedures. Below, we explain who should pay the notary fees when buying or selling a property.
Notary fees refer to the costs associated with the services provided by a notary public in the process of buying or selling a property and are related to the deed, registration, and notary fees. This process is necessary to ensure the legality and validity of the transaction of an apartment for sale in Medellín.
It is important to note that this expense can be between 2% and 4% of the value of the property, depending on whether you are the buyer or seller, and must be paid for both new and used homes.
Notary fees associated with the sale may vary depending on the value of the property. The fees that the seller must pay are as follows:
– 27% for deed registration fees on the value of the property (0.54% must be paid, this percentage is divided between the seller and the buyer).
– 1% withholding tax on the value of the apartment for sale in El Poblado or any other area of the country.
– Copies and notary fees.
– VAT (Value added taxes).
For this year, the notary fees payable by the buyer are as follows and are governed by Resolution 00387 of January 23, 2023, which updates the rates for notary fees.
– 27% of the property value in deed expenses (0.54% must be paid, this percentage is divided between the seller and the buyer)
– 67% to 2% between charity and registration expenses on the value of the property.
– 27% to 0.30% for deed expenses if there is a mortgage (mortgage loan with the bank).
– Copies and notary fees.
– VAT (Value added taxes).
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If you are thinking of buying or selling a property, this information can be very useful in giving you an approximate value of the additional costs you will have to bear. Keep in mind that these percentages vary annually, so it is important to have up-to-date information or seek expert advice. At Inmobiliaria Alberto Álvarez, we accompany you throughout the entire process, from searching for an apartment for sale in Medellín or eastern Antioquia, to constant follow-up to ensure the correct delivery of documentation and thus successfully complete the process. You can count on our support and experience to facilitate your real estate transaction.
Source: Metrocuadrado
Written by: Valeria Ospina – Marketing Analyst.
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