Land purchase - costs, additional costs, notary costs


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Land purchase - costs, additional costs, notary costs

The purchase of a property represents a not inconsiderable cost factor. In addition to the land price, further cost items are still to be considered in the calculation.
These should be remembered before the purchase decision.
Property specific additional costs
With the fewest plots it is possible that one buys them and can begin immediately without further construction. Normally, preparatory measures still need to be taken by the client, all of which must be paid.
The biggest cost factor here is usually the so-called development costs. These are the amounts that have to be paid so that the selected property is connected to the local water, sewage, electricity, telephone, cable and heat supply,
How high these development costs are, varies individually and depends on the one hand with the length of the front of the house and on the other hand with the distance from the road to the corresponding house connection.
While the community itself lays the lines to the street in front of the house and requires a monthly fee for the development fee, the local providers take over the actual connection of the house to the public network and charge for the costs. Both amounts can be informed in advance and cost estimates can be obtained.
The necessary permits can also be counted among the property-specific additional costs. The granting of a building permit, for example, or the desired prior to purchase insight into documents, such as
The land register must always be paid and therefore included in the calculation.
Last but not least, one should consider the cost of appraisals when buying a property. A land purchase without prior property appraisal by an expert is a delicate matter.
The same applies to the waiver of a soil survey on the soil condition. Through this one can find out whether and to what extent the property is suitable by its nature as a building ground and saves thereby possibly massive costs with the start of construction.
Of purchasing East
The purchase costs include the cost of the notary, the registration of the new owner and any land charges in the land register and the so-called basic and income tax, the
must always be paid at the transfer of ownership of land and property by the buyer.
All of these ancillary purchase costs are determined as a percentage of the final purchase price of the property and are therefore an incalculable size. The basic and income tax is a constant, which is paid exclusively by the buyer. Currently, it is estimated at 3.5 percent of the purchase price and will be discharged on notice to the tax office.
Also to the purchase costs you can count any resulting brokerage fees. They are 3.57 percent of the purchase price and are usually payable by the buyer. Some brokers again ask the same amount from the seller, others divide the costs between buyer and seller. However, you should always calculate generously and therefore expect the use of a broker of 3.57 percent brokerage.
The notary fees in particular
Although not the largest, but sometimes the most important part of the incidental purchase costs is defined by the notary costs. No land purchase can go without the involvement of a notary on the stage, no matter how united the parties involved are. Exactly why the notary costs are sums that are inevitable and represent a fixed price with each purchase.
Expressed in numbers, the notary's cost is three percent of the total purchase price of the property, and half each is borne by the buyer and the seller. Each party thus assumes 1.5 percent of the total notary fees. This covers all costs incurred with regard to the transfer of ownership.
Not only the notary himself and his employees are remunerated in this 1.5 percent for their work, the notary also pays the court costs for the change of the owner in the
Land Registry. However, any settlements and mortgages resulting from debt financing need to be added and are not covered by the 1.5 per cent notary fee.
Even land register extracts that are required in connection with the purchase of land and often even unsolicited after registration or deletion are to be remunerated separately, with an excerpt usually around the ten Euro cost.

Video Board: What are the extra fees and charges for buying a property in Tenerife?.

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