The notary costs for people purchasing a house will soon be reduced by an average of €1,000 as part of a complete reform of the notarial profession, which comes in light of a study showing costs are too high and not always transparent.
The thorough reform of the notary office, announced by Federal Justice Minister Vincent Van Quickenborne on Wednesday, will drastically reduce fees for a number of acts and the customer's invoice will become more transparent, while the profession itself will be modernised to make it more attractive for beginners.
"This is the most important reform of the notarial sector in the last 70 years. We opt for lower rates, more transparency and legal certainty, better conditions for starting entrepreneurs and a modern statute," he said in a statement.
The fees charged for services by notaries are legally stipulated in the Royal Decree of 16 December 1950, of which the last small adjustments were made in 1980. In its study, the FPS Economy determined that the outdated fee regulation does not take into account the social evolution of the profession.
Lower costs when purchasing homes
The fees and administrative costs for both the purchase deed and the loan deed, which anyone buying a house in Belgium must pay, are approximately €1,100 per deed, meaning people are faced with around €4,000 in notary fees (for the purchase of a median home for which a loan of €200,000 is taken out).
Tweet translation: "We provide the most thorough reform of the notarial profession since 1950. Notary fees for the family home will drop by an average of €1,000." As part of the reform, administrative costs for the deed of purchase and the deed of the loan will be fixed at €750 and €550 respectively. The fees for the purchase of a home in which the person or family will live will also be reduced by €50 on average. The notary fees for a median home of €232,500 will decrease by €1,102.31, representing an average of 25% discount on notary fees. However, there will be no advantage for people buying the most expensive houses above €800,000.
Belangrijk nieuws. We zorgen voor de meest grondige hervorming van het notariaat sinds 1950. De notariskosten voor de gezinswoning dalen met gemiddeld 1.000 euro. 📉📻 Om 7u35 meer uitleg bij #deochtend op @radio1be. — Vincent Van Quickenborne (@VincentVQ) February 23, 2022