June 23, 2019 Alberto Mills 0Comment

With the new mortgage law, notary expenses must be paid equally . That is, 50% has to be paid by the bank that is going to grant the mortgage and the other 50% by the client that is going to sign the mortgage.

Normally the amount is not usually very high, hence the average amount is 50 to 200 euros as a notary expense. It should not be forgotten that, in the case of a mortgage loan modification, the notary cost will also have to be paid at 50%.

Instead, the cancellation deed expense will be borne by the borrower, as it is the principal interested.

Registration Fees

Registration Fees

Until now, this mortgage expense was borne by the client, but things have changed. The supreme court has ruled that this expense must be paid by the bank . This means that the change of law in this case has been beneficial for the mortgaged.

On the other hand, the registration of the deed of cancellation must be paid by the borrower, since he is the principal interested in carrying out this procedure.

Important mortgage expenses

Important mortgage expenses

The Documented Legal Acts are one of the most important mortgage expenses. To give you the idea, two thirds of the expenses come through this section.

As in other expenses, the same until recently had to be paid by the client, but with the last change, the tax has to be paid by the bank. Again, this is an important relief for the mortgaged.

Appraisal

Appraisal

It is a section that falls a little in the negotiation. There is no direct opinion indicating which of the two parties must pay the appraisal. That is, when negotiating the mortgage, it must be clear who will be responsible for paying the appraisal. It is usually normal for spending to end up falling on the client, but more and more banks are paying this tax to avoid having problems in the future.

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