How many are the notarial fees on a mortgage loan?On June 27, 2019 by admin
In the process of acquiring a property it is necessary to calculate the notarial fees in a mortgage loan. It is estimated that these are around 7% of the value of the property, depending on the type of credit and the nature of the property, however this can be known exactly after the appraisal. The story is on neopod.net
There are three most important notarial fees in a mortgage loan.
They correspond to 8% and 9% of the total price of the property. It facilitates market transactions because it gives the buyer the confidence of a property that he will obtain something legal and secure, that is, his purchase will be credited to the public registry. An unwritten property loses its value as it cannot be sold or mortgaged.
It is known as the Property Acquisition Tax (ISAI), known in other states of Mexico as Domain Transfer. Its nature is local and varies according to the laws of each state. You must appear before the finance secretariat.
Once the notary informs the price for the deed, a percentage is destined to the payment of the ISAI. Although this type of notary fees in a mortgage loan is declared by a notary, the buyer of the property must be registered in the SAT.
It is the last procedure to safeguard the property. It is mandatory to register it in the Land Registry. The financial institution will not be able to grant the mortgage loan if it is not written in said entity, since they offer guarantee and security to the creditor.
The buyer is guaranteed to be considered as the sole owner until the contrary is declared.
The rest of the notarial fees are minor and are paid by the notary. In the season of notarial days these could decrease up to 50% of the cost.