A property acquisition comes with legal fees, including those for the notary. The amount is calculated according to a scale but there are some tips to help you lower them.
1. Pay the agency fee separately
The bill is calculated according to the property and is not based on the services which you receive. Thus, as from the first appointment with your notary, identify the type of contract he proposes. Then, you will have to find out on the purchase contract the property’s price and the amount to be paid to the estate agency.
2. The price of the furniture v/s the property
The notary fees are directly linked to the price of the property and not the value of the furniture. By deducting the total cost of the furniture, you can save a lot. For instance, in the case of a furnished house with equipped kitchen and bathroom, you will have to calculate the total amount by assessing the value of the furniture. You can then deduct this amount from the total cost - by considering that it will only be an estimate and that the fiscal administration can ask for bills.
3. Buy a new property
By building your own house, you will have less notary fees. It is considered that buying a house of less than 10 years is more costly than building a new house. But when buying a new house, the notary fees are lower.
In Mauritius, the notary fees are:
• 2 % for the first Rs 250,000
• 1,5% for the following Rs 500,000
• 1% for the following Rs 1,000,000
• 0,5 % of the amount left
Remember!
A notary will advise you before you validate the acquisition of a property. He is an Officer of the State who receives and drafts a bill of sale. He is also the one who prepares the purchase contract and will guarantee the transaction’s safety.
