10553 Transaction costs

Have searched the notaio fees threads on this.
There is a small (1000Sq.Mt) parcel suitable for gardening and additional grape vines adjacent to our property. We contacted the absentee owner and offered to purchase the property. We agreed on a price of 6,000. Euros and we would pay the transaction fees.
The notaio ‘s office called today to say that the transaction fees would be 2,700 Euros.
Is this a realistic fee for a 6,000. transaction???

Category
Property Sales/Rental Advice

Submitted by Anonymous (not verified) on Thu, 10/02/2008 - 02:31

We did something very similar a year or so ago and bought an area of adjacent land slightly under 1000mq. If I remember rightly, the notaio's fees were in the region of €2000, this included the change of use fee from agricultural to garden. I imagine the figure you have been given is about right. Notaios have standard charges/percentages etc that they have to abide by.

Submitted by Anonymous (not verified) on Thu, 10/02/2008 - 08:40

Thanks for your reply.
Just had lunch with a neighbor who related that for an inter-family transaction valued at 1,000. Euros the transaction cost exceeded 3,000. Euros which did include a geometra fee. Guess our costs are in-line.

Submitted by Anonymous (not verified) on Thu, 10/02/2008 - 09:41

I second all that as we did similar and our geometra won't get out of bed for less than 1000 fee. The owners of the land (the Church) didn't find it worth while to sell the land at all and so once everybody was sweetened (including the nasty little man who wanted to cut all the trees down first) we bought about half what you are buying for a total of 12,000 euros!!!

Submitted by Anonymous (not verified) on Thu, 10/02/2008 - 10:20

The transaction costs on small bits of land are ridiculously high.

I came across this 'clarifcation' from the agenzia delle entrate (it is about treating 'garden' land as pertinent to the habitation, and thus taxable on the catastal value rather than the land cost) and it might be worth checking that your notaio has taken this on board.

[url=http://www.fiscooggi.it/reader/?MIval=cw_usr_view_articoloN&articolo=29664&giornale=29646]Notiziario Fiscale dell'Agenzia delle Entrate[/url]

Submitted by Anonymous (not verified) on Sun, 10/05/2008 - 16:06

As a bank we are doing a lot of substitution mortgages (because of our very competitive offer) however with the buying power of 10,000 transactions across Italy we cannot get the fee below €1,000 for a standard transaction (then you need to add on the taxes and registration costs).