The purchase of a rebate involves buying back the real estate portion of a co-borrower, an approach involving going to a notary to recover full ownership of the property, fees may vary depending on the situation.
The redemption fee
A redemption of balance can occur in two cases, a separation or a succession following the death of the owner of the property. It is simply a financial compensation that corresponds to the share of the value of the good. That is to say that in the context of property held by two spouses, their shares are generally 50% each. The amount of the rebate takes into account the value of the current property and especially the capital already repaid if a loan is in progress.
Several fees may occur in connection with a redemption of balance:
- Debt separation costs (if a loan is subscribed to two)
- Redemption fees
The formalization of the redemption of balance is obligatorily before a notary, the latter will apply fees or fees corresponding to the drafting of the authentic deed to designate the new owner and thus, the liquidation of the former. The amount of these fees may rise to 8% according to the notaries' offices.
Who pays the redemption fee?
The fees of notaries will depend on the type of redemption of balance. In the context of a succession, the expenses will be shared between the heirs to the extent of their shares in the property. That is to say, the 8% of notary fees will be divided by the number of heirs, taking into account the redemption of balance by one of the heirs. In the context of a divorce, former spouses take their share of the notary fees. It is therefore important to know that these costs are in addition to the amount of the balance, they are not included in the amount.
In addition, the amount of the balance is calculated by the notary, he can also mandate a real estate expert to obtain an updated amount of the value of the property in relation to the market. If former spouses or heirs manage to agree, it is possible to avoid this assessment and to buy the balance. The calculation comes down to the amount of the net good divided by the number of owners, the one who buys simply has to add the units to buy back to know the amount of the balance.
How much does it cost to buy a rebate?
It should be known that the cash flow will be added to the amount of the mortgage which is being refunded in the context of a divorce and that it is generally necessary to support this financing alone (with a separation of the debt for the former spouse) . For heirs, it is possible to rely on his savings or to solicit a loan (real estate or consumption depending on the amount), so include the cost of credit in the amount of fees related to the purchase of cash.