The team at Malta Property Agents have been specifically trained to offer your professional advice and information on all aspects of purchasing a property in Malta.
The buying procedure in Malta is simple and straight forward plus it protects both the vendor and the buyer. Legal and binding documents are drafted and signed in either the Maltese or English language at the initial stages, once all terms are agreed to. This eliminates outbidding by third parties to the detriment of the purchaser, or a change of heart by either party after all has been agreed.
Once the property has been selected, your associate at Malta Property Agents is always on hand to assist you in negotiating the final price and any other terms or special conditions. Our agents can also offer advice and translations in a number of other languages besides Maltese and English.
At the point an appointment is set to sign a preliminary agreement also referred to locally as a Konvenju. This first contract is signed in front of a Notary of the purchaser’s choice. The purchaser will be required to pay 1% provisional stamp duty as part payment of the full 5%. Normally, the purchaser also leaves a deposit of 10% of the selling price as part payment. The signing of the final contract and exchange of keys, normally happens around 3 months later, where the balance of the purchase price together with the remaining 4% stamp duty are paid. The time between Konvenju and final contract can be less than the average 3 months and sometimes considerably longer. This time frame is mutually agreed between the parties and conditional to all legal searches and other terms and conditions, such as bank loans, being satisfied.
POSSIBLE TERMS AND CONDITIONS TO LOOK OUT FOR WHEN PURCHASING A PROPERTY
Once you have decided on a property and before you sign any contracts, Malta Property Agents will guide you on the following issues: You pay the best price for your chosen property.
You know if the property has a ground rent or is freehold
Any extras included in the price such as furniture or fixtures are duly listed
Payment term and any other conditions are clearly agreed and adhered to
Bank loans and conditions are organized and clearly agreed to as part of the contract
Property surveys if necessary are duly completed or agreed to as part of the contract
Building permits are available and in order
The choosing of a competent Notary and other professional that may be required
The following through of any other terms and conditions agreed to
EXPENSES RELATED TO THE PURCHASE OF PROPERTY
Duty on documents, 5% of the purchase price (excluding any furniture and fixtures)
Notarial fees approximately 1% of the purchase price
Searches and registration (varies from about €400) AIP Ministry of Finance Fee € 235 (for foreigner purchasing a holiday home or non EU citizen)