Buying a House in Malta
Buying a house in Malta. Once you decide on the type of property you want purchase from the large stock of real estate for sale in Malta, the many apartments, villas, farmhouses or charming houses character, you may wish to learn about the basic procedures of buying a property in Malta.
You have now selected a property, from the various homes for sale in Malta, that fits your budget and requirements and a purchase price has been agreed upon. The next step is signing a preliminary agreement, which is drawn up by a notary, where all the terms and conditions agreed upon between you the purchaser and the vendor are listed down. This first contract binds both parties to buy and sell and the notary then sets about checking the legal title of the property.
Usually, the purchaser places a deposit of 10% of the purchase prices (which for peace of mind, may be held by the Notary until searches and other conditions are satisfied). At this point, the purchaser also pays a 1% stamp duty and this preliminary contract is officially registered. A further 4% stamp duty is paid on the signing of the final deed, which normally takes up to 3 months to conclude.
During this time, both buyer and seller are legally bound to appear on the final contract, the Notary has time to check the good title of the property and apply for any permits if necessary. The purchaser also has time to apply for a bank loan if needed and to conduct any building surveys and check that all building permits are in order.
Malta Property Agents are your real estate agents always on hand to assure the whole procedure of buying property in Malta is completed smoothly.