Buying Property Procedure

Buying Property Procedure

Buying a property in Malta as a foreigner will be different to buying a property as a local, and we provide accurate information for both parties in regards to property valuation and market analysis.

Luckily, The Maltese Islands offer a variety of schemes, incentives and financial assistance (to locals and expats alike) that make it a whole lot easier to own a property in Malta and Gozo. Whether you are a first-time buyer, searching for a second home or a new business looking to move to a larger commercial complex, there is something available for everyone.

 

What type of property do you want?

The first step towards buying a new property is deciding on your budget and requirements. It is important to consider all charges and payments that will have to be involved in buying a property including down payment, how much you can afford to re-pay monthly (in the case of taking out a mortgage), as well as the location of your required property or if any particular amenities are needed such as a bus-stop close by, tennis courts, disabled-access, gym, shops, etc.

 

Viewings

The next step would be to contact us and go on a few viewings with one of our friendly agents that have an expertise in the real estate industry in Malta, each specialising in a particular area of property buying. We have agents that can speak multiple languages including English, Maltese, Italian, French, Slovak and Spanish.

 

Promise of Sale

Once your financial matters are settled and you have negotiated on a good price for your new property with one of our agents, a ‘Konvenju’ or ‘Promise of Sale’ is signed with a Notary to secure an agreement between the vendor and the purchaser (and any other involved parties) to sell/buy the property within an agreed time period. All contracts and agreements are written in the English Language.

Prior to the signing of the preliminary agreement, you must agree to a couple of terms, which include:
1. The price of the property
2. The price of ground rent if applicable
3. The items that are/are not included in the price
4. The promise of sale agreement

There are two payments that are made during the promise of sale, the first is a 10% deposit agreed on by both parties on account of the selling price and the second is provisional stamp duty (also of the selling price) at 1%. Both payments are offset against the final balance due during the final deed. The Notary carries the job of dealing with permits, carrying out any important and legal searches in regards to the property, and making sure all details of both vendor and purchaser are valid, realistic and up to date.

Towards the end of the agreed period specified during the promise of sale, both parties meet again to go ahead with a final deed of sale (contract) until the purchaser is the official owner of the said immovable property.

 

More Information

For further information about buying property in Malta and Gozo, kindly contact us by phone at our St. Julian's or Gzira Branch on +356 27283333/4 or our Santa Venera Branch on +356 27300300. You may also contact us by e-mail on enquiries@chestertons.com.mt

Published: 08 June 2017

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