Malta Property Tips and Advice for the non-Maltese |
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Malta has long been an attractive country for non-Maltese to relocate in and the abundance of property for sale in Malta makes it easier for you to find just the property that you’re looking for.
Buying Property in Malta & Gozo: Procedures
Preliminary Agreement
Once you select the property that you want to purchase and a price is agreed upon with the seller, an appointment is made to sign a Preliminary Agreement (which in Maltese is known as the konvenju).
The Preliminary Agreement is basically an agreement that binds the purchaser and the seller to finalize the transaction within an established date.
The agreement is subject to a number of conditions and some payments are required to be paid upon the signing of this agreement.
For more info on what these payments are, visit this website here.
The Preliminary agreement for non-Maltese buyers will also include a 'subject to the acquisition of the A.I.P. permit' clause.
This A.I.P permit (Acquisition of Immovable Property) is required from the Ministry of Finance. It is usually granted within two months from the application date.
The Notary Public will fill out all the necessary documents and apply for the permit. The €232.94 fee will be settled either upon signing of the Preliminary agreement, when signing the final deed or as agreed with the Notary.
A deposit needs to be paid on signing the Preliminary Agreement. Usually this amounts to 10% of the selling price.
The Preliminary Agreement is done so that during the term of the agreement, a notary public carries out important searches/tasks that include:
- verification of legal title.
- ensuring that there are no outstanding debts, liens or hypothecs on the said property.
You will have to organise a bank loan (if required).
If the property is still under construction, the vendor is bound to complete all the works that were agreed upon in the Preliminary Agreement.
Final Deed
As soon as the above are completed, a date is set for the signing of the Final Deed.
The venue will be at a local bank’s legal office or at the office of a notary public.
On the day, the final deed is read and agreed upon.
All balances due are paid on this day.
For further details on the payments that are due on the day of the final deed, visit this website here, which belongs to one of the leading real estate agencies on the islands.
We hope that you found this section useful in getting started with your plans to buy property on the Maltese Islands.
For more information, advice and tips on buying property in Malta, visit the AIP website.
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