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Loading ...BUYING PROPERTY IN MALTA
If you are considering living in Malta, our travel advice would be that you first rent a property so that you can get a feel for the ‘island lifestyle’. Once your mind is made up and you decide that you would like to live here you have to consider the following before you start looking for property:
- What size of property.
- Where are you used to living or would you prefer to live? Town or country or somewhere in between.
- Services, transport and amenities. If you have children, local schools.
- How are you going to finance the purchase?
- Determine your style - a modern or character home? An apartment, town house or villa.
Once all the above criteria have been satisfied and you find the perfect home, the next steps would be the following:
- A preliminary agreement or promise of sale must be signed, against a forfeitable deposit of 10% of the value of the property.
- The term of the agreement is valid for 3 months, unless otherwise stated.
- During this period, the notary researches the property and verifies legal title, assuring himself that there are no outstanding debts, hypothecs, or loans on the property.
- The purchaser must honour all his conditions contained in the promise of sale agreement - i.e. bank loan and building permit applications, within specified time frames.
- The same goes for the vendor, who must ensure that finishing and refurbishing works are carried out according to the conditions stated in the agreement.
The expenses
- Stamp Duty - 5% of immovable property price.
- Notary Public - Approximately 1% of the immovable property price is due to the notary, who is usually chosen by the purchaser and is paid on contract.
- Acquisition of Immovable Property Permit (AIP) upon a fee of Lm100. This permit is granted within the 3 month term of the promise of sale agreement and is applied for by the notary, during his researches.
The contract
Once every condition of the promise of sale agreement is complete and all duties fulfilled, all parties get together to sign the final deed and the keys of the property are passed on to the purchaser.
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