Buy / Sell
In Malta, the buying procedure is relatively simple and straight forward. The system protects both the vendor and the buyer – a fair system which eliminates the “Gazumping” or outbidding which occurs in some other countries. Contracts and all other legal documents can be written out in either Maltese or English since most Notaries are bilingual. The choice of notary is generally the Purchasers.
Once we have helped you chose a property you like and feel confident with, the procedure of purchasing a property is one of the simplest in Europe. A Preliminary Agreement is signed in the presence of a Notary Public. This agreement binds both parties to purchase / sell the immovable property under the terms and conditions agreed upon between the two parties. A 10% deposit is normally paid by the purchaser to secure the sale.
The Preliminary Agreement is given a validity period which would be agreed to by the two parties (normally 3 months). During this time period the notary public engaged by the purchaser will do the necessary searches to confirm good title of the said property in question and apply for any applications required by Government Authorities.
When all necessary permits are issued and clear title has been proven by the selected Notary, then the Final Deed Of Sale may be entered into. At this stage the balance of the purchase price, balance of stamp duty (4% of purchase price), notarial fees (approx 1%) plus legal expenses are paid. Vacant possession of the property is then given to the purchaser. Agency fees are normally paid by the vendor.
Stamp Duty 5%
Any non-resident, permanent or temporary resident are permitted to sell their property at any time and may repatriate their money in any currency.
Subject to status, mortgage facilities are available for non-Maltese Citizens and non-residents.
The above information is kindly provided by Pierre Faure Real Estate.