BUYING A PROPERTY

Our Service to You

Our aim at Homes in Malta is to simplify the process of buying property in Malta & to select and show you SUITABLE properties that relate to YOUR specific requirements.  It is not simply to have the largest property database on the island of Malta, or to show you, the prospective purchaser, as many properties as possible.

To assist us in tailoring our property search to your needs, we suggest that you consider the following:

- What area of Malta do you want to live?
- What type of property would you prefer?  A house of character?  Farmhouse?  
   New build luxury apartment?  Town house?  Villa?  Penthouse?  
- What size of property will satisfy your lifestyle needs for now & for years to   
   come?
- What size budget do you have & how will you finance the purchase?
- What local amenities do you need?  Such as schools, transport, leisure, etc

If there is such a property on the Maltese islands that fits your specific requirements, rest assured we at Homes in Malta will find it!

The Buying Process
Once we have found a suitable Maltese property that you wish to purchase, Homes in Malta will present your offer & negotiate terms on your behalf.  Once all parties are agreed, we will make all necessary arrangements for the signing of a preliminary agreement of sale (sometimes referred to as a convenium).  With our years of experience in buying & selling property in Malta, we enjoy excellent relationships with most notaries on the island.  We are happy to recommend a notary if you do not have one already.

We will ensure that you are 100% clear, prior to any preliminary agreement of sale being signed, on the following:

- Property purchase price
- Tenure - is the property leasehold or freehold?
- Ground rent or service charge if applicable
- Any extra's included within the purchase price (such as furniture, kitchen, any  
   moveable items)
- Payment terms - to include the amount of deposit on account (generally 10% of 
   the purchase price) together with the date that the final deed of sale can be 
   signed, otherwise known as completion date (generally 3 months from the date 
   the preliminary agreement is signed)
- Any conditions agreed by the parties to the agreement , such as subject to 
   Architect's reports, bank loan, building permit, etc 
- Any works to be undertaken by the vendor
- The identity of the purchaser, vendor & property in question.
- Any other terms of the preliminary agreement of sale

Once you are happy with the above, the convenium is signed and then registered with the Inland Revenue Department.  A 1% provisional duty is payable on the contract value of the property being transferred.  This provisional duty is set-off against the final duty payable on the contract sale or refunded should the purchase fail to complete.

As a potential purchaser, it is important that you are aware that the deposit is forfeited in favour of the vendor if the purchaser does not sign the final deed & complete the sale.

Through the conveyance process, it is the notary's responsibility to research the property and verify its legal title.  It is also his/her responsibility to ensure that there are no outstanding debts or liens on the property.  Both the purchaser & vendor also have an obligation to honour all conditions set out in the preliminary agreement of sale, such as bank loan applications, the finishing of refurbishment works, etc.

Homes in Malta will assist you throughout the whole conveyance process & all the way through to completion of your property purchase.  We will ensure that the notary also has all the assistance he requires as well as ensuring that any necessary Government permits or Bank lending criteria are adhered to.

The process is completed when all parties get together to sign the final deed & the following procedure is followed:

- The contract of purchase is read out by the notary and assuming that everything is
   in order all parties concerned sign the contract
- The outstanding balance due (purchase price less any deposit paid) is paid to   
   the vendor. 
- Each party settles their relative expenses incurred regards the purchase- such as 
   stamp duty, notary fees, etc
- Keys to the property are passed from vendor to purchaser.
- The notary registers the contract at the public registry together with the land 
   registry where applicable.

Related Buying expenses
- Duty on documents 5% of the contract price
- No Stamp duty is payable on the value of any movable property (such as  
   furniture) that is included in the contract price.

Notary:
- Approx. 1% of the immovable property contract price is due to the notary who
   is usually chosen by the purchaser
-Searches & Registration: Between Euro400 and Euro1,000
-Ministry of Finance Fee:  Euro235