Malta is a country at many people’s center of attention. People and businesses who think of the world as one global place, see the opportunity that Malta represents. That means that Malta also has a dynamic and shifting real estate market that has some important intricacies to it.
Finding a home is about more than just making a list of must-haves and then buying the Malta property that fits the bill and is closest to work. Conversely, selling a property in Malta’s hot real estate market also takes strategy. From the perspectives of both tax rates and regulations, the Maltese government is paying close attention to the property market in Malta and is set on actively participating. Some of these stipulations apply in particular if you’re buying a Malta property as a foreigner.
The Procedure Of Buy Property In Malta
There is a relatively standard and straightforward process for buy and selling property in Malta. The usual steps are the following:
- Hire a notary and possibly also a lawyer who specializes in real estate law.
- Find a property in Malta that meets your needs.
- You can agree on a written contract called a convened, or promise of sale. It is covering such as the price, Ground rent conditions and any repairs or other work to be done by the seller before the sale is final.
- Furniture and fixtures are included as part of the sale.
- The time until the conditions must be met and the deal closes.
- Conditions such as defects in the title that would release the buyer from their obligation.
- What deposit the buyer owes the seller when the konvenju is signed.
- You can pay the deposit and the first fifth of the stamp duty, effectively a tax on buying a property in Malta, equal to 1% of the agreed purchase price.
- If you have your notary conduct all appropriate searches to ensure the property has a clear legal title.
- You can apply for a bank loan, if necessary, on time.
- Once the term expires and all conditions have been met a final agreement is made and read out to both parties.
- The balance of the price paid by the buyer to the seller and keys are exchanged.
- The seller pays any taxes he owes from selling property.
- The buyer pays the balance of the stamp duty and the notary’s fee.
