We understand that buying a property is often the single largest financial purchase we make in our lives not to mention an emotional milestone. If you are thinking about buying property in Malta, our experienced and highly trained team at Immobilien Malta are expertly placed to guide you through the whole process and assist you with your property requirements.
Listed below is our simple 5 Step Guide To The Buying Process in Malta which will help you understand the various legal stages of purchasing a property on the island.
The first thing to do is identify what you require and how much can afford to spend. Do you want a sea view in a modern Apartment or are you after a House of Character in a quiet village? It’s best to be very clear about your requirements from the start. If you need a mortgage then now is the time to speak to your bank or mortgage advisor. Once you have a mortgage offer you are then in a strong buying position.
Like us on Facebook and keep up to date with all the latest properties alerts and price changes in our popular daily posts. We are also active on many other social media platforms including YouTube, Twitter, Instagram, and Pinterest, so follow us and stay connected. We understand that speed is of the essence in the Real Estate Industry so finding out about new prices and offers quickly can help you find the right property before others in a very competitive industry.
At the beginning of every month, we send out an email with all our latest exclusive listings and property news to our extensive database of buyers, sellers and landlords. By joining this mailing list you will receive these alerts and be the first to hear about new listings and price changes.
The buying market is very competitive in Malta so we advise an early viewing to secure that ideal home. Our staff will do everything possible to ensure you see a property within the quickest time frame, we’ll even chauffeur you there and accompany you throughout. Immobilien Malta Estate Agents like to be on hand during viewings to answer any questions and to negotiate any difficult areas. See our opening times below. If you’re too busy in the week then we’re open Saturday mornings too, so we can arrange viewings no matter what your schedule is!
| Office | Monday - Friday | Saturday |
|---|---|---|
| Sliema Head Office: | 08:30 - 18:30 | 09:00 - 13:00 |
| St. Julians: | 08:30 - 18:30 | 09:00 - 13:00 |
Once you’ve decided on a property and your offer has been accepted the next stage is the signing of a ‘Preliminary Agreement’ between the buyer and the seller. This agreement is often referred to as the ‘Convenium’ or ‘Konvenju’ in Maltese or ‘Promise of Sale’, and binds both parties to the transaction based on a set of mutually agreed terms and conditions. The Preliminary Agreement is usually valid for three months and after the signing (but before entering into a final deed of sale), a Notary would be engaged by the buyer to carry out the necessary searches into the property to confirm everything is in order before proceeding. It is at this stage that 1% of the 5% total stamp duty fee is payable to the Inland Revenue and a 10% deposit is paid by the buyer. The remaining 4% of the stamp duty will be paid with the publication of the final deed.
Also, note that the 1% of stamp duty will be refunded if the final deal fails to materialize and that the deposit agreed on during the signing of the Preliminary Agreement will be handed over to the seller if the buyer does not sign the final deed without a valid reason at law.
The following terms must be agreed before the Preliminary Agreement is signed:
Note: In Malta, the agreements and contracts are always written in English.
Once all the conditions of the Preliminary Sale agreement are complete and all duties fulfilled, all parties get together to sign the final deed. It is the responsibility of the Notary to draft the final deed and prepare it for signature. The normal procedure is as follows: