'The best name in Malta property'

 perry@perry.com.mt

Head Office: +356 21 31 0800

St. Julian's+356 21 31 0088
Valletta+356 21 31 0714
 

Buying Process

The 5 Step Buying and Selling Process in Malta

The 5 step buying and selling process in Malta

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, Perry Estate Agents will guide you through the whole process.

Step 1: Budget & Requirements

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.

Step 2: Like us on Facebook and follow our daily posts

Like us on Facebook and keep up to date with all the latest properties and price changes in our popular daily posts. We understand that speed in of the essence in the property market so finding out about new prices and offers quickly can help you find the right home before others in a very competitive industry. Simply click the link below and like us!

Like us on Facebook here

Step 3: Viewings

The buying market is very competitive so Perry Real Estate advises 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. Perry Real 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!

Opening hours of our office at 197 Tower Road: 8.30am-6.30pm Monday to Friday and 9-1pm on Saturdays.

Step 4: Make an offer & Preliminary Agreement

Once you’ve decided on a property and your offer has been accepted, a Preliminary Agreement is signed between the seller and the buyer. This agreement is often referred to as the ‘Convenium’ or ‘Konvenju’ in Maltese 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. After the signing of the Preliminary Agreement (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:

  • Price
  • Ground Rent
  • Features included in the price
  • Payment terms
  • Works to be undertaken by the owner
  • Terms of promise of sale agreement

Note: The agreements and contracts are always written in English.

Step 5: Final Contract of Sale

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:

  • The final deed is signed at the bank if a mortgage is required by the buyer.
  • The final contract is read out and if both parties agree to the terms and conditions the contract will be signed.
  • Time to pay the balance (the purchase price less any deposits paid on account) to the seller.
  • Both parties must now confirm that they have settled all expenses in relation to the purchase and property.
  • The keys of the property are then exchanged.
  • The contract will now be registered at the Public Registry by the Notary.