Property Law
The firm advises and assists clients in real estate transfers.
When a buyer and seller agree on a property, a Promise of Sale Agreement must be drawn up and such a document is binding on both the buyer and the seller with various consequences if one of the parties fails to appear on the final deed. Once a promise of sale agreement is signed an obligation exists between the buyer and seller however the final deed is always subject to good title being proved, the issue of any relative permits to purchase and any other conditions indicated in the promise of sale agreement. Such an agreement is usually valid for 3 months however the parties may agree on a different term. A notary must then be engaged to carry out the necessary researches on the property.
Once the relative permit has been issued and researches have proved clear title to the property, the final contract of sale may commence - the deed of sale being drawn by purchaser's Notary. The balance of the purchase price and Stamp Duty plus legal expenses are paid on the signing of the contract when vacant possession to the property is handed to the purchaser. (1% of the stamp duty due is payable on the signing of the preliminary agreement.)
Once all conditions have been fulfilled and there remains no obstacle for the purchase to go through the contract may be signed.
Purchasing Real Estate in Malta
Non-residents wishing to purchase Immovable property in Malta must obtain an AIP permit and such permit is subject to certain conditions. EU Citizens who have resided in Malta continuously for a period of five years at any time prior to the date of acquisition do not requite a permit.
Our firm will guide you through the whole process. For more information contact us on [email protected]
When a buyer and seller agree on a property, a Promise of Sale Agreement must be drawn up and such a document is binding on both the buyer and the seller with various consequences if one of the parties fails to appear on the final deed. Once a promise of sale agreement is signed an obligation exists between the buyer and seller however the final deed is always subject to good title being proved, the issue of any relative permits to purchase and any other conditions indicated in the promise of sale agreement. Such an agreement is usually valid for 3 months however the parties may agree on a different term. A notary must then be engaged to carry out the necessary researches on the property.
Once the relative permit has been issued and researches have proved clear title to the property, the final contract of sale may commence - the deed of sale being drawn by purchaser's Notary. The balance of the purchase price and Stamp Duty plus legal expenses are paid on the signing of the contract when vacant possession to the property is handed to the purchaser. (1% of the stamp duty due is payable on the signing of the preliminary agreement.)
Once all conditions have been fulfilled and there remains no obstacle for the purchase to go through the contract may be signed.
Purchasing Real Estate in Malta
Non-residents wishing to purchase Immovable property in Malta must obtain an AIP permit and such permit is subject to certain conditions. EU Citizens who have resided in Malta continuously for a period of five years at any time prior to the date of acquisition do not requite a permit.
Our firm will guide you through the whole process. For more information contact us on [email protected]