A Guide to Purchasing Real Estate in Malta
A common adage is that buying a property can be one of the most stressful things and your most costly purchase in life. Oyster Real Estate agents can help take some of the pressure off by helping you carefully set out your goal.
Your specification requirements
We will help you identify the essential specifications of the property you are looking for. Which ‘type’ of property do you require? A buy to let? Perhaps your family has grown and you are seeking a larger residence. Are you looking to fulfil a dream of owning a quiet village house of character or a luxury modern sea view apartment - duplex or penthouse? What is your financial position - first time home buyer or do you have cash to invest? The budget you are considering and the financing of the property you have in mind will all have an influence on real estate options that we can open up to you.
Viewing the properties of your choice that may meet your needs is the next step and will help you get a feel for the place and quite often you will instinctively know if any given selection is worth pursuing. Oyster will help by providing you with the best choices the market has offer.
Agreeing on a price and terms of purchase with the vendor is where Oyster will manage the professional negotiations to identify the essential details of the preliminary agreement or ‘Konvenju’.
Pertinent details include:
- Price of property to be purchased
- If the property is freehold or if there is a ground rent imposed
- Terms of payment (if a bank loan is being applied for)
- Deposit to be paid by the buyer (this is usually 10% and is held at the Notary)
- Promise of Sale term – this is generally 3 months
At this stage the buyer will appoint a notary who will draw up the preliminary agreement.
During the preliminary agreement term all the relative conditions will be drawn up in a Promise of Sale. Once the conditions are met, searches pertaining to the property are clear, bank loans granted, both parties sit to sign the final deed.
Cost and fees that are due to the notary and government vary depending vendor and buyers various situation including whether first time buyers, foreign or local, second home buyers.
At the final signing all dues must are generally settled, keys are handed over and the purchase of the property is registered with the authorities.