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Procedure Property transfer procedure in Malta is simple and transparent.
Once purchaser and vendor have agreed basic conditions, a binding preliminary agreement is signed between the parties. A deposit of 10% of the sale price is payable on signing of the preliminary agreement.
In the case of property under construction further stage payments, based on work progress, are usually payable. The final 10% of the purchase price is usually payable on signature of the definitive deed of sale or completion of the property, whichever is the later date.
If the property being purchased is a completed property, the balance of 90% is payable on deed, which is normally signed within 3 months of signature of the preliminary agreement.
Before the deed is signed, the notary public appointed by purchaser, carries out searches into title to ensure good title and peaceful possession of the property. |
