Buying in Malta - Villas - Houses - Property
Buying property for the first time or in an unfamiliar environment can be tricky. Not knowing what's meant to be happening or when, and what you're meant to be doing to help things along can be stressful. We've put together the list of steps for buying Malta villas to help you get your head around it.
The first thing you need to do is find a selection of Malta villas you're interested in. Register with a number of agents who can show you a variety of properties that suit your requirements.
Research the area. Check out transport links and local amenities. Visit the property at different times throughout the day to see what the area is like.
Once you've found a property you like and the price and conditions of purchase have been agreed; both you and the vendor will be asked to sign a preliminary agreement known as a 'convenium/konvenju'. This outlines the agreed terms and conditions subject to any permits, surveys and deeds of the property relative to purchase.
On signing the preliminary agreement, you will be asked to lay down a 10% deposit with the estate agent, legal advisor or the vendor if dealing directly with them. This is when you need to be absolutely certain about your desire and ability to complete as this agreement only lasts for between 3 and 6 months, as agreed with the vendor. Should you fail to complete on the property for whatever reason, you will loose the deposit and the vendor will get the 10% as payment for their inconvenience.
During the time agreed by you and the vendor, the legal advisor will do all the necessary research to confirm the good title of the house and submit an application for purchase to the relevant government departments on your behalf.
Once the legal advisor has received notification of the clear title and all relevant permits have been issued, you and the vendor will be called to complete on the property. The remaining balance, legal fees and stamp duty are paid on the signing of contracts, the vendor will hand over vacant possession and the property is yours. The agreements and contracts are written in English.