How long does the property buying process take in Malta?

While the duration of the property buying process can vary depending on individual circumstances, on average, it takes around 3-4 months to complete. To give you an overview, let’s break down the key stages of the process.

1. Property Search and Viewing

  • Duration: 1-4 weeks

Your journey starts with searching for your dream property. This phase can last from a week to a month or more, depending on your specific needs and preferences. Remember to:

Searcing and viewing a property in Malta

2. Making an Offer and Agreeing on Terms

  • Duration: 1-2 weeks

Once you’ve found the perfect property, it’s time to make an offer. The negotiation process can take anywhere from a few days to a couple of weeks. During this stage, make sure to:

  • Decide on an initial offer price
  • Work with your agent to submit the offer
  • Be prepared for counteroffers and negotiations
  • Reach an agreement on the final price and other terms

3. Signing the Promise of Sale Agreement (Konvenju)

  • Duration: 2-4 weeks

After agreeing on terms, you’ll sign a Promise of Sale Agreement (also known as a Konvenju). This legally binding document outlines the terms of the sale and typically requires a 10% deposit. This stage usually lasts 2-4 weeks as it involves:

  • Engaging a notary to draft the agreement
  • Reviewing and signing the document
  • Paying the deposit to the seller or their agent

4. Due Diligence and Securing Financing

  • Duration: 6-8 weeks

During the due diligence period, your notary will perform necessary checks to ensure the property is free from any legal issues. Simultaneously, you’ll need to secure financing (if required) from a bank or financial institution. Key steps include:

  • Notary conducting title searches and property checks
  • Applying for a home loan or mortgage (if needed)
  • Obtaining loan approval from the bank
  • Ensuring compliance with Maltese property laws

5. Finalizing the Sale and Signing the Deed

  • Duration: 1-2 weeks

Once due diligence is complete and financing is in place, it’s time to finalize the sale. This involves signing the final deed, transferring ownership, and paying the remaining balance. Key actions at this stage are:

  • Reviewing the final contract
  • Paying any applicable taxes and fees
  • Signing the deed in front of a notary
  • Receiving the keys to your new property

Now that you have an understanding of the typical timeline for buying a property in Malta, you’re one step closer to owning your dream home on this charming Mediterranean island. Good luck, and happy house hunting!