Ready to dive into the enchanting world of Maltese property? As a foreigner, the process of buying property in Malta is both streamlined and accessible. To help you navigate the journey, we’ve outlined the key steps below. Keep in mind, your real estate agent or property lawyer will be your trusted guide throughout this exciting adventure.
- Research and exploration: Start by familiarizing yourself with Malta’s diverse regions and localities. Discover the unique charm of each area to identify the perfect spot for your dream property. Don’t hesitate to visit the island, as experiencing Malta firsthand will give you invaluable insights.
- Engage professionals: Connect with a reputable real estate agent who understands the local market and can cater to your specific needs. You may also want to consult a property lawyer to ensure that all legal requirements are met.
- Property search: With your agent’s expertise, begin your search for the ideal property. Once you’ve narrowed down your options, arrange for property viewings and inspections to make an informed decision.
- Making an offer: When you’ve found the perfect property, make an offer based on market value and your budget. Negotiations may take place until both parties reach an agreement.
- Promise of Sale Agreement: Once the offer is accepted, a preliminary agreement called the “Promise of Sale” (also known as the “konvenju”) is drafted. This agreement outlines the terms and conditions of the sale and is signed by both the buyer and the seller.
- Acquisition of Immovable Property (AIP) permit: If required, apply for the AIP permit from the Maltese government. The processing time may take up to 12 weeks, but your property lawyer can help you navigate this step with ease.
- Property due diligence: During the waiting period for the AIP permit, your lawyer will conduct due diligence, including verifying the property’s title, ensuring no outstanding debts, and checking for any legal issues.
- Final deed preparation: Once the AIP permit is granted and due diligence is complete, your lawyer will prepare the final deed of sale, also known as the “public deed.”
- Final payment and signing: At the notary’s office, you’ll sign the final deed, make the remaining payment, and pay any relevant taxes and fees. Congratulations – the property is now officially yours!
- Property registration: Lastly, your notary will register the property in your name at the Maltese Public Registry.
With these steps, you’re well on your way to owning a piece of the stunning Maltese archipelago. Embrace the journey and enjoy the delightful blend of culture, history, and Mediterranean charm that Malta has to offer.