Buyers Guide - Buying Procedure
The process of purchasing property is a simple one. Once an appropriate property is found and a promise of sale is signed, the vendor and the purchaser are bound to abide by the terms of the sales transaction, meaning the property is sold and bought at the agreed price within certain time stipulations. Other terms established by the parties will also be observed. In the case of non-residents, the sales agreement must be subject to the Acquisition of Immovable Property (A.I.P.) permit. Common practice dictates that 10% of the total purchase price on the promise of sale will be paid, either by the posting of a deposit or by earnest as agreed to between the parties. The duration of any preliminary agreement (or promise of sale) is typical, though not necessary, for a period of three months. During this timeframe, a Notary Public is chosen by the purchaser to conduct background searches to determine if the proposed title is valid. Once the agreed period expires, if all conditions of the promise of sale have been satisfied, the parties will enter into an agreement that will issue a final deed of sale to the purchaser, whereby full ownership is obtained.
This same process is applicable for the sales of properties in Malta and Gozo, where the Agency may provide assistance.