Step-by-step guide on how to buy a property in Malta

Malta is a beautiful country that continues to attract several investors each year. One of the significant areas of interest for most investors is the real estate sector. The real estate market in Malta is thriving because tourists flock to the island during the summer, seeking the best places to stay. You can tap into the booming real estate market in Malta.

Nevertheless, not everyone knows how to acquire a property in Malta. Acquiring a property in Malta is not tedious, and here is our professional guide. Read and learn the step-by-step guide to buying a property in Malta. You can also get assistance from a local lawyer to open a bank account in Malta for your purchase.

Hire a notary public

Hiring a notary public should be your first step to acquiring property in Malta. The notary will help you search the registry for available properties for sale. Also, the notary public will provide guidance on buying property in Malta more cheaply and on the legal requirements. Therefore, hire a notary public in Malta and start your journey to owning a property there.

Why You Need a Notary Public

• A Notary Public plays a crucial role in acquiring real estate property by ensuring the legality and authenticity of the documents involved in the transaction.
• They verify the identity of the parties, witness the signing of important documents, such as the deed of sale, and affix their official seal to certify that the documents are properly executed.
• Notaries may also ensure that the parties involved understand the contents of the documents they are signing. In some jurisdictions, notaries prepare certain legal documents related to property transactions. They may also facilitate the legal registration of the deed transferring ownership of the property.
• Their involvement adds a layer of legal protection and helps prevent fraud in real estate transactions.

Obtain a promise for sale

The next step in acquiring a property in Malta is to obtain a promise to sell. The purchase promise is obtained when you have found a property you like and want to buy. The notary public can help you obtain the promise to sell and deposit the fee. The deposit fee for each property varies.

A promise for sale, often known as a “purchase agreement” or “sale agreement” in real estate, is a legally binding contract between a seller and a buyer. This contract outlines the terms and conditions for the sale of the property at a future date.

It typically includes details such as the agreed-upon price, the property description, the sale timeline, and any conditions that must be met before the final transaction occurs. This agreement secures the buyer’s intent to purchase and the seller’s intent to sell the property, often accompanied by a buyer’s deposit as a sign of commitment.

Make sure the property has a legal title

Buying a property without a legal title renders the sale null and void. Ensure that the property is duly registered at the registry. Encourage the notary public to ensure your preferred property has a legal title. This will protect your interests and reduce the risk of legal issues.

• An explicit title guarantees there are no outstanding claims, liens, or legal disputes that could challenge your ownership or result in financial liabilities in the future.
• It also ensures a smooth transfer of ownership rights to you, providing legal protection and peace of mind.
• Verifying the title helps avoid complications, potential legal battles, or financial losses, making it a vital step in any property transaction.
• Finally, ensuring a property has a clear title is crucial because it confirms the seller’s legal ownership and the property’s right to be sold.

Make payment

After all these steps, it is time to make a payment. Depending on the town in Malta, you will be given a certain amount of time to pay after the deposit fee is paid. If payment

is not made within a specific time, the property can be resold to another interested party. Therefore, gather your finances before you start buying a property in Malta.

Sign the property transfer agreement

Signing a transfer agreement is essential to owning a property in Malta. The transfer document contains the terms and conditions of the previous owner and you. Meanwhile, you may need the services of a notary or legal practitioner to help you with the transfer document. After signing the transfer documents, you will be given the keys to the apartment.

Clear the taxes

After payment and signing the transfer document, you need to clear taxes. If you are unfamiliar with real estate taxes in Malta, contact a property management Malta company for their specialty.

Clearing taxes after purchasing real estate is essential to avoid legal issues and ensure clear ownership. Unpaid property taxes can lead to liens on the property, which are legal claims against it for the unpaid amounts. If taxes remain unpaid, the government has the right to foreclose on the property to recover the outstanding taxes, potentially leading to the property’s loss.

Clear tax records are also necessary for future transactions, such as selling or refinancing the property. Ensuring taxes are up to date maintains the property’s legal standing and secures your investment.

Conclusion

The best part of buying property in Malta is the huge returns you can expect. The returns on property purchases in Malta are high because more and more investors are recognizing the benefits and potential of the real estate market. After buying a property, many people list it for short- and long-term rentals. Shortzzz is one of the best platforms for this.