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February, 15 2019
February, 15 2019
Guidelines of how to purchase a property in Malta
Property in Malta has been quite attractive for many people. But when you are buying the property there are some important guidelines that you should be aware of. Often, it might be tough for the layman to understand the guidelines on their own. Thus, if they find things tough, they can get in touch with lawyers who can assist and guide you once you wish to buy a property in malta.
Guidelines that you must know
When the buyer likes a property, the first step that is required to be taken is, creation if the agreement! In this, there would be terms and conditions that are agreed by both parts and if there are any special conditions, clearly mentioned. This agreement is called as Konvenju and it would also include the purchase price agreed. This agreement would bind the seller and the purchaser. This has to be signed by both the parties.
When this agreement is being signed, 1% stamp duty is to be paid. When the final deed will be signed and issued by the relevant authority the stamp duty should be paid to the extent of 5%. Simultaneous to this, the Notary public would verify the buyer’s position as well as the seller’s position. In buyer’s case he has to see if there are any debts or outstanding. In case of the seller, the authority examines whether the malta property is free from hypothecation or lien.
Are you a resident or non-resident?
If you are a non resident of EU then while buying the property you have to pay one fixed price for the property. Once this is done, you will get AIP which means acquisition of immovable property permit. You can get the idea about the minimum price from the concerned authorities. If you are primary resident of Malta then you can acquire one property and even more properties without need for any permit.
The biggest benefit of buying the property in Malta is that as per malta real estate rules, there would be no property tax charged on you. When you resale the property then too you can enjoy full sale price. Apart from this one can even opt for loan from the concerned authorities like bank by mortgaging the house property.
Get in touch with the best lawyers to get the perfect guidance
It is important that you seek help from legal experts so that while buying the property or selling one, you can get an exact idea about how things should be processed. Being a layman, you might not have an idea about what has to be written in the primary agreement and the final title deed. Thus, you should take help of the experts in this field and also make sure that you understand the implications of these rules properly. Overall, it is pretty easy to buy property in Malta due to the attractive benefits it provides to the buyers. There are many properties available here either for business or personal purposes, nice locations with a magnificient sea view. Just verify them properly before buying.