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Property Documents Required To Purchase A Property In Malta

Documents Required Property In Malta
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According to real estate experts, Malta’s property industry is rated among the top performers in the world. The country’s economy is doing exceptionally well and Malta is known as one of the more stable and thriving regions of the European Union. This presents a unique opportunity for investors that are looking for a stable and reliable environment in which to make an investment.

However, purchasing property in Malta comes with certain requirements that buyers must fulfill to qualify as an investor. This article will cover the document requirements specifically, that must be provided if you want a piece of this Mediterranean paradise. Read on for more..

Property documents required to purchase a property in Malta

  • Preliminary Agreement:

The Preliminary Agreement is the first document that you’ll sign when you decide on purchasing property in Malta. This document is also known as a “promise of sale” and its contents include a detailed depiction of the property, personal and contact details of the seller and buyer, as well as the agreed terms and conditions of the sale. Before they can access and sign the document, the seller must provide the following:

  1. A legitimate ID document or passport
  2. Purchase contract that they signed when acquiring the property. In the case of inherited property, the seller must provide certain details about the deceased such as date of death, deed of declaration of transmission causa mortis, as well as their last will and testament.
  3. Marriage certificate (if the property is being sold by a married couple)
  4. Transfer permit and block plan of the property
  5. If the property is being sold by a company instead of an individual, a Memorandum of Articles will have to be submitted along with a Resolution of the Board of Directors showing their support for the transaction.
  6. A contract of purchase through which the seller initially acquired the property.

On the other hand, the buyer will have to provide the following documents:

  1. A legitimate ID document or passport
  2. Upfront payment to the sum of 1% of the purchase price
  3. A cheque book, if applicable
  • Final Deed

Before the final deed can be signed, both the seller and buyer must provide the following set of documents:

The seller:

  1. A legitimate ID document or passport
  2. Receipts to confirm that there are no bills pending on the property
  3. The seller’s tax registration number
  4. Keys to the property
  5. If the property is being sold by a company, a Memorandum of Articles and a Resolution of the Board of Directors.
  6. Meter readings of the property’s water and electricity from the Local Council.

The buyer:

  1. A legitimate ID document or passport
  2. A cheque book to confirm that they’ll be able to settle the duty fees and notary fees.

If you’re purchasing a property in order to obtain a residency in Malta through the Global Residence Program or Malta Residence Program, then you’ll need the following documents in addition to the above-mentioned:

  • An AIP Permit  (this permit is only required from buyers who are purchasing property in areas outside of the Special Designated Areas)
  • Two passports sized photos

Energy Performance Certificate

The Energy Performance Certificate (EPC) is a document that details the property’s energy performance numbers. Not only does it tell you about the property’s performance, but it makes recommendations on improvements that should be done to impact the property’s efficiency.

By law, sellers are required to show an updated copy of this document to prospective buyers as per the EU Directive which is underpinned by the Energy Performance of Buildings Regulations (EPBR) of 2012 (LN376/2012) regulation. Failure to produce an EPC to the buyer may earn the owner a fine of up to 5,000 EUR.

Once the Preliminary Agreement and Final Deed documents have been signed by the buyer and seller in the presence of a Notary, the latter will take care of the rest. This includes paying contract taxes, registering the deed and putting together the first Register copy which he will forward to both the seller and buyer. Lastly, the Notary will submit the original contract for inspection by the Visitor of the Court of Magistrates.

 

Additional Reading:-


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