Malta is a tiny island in the Mediterranean
Malta is one of the smallest countries in the world, and it comprises of seven tiny islets! It is an island that lies in the central Mediterranean Sea, and it’s densely populated. Due to its location, it has become one of the best tourist attraction in the world. With its quiet coastline, it has become the favorite ground to shoot movies.
With its good weather, a favorable tax regime and English being its national language, it, therefore easy to see the attraction. Therefore, buying a bungalow in Malta can be the best decision you can ever make. Here are the steps to follow:
Notary and an advocate
Appoint an advocate and a notary officer entrusted with the enrolments of public deeds such as buying and selling properties. He/she is meant to be impartial hence unusually connected to a developer or estate agents. The lawyer should specialize in property estate transactions and the case of a foreign buyer, the advocate, should be aware of the rules specific to ownership, transfer and subletting of property by a foreign resident. It will ensure no laws of the land gets broken when buying a bungalow.
Getting a permit
Any European Union citizen who is purchasing a home that will not be his/her residence will be required to obtain an Acquisition of Immovable Property (AIP) permit, granted by the Ministry of Finance. In case it is the main home, license, therefore, will not be required.
Signing Of Agreement and Fee Payment
Once you have decided on your preferred bungalow and your offer has been accepted. A preliminary agreement gets between you (the buyer) and the seller. It is usually valid for three months and binds both parties to the transaction based on agreed terms.
After signing the preliminary agreement and before entering into the final deed of sale, the notary will have to carry out the necessary searches of the property to confirm everything is in order before proceeding.
Watch out for problems
It is unheard of for irregularities to occur, that is why your lawyer should do thorough searches to protect you from:
- Structural defects that are not immediately evident, since many houses in Malta are hundreds of years old.
- A defect in title whereby the supposed seller might not be the rightful owner.
- Where the creditor has obtained a judgment against the seller hence lien over the property would remain in place, even if the bungalow gets sold.
In an event where there is a discrepancy, you have the right to, by law to pull out of the preliminary agreement and a refund of the deposit in full. But if the difference gets corrected within an agreed period then you must complete the sale.
Sign the Final Paper and Complete The Payment
Once everything gets completed, a date for signing the final deed of transfer gets set and at which point the final balance is gets paid to the seller. If not available, your lawyer can sign contracts on your behalf.
Looking for a home can be daunting. But with the right procedures, the mistakes can be avoided. Owning a bungalow is a dream that every individual would wish for but buy one in Malta, and the joy will be inevitable. Dream and execute your plan of being a homeowner in one of the best island in the world!