A Brief Overview Of The Property-Buying Process in Gozo with Gozo Direct
Obviously, you must establish a budget, the type of home you prefer, and the ideal location. After viewing properties with a trained real estate agent and selecting the one you want, the buying procedure is rather straightforward. Your agent will handle all the necessary paperwork and procedures to transfer and register the property in your name.
Below is a simplified, step-by-step overview of the procedure:
Create a Sale Agreement (Konvenju) using a notary. This is the legally enforceable contract between you and the vendor, as laid forth and agreed upon. (Promise of Sale)
A date will be determined to move forward with the formal contract signing.
Experts will examine and fact-check every aspect of the property during this procedure.
The notary will check the property's ownership, the land's size and limits, and any legal concerns associated with the property or land. In addition, the notary will establish what form of ground rent, if any, is relevant and whether fixtures and fittings are included in the sale.
The notary and their partners will do property searches, verify any warranties, confirm planning permission and building regulatory certificates, and confirm that the seller is the uncontested owner of the property.
After this is complete, the notary will prepare to transfer the property's title deed into your name.
As the purchaser, you are responsible for paying stamp duty/tax on the property.
Now is the moment to sign the final agreement.
If you have not previously done so, you must also pay any costs payable to the notary, the stamp duty, and a 10% deposit of the purchase price at this time.
It is imperative that you confirm in writing with the real estate agent and notary that all due diligence procedures have been observed, and it is advisable to have your independently retained attorney review the contract prior to your final signature. According to newly enacted property legislation in Malta, both the buyer's and seller's agents will be held accountable if something goes wrong or was not disclosed, so you as the buyer will be properly protected. After everything has been accepted and signed, the contract will be recorded with the Public Registry, and you will be able to take ownership of the property.
Final Reflections
Gozo is a good location for investing in real estate. As with any business decision, success depends on getting the correct information, making the right judgments, and working with the right team.
Depending on the intended purpose of the property, all the criteria such as ownership, location, structural integrity, regulations applicable to the existing property, and its anticipated use must be properly studied and evaluated. This all takes time to study and clarify, so having a great local real estate agent on your side can save you a great deal of time and effort.
Your first step as a real estate investor is to contact Gozo Direct for assistance and direction throughout the entire process. As Gozo's most modern real estate agency, Gozo Direct has aided many local and international buyers and sellers. When it comes to Malta's strict new property laws regarding anti-money laundering, proven ownership, and protecting the best interests of any investor, you can rest assured that you will be working with a professional, government-qualified, and licensed real estate expert if you work with Gozo Direct.
Thinking of Buying or Selling your Property in Gozo?
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