We have put together an FAQ to answer the most important questions about the term of konvenju.
What is the term of konvenju?
The term of konvenju is the time period between the signing of the konvenju (preliminary agreement) and the signing of the final deed. The term of konvenju is typically three months unless otherwise agreed.
What happens during the term of konvenju?
During the term of konvenju all parties carry out their defined responsibilities as stipulated in the konvenju.
The notary, for instance, ensures that all legal requirements are met and that there are no mortgages or any outstanding debts on the property.
The buyer takes care of the financing and makes sure that the bank loan is granted on signing the final deed. Further, he applies for necessary permits if any are required.
The seller finishes any remaining construction works or other special conditions as stipulated in the konvenju.
Is it possible to extend the term of konvenju?
Yes, it is possible. If both parties agree to extend the term of konvenju they have to sign a new document that extends the validity of the original konvenju.
In case you have further questions about the term of konvenju please leave a comment, message us or contact one of our agents or partnering real estate agencies. You can learn more about property purchasing procedures in our property buying guide for Malta.