We have put together an FAQ to answer the most important questions about the final deed of sale.
What is the final deed of sale?
The final deed of sale is the purchase contract for a property. It is drafted and read aloud by a notary in the presence of the buyer and vendor. Upon signing the final deed the property ownership will be transferred from seller to buyer.
When will the final deed be signed?
Once the necessary works are completed by all parties (which are stipulated in the konvenju) a date is set by the notary for the signing of the final deed. This date can be any day during the term of konvenju, but the latest on the last day of the stipulated period.
Where does the signing of the final deed take place?
The signing of the final deed takes place either at the bank (in case a home loan is granted to the buyer), the notary office or the office of the involved real estate agent. The notary reads out the purchase contract and if all is in order the contract is signed by all parties.
What happens after signing the final deed of sale?
Following the contract signing,
– the remaining purchase price is paid to the seller (selling price minus the deposit)
– the remaining stamp duty is paid to the Office of the Commissioner for Revenue
– the notary fee of typically 1 % is paid to the notary public and typically split between buyer and seller
– the agency fee of typically 5 % plus VAT is paid to the office of the real estate agent by the buyer and/or seller
In case you have further questions about the final deed of sale feel free to leave a comment, reach out to us or contact one of our real estate agents or partnering estate agencies. For more information, you may also read our guide to property buying procedures in Malta or take a look at our recent properties for sale.