When you decide to buy a new property, you have to meet the legal requirements that follow. Just like in other places or countries, Malta too has some property rules and regulations that you have to follow.
If you are planning to buy your dream house in Malta, then you need to first know the legal requirements. This is important so that you don’t get into any trouble later on. To make the process easier, you can even take the help of a realtor. He will be able to tell you about the legal requirements as they are well aware of it. You can also contact Malta property by Remax.
Legal Requirements to Buy Property in Malta
To help you out, we have mentioned all the things you need to know:
The first step is to hire a lawyer and a property negotiator who will help you prepare the new deed of the house and submit it to the authorities.
A notary can also help research the new home for you. They will find out all the important details. Not just that, but they will also double-check whether the property has any tax liens or not. It is very important to know all details of a property before buying it. After all, buying a new house is a big investment that will stay with you for a lifetime for which you can contact Malta property by Remax.
The good news is that notaries in Malta don’t charge much. They take only 1% of the total purchase price of the property for their services. However, the rates may vary slightly based on the notary you have hired and also on the research process.
Along with that, you are also required to pay the stamp duty charges i.e. 3.5 to 5% depending on the value of the property. You also have to pay one-fifth of the duty when you sign the original agreement.
Special Legal Requirements for Foreigners
If you are an outsider and want to buy a property in Malta, then you have some special legal requirements to follow. In this case, you have to apply to the Maltese government for an Acquisition of Immovable Property permit.
Every homebuyer needs to follow the legal requirements as imposed by the Malta government for purchasing a property. If you fail to do so, then you may have to face a lot of troubles in the future.