Belair Malta :: Buying A Property

» Buying Procedures Locals

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Buying Procedures Locals

After locating the property of one’s choice, then the price, terms and conditions are agreed upon between the Vendor and the Purchaser, always with the help and guidance of our consultants.

The ‘Promise of Sale’ (also known as the ‘Konvenju’) is held at the Notary of the Purchaser’s choice, and where the Purchaser has no connections with any particular notary, this can be suggested and organised by Belair. The agreement is then drafted based on the terms and conditions agreed upon, and signed by both parties in the presence of the Notary.

A deposit usually equivalent to 10-15% is paid upon signing of the ’Promise of Sale’ either to the Vendor or held by the Notary.

The Notary then conducts the necessary researches and obtains the necessary documentation to satisfy both the Purchaser’s and the Vendors legal requirements.

During this time, an architect visit is recommended to ensure that the property is in good structural condition and that all planning permits are in order.

If the Purchaser requires a bank loan, then once the ‘Promise of Sale’ is signed, the Purchaser should visit the bank and take a copy of the ‘Promise of Sale’ together with any relevant documentation for the application to be processed. It is advisable to hold discussions regarding possible bank finance or home loans with the banks prior to the signing of the ‘Promise of Sale’. Belair has very strong connections with all the leading banks and our team can assist with obtaining of home loans wherever necessary. (Note: When a bank loan is being applied for, a clause in the ‘Promise of Sale’ is usually included, where the agreement is subject to bank finance being approved, usually for a limited number of weeks.)

Once the notary’s searches, architects report and bank loan are all in place and approved, the Purchaser can then appear on the final deed, where funds are exchanged and the keys are handed over to the purchaser.
» Buying Procedures Foreigners

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Buying Procedures Foreigners

Foreign Nationals

When a Foreign national purchases a property on the Maltese Islands, he/she goes through the same process as above with the exception of the following: -

An AIP (Acquisition of Immovable Property) permit must be obtained if the Purchaser has not been a resident in Malta for 5 years. This is just a formality which is handled by the Notary, however the process usually takes between 6-8 weeks. Should the property being purchased be located in a Special Designated Area (SDA), then this permit is not required.

Foreign nationals can only purchase property that have value greater than €105,000 for Apartments or maisonettes and €155,000 for Houses or Villas:

Foreign nationals are only permitted to purchase one property for residential purposes at a time, once again unless the property forms part of a Special Designated Area (SDA).

For further information on tax advantages and residency options for foreign nationals please go to the Relocate to Malta section which is accessible from the home page.
» Bank Loans
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Bank Loans

Belair Real Estate enjoys very strong links with all the major local banks. We can guide you and put you in contact with the right people in the bank of your choice, and we ensure that you will be given VIP treatment thanks to our recommendation. Appointments and meetings can be held at the proposed branch, our offices or possibly at a hotel or home according to the clients wish.

The following are usually required when applying for a bank loan (home loan):-
- A copy of the ‘Promise of Sale’ agreement
- Proof of income in the form of payslips and / or income tax returns or tax certificates
- Bank reference (especially for foreign nationals)
When a client’s purchase is dependent on obtaining a home loan, we strongly advise that you discuss your requirements and situation with the bank prior to the signing of the ‘Promise of Sale’ agreement, to ensure that you can satisfy the bank’s basic requirements.

A life insurance and home policy would also eventually be required for the bank to finalise the home loan.

BOV: http://www.bov.com/

HSBC: https://www.hsbc.com.mt

APS: http://www.apsbank.com.mt/

Banif: http://www.banif.com.mt/
» Buy To Let

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Buy To Let

Belair Real Estate has launched an outstanding scheme designed for buy-to-let property investors by helping them secure the right investment.

The offer helps remove any uncertainty for those thinking of becoming a landlord, by providing over 40 years expertise in the real estate market, that they may be assured of a 5% gross rental yield on their investment. It also offers a further opportunity to those who are unsure where to invest their money, given the current global crisis and the dismal performance of worldwide financial markets.

Click here for more information...
» Lifestyle Development (SDA‘s)

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Lifestyle Development (SDA`s)

`SDA` stands for Special Designated Area. Projects classified as SDA`s generally consist of up-market residential complexes also known as Lifestyle Developments or `Gated Communities` that also offer additional services and facilities such as security, leisure facilities etc.

Purchasing in an SDA provides certain benefits to foreign nationals, namely: the option to purchase an unlimited number of units under one name; the option to rent out to third parties; no requirement for an AIP permit

Present SDA’s include Tigne Point, Portomaso, Fort Cambridge, Pender Gardens, St Angelo Mansions, Ta Monita, Verdala, Metropolis and in Gozo, Fort Chambray.

Click here for more information...
» Overseas Property

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Overseas Property

Over the recent years Belair has gained access to various attractive overseas properties and projects, all of which offer great value for money and features not easily achieved in Malta.

Due to Belair’s involvement and shareholding in LandOverseas Fund Sicav plc , (an International Property Fund licenced in Malta by the Malta Financial Services Authority), we offer a portfolio of superb properties backed by all the local experience required.

Purchasing a property anywhere can be quite a tedious task, but we are well aware that purchasing property overseas can more often than not be extremely daunting. On this note, we are only comfortable offering you these carefully selected overseas properties, because we know that we have the right contacts and partners on the ground to handle everything relating to the purchase, legal and planning requirements, development applications and access to reliable builders and all
types of finishing contractors.

Our main areas of focus currently include Croatia and Sicily, and further information on both these locations, together with a selection of properties are available on the tabs on the left.

For more details on property in Croatia or Sicily click here
» Additional Services

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Additional Services

At Belair Real Estate we pride ourselves in providing a “One Stop Shop” to our clients. This is a vital service especially in the case of foreign purchasers who come to a country and are not altogether familiar with our systems. We try to place ourselves in their position and imagine buying a home in a different country. Local purchasers, although more familiar, will also benefit from the services provided. Our extensive knowledge and networking in the property market, provides money saving benefits that the normal person will not usually get access to.

Apart from finding the property for the client, we ensure that legal representation is taken care of, bank mortgages and facilities are channelled in the right way through our contacts, who can provide an excellent service, avoiding a lot of unnecessary time-wasting.

We also provide architect services, through a number of reputable architectural firms when required and answer any questions relating to usual property transactions accordingly. These services are considered standard.

Our company provides a free service in basic interior design and will put you in touch with partner companies / individuals that provide efficient finishing or maintenance works to the property. Our vast contact list and collaboration agreements with furniture companies will also help our clients to get excellent advice, together with quality materials at very advantageous prices. Our connections to education and healthcare have always been an integral part of our services, offering impartial advise, beneficial to our clients.

Contacts extend to project management services at realistic rates that come as a parcel package with the property transaction itself. This strongly applies to BUY TO LET clients, wishing to purchase with peace of mind that his / her property is furnished and decorated according to prospective rental clients’ requirements, not simply to personal taste.

Property management services can also be channelled through Belair Real Estate. This is most popular especially with foreign purchasers who do not reside in Malta, but can also be beneficial to local clients wishing to have no obligation in caring for the property directly. These services include cleaning, general maintenance, rent collection, moving in clients, purchasing of soft furnishings, obtaining TV, Internet services, water and electricity billing, etc.

Our personal attention, whether it be in creating a home or investment, and guiding our clients, has over the years, provided Belair Real Estate with the well deserved, great reputation that it prides and cherishes itself of. We look forward to helping you through the buying or rental process and will no doubt facilitate making your dream a reality..
FAQ's
FAQ's

ARE ANY COMMISSIONS PAID TO THE ESTATE AGENCY BY PURCHASER?
General practice suggests that the Vendor pays the estate agents, however depending on the circumstance, different arrangements can be made by all the parties concerned.

DO PURCHASER’S HAVE TO PAY A FEE TO THE ESTATE AGENCY FOR THE TIME SPENT SHOWING PROPERTY IF A DEAL IS NOT CONCLUDED?
No fees are paid by the purchaser.

HOW MUCH STAMP DUTY DOES THE PURCHASER HAVE TO PAY AND WHEN IS THIS PAID?
If the property is a main residence, 3.5% is paid on the first €116,466 and 5% on the remaining value.
If the property is not a main residence, the rate payable is 5% on the total value.
1 % of the stamp duty is paid on ‘Promise of Sale’, whereas the balance (i.e. 4%) is paid upon the final contract.

If THE DEAL DOES NOT MATERIALIZE, DOES PURCHASER LOSE THE 1% PAID FOR THE STAMP DUTY?
If the deal does not materialize, the 1% is reinbursed to the purchaser. The notary will apply for this refund on the purchasers behalf.

WHAT IS THE GENERALTIME FRAME BETWEEN PROMISE OF SALE AND CONTRACT?
General practice suggests a 3 month period, but periods can be negotiated between the vendor, purchaser and notary. There is no minimum or maximum period stipulated by law.

Belair Real Estate aims to make your move as simple as possible. Our dedicated team of sales consultants are fully trained to guide the client every step of the way.

We strive to provide clients with the best possible advice. From helping find the property of one‘s choice, to assistance with bank finance and guidance on legal and tax issues. We will even go far as assisting you in the finishing and furnishing of your property, saving you time and money.

The properties below are a few of the current hot properties available, whereas from the search facility on the left of the screen one can access our vast database which includes a comprehensive range of properties to suit all budgets and requirements. The menu tabs on the bottom left of the page give you access to information on the buying process and various other aspects relating to a property purchase.

Do not hesitate to contact us for more information.