Welcome to Belair Real Estate Malta
Welcome to Belair Real Estate Malta
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When one is considering selling his/her property, he/she contacts Belair Real Estate to arrange a meeting to view the property. Ask for a valuation of the property and decide accordingly. The agent will fill in the necessary information and take the necessary photos/ measurements to enable the property to be ready for listing.
A document is offered to the vendor who chooses how he / she would like to market it, i.e. on an open agency with multiple agents, or an exclusive sole agency basis (see Commission Rates section for more details).
The vendor then signs the documentation relating to the choice that he/ she makes.
Agent will enter the information in the company database and proceed with marketing it and offering it to prospective clients within our client database.
Appointments will be made to show the property or if keys are provided, the agent will proceed in showing it him/her self.
Once an interested client is found, the price, terms and conditions are agreed upon between the Vendor and Purchaser with the assistance and guidance of Belair representatives.
The ‘Promise of Sale’ is usually held at a Notary of the Purchaser’s choice or sometimes as advised by Belair Real Estate. The agreement is drafted, signed and a deposit (generally 10%) is usually paid to the Vendor or held by the Notary, depending on what has been agreed.
The Notary conducts the necessary searches and obtains the necessary documentation to satisfy both the Purchaser’s and Vendors legal requirements.
Once all Notary searches, architects reports and bank loan approval (where applicable) are satisfied, then the final contract is signed, funds exchanged and keys handed over to the purchaser. The agreed commission is paid to the estate agent on signing of the final contract.
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Tax on capital gains may be charged on the sale of the immovable property.
If the property is sold within 7 years from date of acquisition, the vendor has the option to choose to be taxed either (i) a Capital Gains Tax based on gains realised after taking into consideration the cost of purchase and sale, as well as any improvements carried out on the property or (ii) a Final Withholding Tax equivalent to 12% of the sale price of the immovable property.
If the property has been owned by the vendor for a period exceeding 7 years, Capital Gains Tax is charged at a final withholding tax rate of 12% of the sale price of the immovable property.
Capital Gains Tax is not charged when the property being transferred has been the owner’s own residence for at least 3 consecutive years immediately preceding the date of transfer and has been disposed of within 12 months of vacating the property.
When a property is acquired through inheritance (Causa Mortis), Capital Gains Tax on the sale of the property is charged at the rate of 12% on the excess of the transfer value over the acquisition value as declared in the deed of Causa Mortis. If the property was inherited before the 25th November 1992, the rate of tax will be equivalent to 7% of the transfer value.
In cases where Capital Gains may be due, our company can put you in touch with recommended tax consultants, who may assist in applying to the Commissioner of Inland Revenue for a reduction in the tax due. This is done through the submission of the relative tax return and a detailed account of all expenses incurred in the acquisition and sale of the property.
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When a Vendor / Seller decides to sell his / her property under an OPEN AGENCY, the standard commission rate is of 5% + VAT, which is payable upon signing of the final deed. If the property is sold privately or by any other agent, no commission is due to Belair Real Estate.
When a Vendor / Seller decides to sell his / her property under a SOLE AGENCY, the standard commission rate is of 3.5% + VAT, which is payable upon signing of the final deed. A sole agency is usually for a stipulated period of time and during this period, the vendor cannot list this property with any other agents during this period of sole agency and nor can he/she try to sell the property directly. The commission is also payable if the property is sold by a third party, during this period.
Both the Open and Sole Agency agreements also include the following clause, which applies in cases where the buyer does not appear for the final deed and the Seller / Vendor retains the deposit paid upon the preliminary agreement :-
`Should the sale fall through after having signed a preliminary agreement of sale with a purchaser who has been introduced by your firm and the sale is terminated through no fault of my own, I agree to pay your firm ten percent of the sum representing the deposit or part payment in my favour, plus VAT at the appropriate rate, representing fees for services rendered.`
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Tips on Selling your Home
First impressions count in everything but even more so in property..In our experience, the property generally sells itself and one usually knows that it is the right one from the minute he / she steps through the door. One might consider it as a love at first sight….
When presenting your home I would suggest that you take some time to step outside your own front door and approach your own home as if it is your first time… critically! Look for the things you have learnt to live with. The front entrance is really so important when making that first impression because it is really the face of your home. This includes the common areas in the case of an apartment block. If one is serious about selling, touching up common areas, even without the financial contribution of the other property owners should not be issue. At the end of the day, it will pay off.
On the other hand, internally the property, should be neat and tidy, all paintwork should be clean and free from cracks, stains and chips should be touched up, whilst, colours should be kept light and neutral. In addition to the obvious, there are a number of simple but highly effective sensory tools you can use to create a pleasant ambiance. Creating an exciting and saleable interior can be accomplished at a surprisingly little cost.
Studies have shown people react positively to properties shown under bright light. Even during the day leave the curtains wide open, remember you are used to how bright your property is but your potential client is not. At night switch on all lights and, replace any fluorescent tubes to avoid making the place look dull.
Classical music playing softly in the background can create tranquil atmosphere of serenity - otherwise go for peace and quiet, avoid loud noises, barking dogs, children and the television.
Smell has more impact than you might think. It can work either for or against you. It is therefore very important to make sure that the property, especially the kitchen and bathroom is thoroughly cleaned. Lemon oil or fine polish on your furniture certainly add to richness. Placing flowers throughout the house enhances the aura. For a delicious, homely feel, one can consider placing a dish of vanilla in a warm oven to create the aroma of freshly baked cakes or bread. Freshly brewed coffee has the same effect. For those of us who are in a constant race against time, a ready to bake cake can do the trick.
In my experience, a few small cosmetic improvements can have an enormous impact on the way buyers react to your property. This does not necessarily mean that you will get more money, but a little effort can make all the difference in attracting buyers - particularly in a very competitive market as ours, or if you need to sell quickly. After all, if you saw two identical properties but one, as opposed to the other, was neat, clean and peaceful - which one would you choose? The choice is obvious. Small things do make a difference in creating the right `feeling`. My advice to clients is to make sure to get the 3 S`s right - sight, sound and smell. This is what creates a lifestyle that sells.
Remember, potential buyers will form an opinion about your home in the first 30 seconds - so it`s important to ensure that it`s a favourable one. A house that is neglected feels unloved and uncared for. Prospective buyers will be put off - conclusion to which could be a possible loss of time and money.
Stripping your personality from the house
When viewing a property, the home buyer imagines what it would be like to live there. If strong personal statements dominate a home, buyers are less likely to be able to visualize living there.
There are many ways your personality shines through:
A buyer can be put off by any of the above and feel your house could never become their home. You can dramatically increase your property`s market potential by paying attention to detail. You are selling a lifestyle as well as a home.
When showing your home to a prospective buyer, avoid having too many people present. Friends and family may be very well meaning but in this case less is definitely more! Be polite, but don`t try to entertain your buyers. They want to inspect your home - not pay a social call. Never apologize for the appearance of your home. After all, it is your home! And, if you are asked why you are selling, don`t hesitate to be honest about it unless it is too personal.
Promoting your home is fun. Don`t hesitate to give it a try.
FAQ's
Belair Real Estate is constantly on the lookout for new properties to add to our ever-growing database. We offer free valuations and assure any prospective vendor, that our experienced team will make sure you price your property correctly. We firmly believe that it is unethical and incorrect to give you a price you will be happy to hear, but one which is unrealistic to achieve. This is something very common nowadays with the result of many vendors sometimes spending up to a year or more trying to sell their property, only to eventually still have to reduce the price to a more realistic market value, to finally conclude a sale. We promise you that from us, you will get nothing but an honest market value for your property, although it is then up to you to decide at what price you want to market it.
When trusting us to market your property, besides benefiting from your expert advice, you will also be availing yourself from all our marketing tools to help get the message across to potential purchasers.
Our marketing strategies together with our existing client database are a fast and effective way to get your message across, and our professional and dedicated team of property consultants will guarantee an excellent service with frequent feedback on viewings.
Our company ensures that both purchasers and vendors are well represented offering mutual advice for the benefit of all parties.
Feel free to register your property on line or contact us, should you wish to discuss further.