The day of signing the Final Deed
The Final Deed is when the property is transferred to the new owner; providing all conditions of the Konvenju (promise of sale) have been met to the satisfaction of both parties. All final balances are due and paid to the vendor and duties to the Commissioner for Inland Revenue. The keys are handed over to the new owner.
Please note that if there has been a bank loan arranged then the signing of the Final Deed will take place at the chosen bank’s legal offices. Otherwise the signing will take place at the office of your Notary Public.
On the day of signing the final deed, the Seller will be required to present their passport or I.D. Card. Copies of any receipts to show that utility bills have been paid, and meter readings for the new buyer are also required. Final payment for ground rent if applicable will be due at this point as well. The Notary may have asked for further documents relating to permits, plans or cancellation of hypothecs. And of course all the sets of keys for the property.
The Buyer, for their part of the final deed, will also be required to present personal identification. Most important also is a cheque book. Any final balances, duties and Notary fees are paid on the day of signing.
After the Final Deed has been signed the Notary has a time frame of 15 days to pay the tax collected and register the transaction with the Land Registry and Malta or Gozo Public Registries.
The buying and selling of Property in Malta is by no means complicated, provided you seek professional and legal advice. Being involved with the probably the largest investment you have, property buying and selling can get stressful, but if you let the professionals assist you at every step, you will soon have the transaction completed satisfactorily.
Further information; www.notariesofmalta.org