First Time Buyer – Terms and Conditions
Frank Salt Real Estate Ltd.
First Time Buyers Package – Terms and Conditions
The ‘Frank Salt First Time Buyers Package’ is designed to encourage and make it easier for non-home owners to buy their first property at a time of rising property prices while also utilising existing government incentives currently in place. Frank Salt Real Estate Ltd (“FSRE”) has entered into an agreement with a range of suppliers to provide goods and services at advantageous prices to first time buyers buying their property through FSRE. The definition of a first time buyer for the purposes of this Package is any individual buying his/her first home in Malta provided they have not owned any other property in Malta or elsewhere.
At the time of launching, APS Bank Limited, Gasan Mamo Insurance Ltd., ITC Ltd. and Vella Falzon Ltd. (collectively referred to as “the Participating Suppliers”) have agreed to provide goods and services at preferred or discounted prices as detailed below:
1. APS Bank Limited will waive commitment fees, as well as make a contribution of €150 towards notarial fees for secured home loans of up to €300,000 and a contribution of €250 towards notarial fees for secured home loans of over €300,000, where the said secured home loans are taken out with APS Bank Limited and the property is purchased through FSRE.
For the FRSE client to be able to avail himself/herself of this offer by APS Bank Limited, he/she needs to present the relevant voucher that will be delivered to client at signing of final deed of sale to APS Bank. The client must also satisfy banking criteria to be accepted as a home loan client by APS Bank Limited. This decision does not depend on FSRE. Clients participating in the First Time Buyers Package scheme agree to indemnify and hold harmless FSRE from any injury, damage, loss, delay, cost, expenses or inconvenience which may result should APS Bank Limited not accept the client/s as a home loan candidate.
2. Gasan Mamo Insurance Limited will offer ‘Buildings Insurance’* for the first year at a basic rate of 0.08% of the sum assured excluding government duty and policy fee. Frank Salt Real Estate will apply a 50% discount on the basic rate for the first year only. Government Duty and Policy fee will be charged in full. In order to benefit from this discounted rate, the policy for the Buildings Insurance needs to be taken out through FSRE acting as a Tied Insurance Intermediary of Gasan Mamo Insurance Limited. The discount will be applied on presentation of the relevant voucher that will be delivered to the client at signing of final deed of sale.
For the FRSE client to be able to avail himself/herself of this offer by Gasan Mamo Insurance Limited, he/she needs to be accepted as a policyholder for the buildings insurance by Gasan Mamo Insurance Limited. This decision does not depend on FSRE. Clients participating in the First Time Buyers Package scheme agree to indemnify and hold harmless FSRE from any injury, damage, loss, delay, cost, expenses or inconvenience which may result should Gasan Mamo Insurance Limited not accept the client as a policyholder as aforesaid.
*Frank Salt (Real Estate) Ltd. (Enrolment No. C31667) is authorized under the Insurance Distribution Act to carry out Tied Insurance Intermediary activities for GasanMamo Insurance Ltd. as authorised under the Insurance Business Act. Both are regulated by the MFSA.
3. ITC Limited will offer a discount of 35% on AEG and Electrolux white goods, a discount of 30% on Electrolux water heaters and a discount of 30% on lighting by Eglo Leuchten, Ideal Lux and any other brands in stock at the time. In all cases, discounts will only be applied to goods purchased from ITC limited at White House Buildings, Mountbatten Street, Blata l-Bajda HMR 1576.
4. Vella Falzon Homes Limited will provide three vouchers when goods are purchased from Vella Falzon Homes: one offering a discount of €5,000 on a minimum purchase of €20,000, one offering a discount of €2,000 on a minimum purchase of €10,000 and another offering a discount of €1,000 on minimum purchase of €5,000. Discounts are applicable on tiles, bathrooms, furniture and hardware. If the voucher is to be redeemed on hardware, it has to be redeemed from Vella Falzon Home warehouse in Triq il- Bankiera, Qormi. If the voucher is to be redeemed on tiles, bathroom and furniture it is to be redeemed at Vella Falzon Home, Valley Road Msida. The voucher must be presented before any issue of a quotation. These vouchers are not valid with any other promotion or during sale periods.
The First Time Buyers Package will be available for all Promise of Sale agreements signed up to 31 December 2018 and offers from participating suppliers will be available for a period of 24 months from the date of signature of deed of sale. Vouchers entitling customers to the offers will be given to customers at signing of deed of sale and are not transferable.
FSRE is not responsible for products and services offered by Participating Suppliers under the First Time Buyers Package scheme. The offers and/or discounts described in these terms and conditions being offered by the Participating Suppliers will be subject to terms and conditions from each of these Participating Suppliers. To the extent permitted by law, FRSE will not be held responsible for injury, damage, loss, delay, cost, expenses or inconvenience associated with participation in the First Time Buyers Package scheme.
Clients participating in the First Time Buyers Package will indemnify and hold harmless FSRE from any claims which may arise in relation to activities and business transactions with the Participating Suppliers. By accessing and using the First Time Buyers Package, you accept and agree to be bound by these terms and provisions. Any participation in this scheme will constitute acceptance of these terms and conditions.
FSRE reserves the right to terminate this scheme and any offers attached to this scheme from Participating Suppliers or other third party suppliers at any time. In such cases, vouchers duly issued in terms of this scheme shall remain valid until their expiration.