First Time Buyer
With 50 years’ experience, our team at Frank Salt Real Estate understands that buying a property can be a stressful, confusing, time-consuming experience and probably one of the most expensive investments in your lifetime.
Place your trust in our experienced consultants, and let them assist you in finding the property best suited to your needs; we have a vast selection of listed properties available and we help secure the best possible deal on your first home. Rest assured that our reputable consultants will make this buying process as smooth and as easy going as possible:
STEP1 – ESTABLISH A BUDGET BY CONTACTING A BANK
Due to our long-term relationship with all local banks, we can immediately introduce you to a bank official who will organise the best loan package that suits your pocket and help you expedite the loan process with your preferred bank.
Banks usually finance up to 90% of the purchase price and completion costs.
STEP 2 – BEGIN THE SEARCH PROCESS TO BUY A PROPERTY
It goes without saying that the search process is determined primarily by your personal budget and criteria. In most cases, apartments, maisonettes and small houses of character make an excellent choice. Our vast database will offer you a broad selection of such properties, both finished and on-plan.
STEP 3 – SIGNING THE PROMISE OF SALE
Once you have chosen a property and have agreed on the price and conditions with the vendor, set a date to sign the Promise of Sale (aka: “il-Konvenju”), with a notary of your choice.
On signing of the promise of sale, as a policy, you are required to pay a 10% deposit of the total value of the property and an additional 1% provisional stamp duty to the notary.
STEP 4 – SIGNING THE CONTRACT – FINAL DEED OF PURCHASE
It is important to note that once the property to be bought is your first property ever purchased and is going to be used as your ordinary residence, stamp duty of 5% will only be charged on the remaining balance above €150,000 – a great saving of €5,250.
In the case of a purchase in an Urban Conservation Area or a property in Gozo, stamp duty will be charged at the rate of 2.5% on the remaining balance over €150,000.
The above benefits are all provided by the Government of Malta to first-time buyers and are presently available up to 31st December 2019.
No Stamp Duty is charged on the value of the movable property (furniture and fittings) being sold with the immovable property.
To conclude, on final deed, one then pays the remaining balance of the property bought, balance on stamp duty and notarial fees.VIEW 1ST TIME BUYER PROPERTY
First Time Buyer Scheme
For more information you may contact us on (00356) 2379 4794.