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Once you have found a buyer for your property and sale price, terms and conditions have been agreed upon, you sign a Promise of Sale Agreement with the buyer. The buyer has the right to appoint an architect and inspect the property and we suggest that this should be done prior the Preliminary Agreement. This agreement, which is drawn up by the Notary, binds both parties until the signing of the final deed of sale. On signing the Preliminary Agreement a 10% deposit, on account of the price, is normally lodged with the Notary until sanction letter (bank facilities) has been approved and this normally takes a time limit of 6 weeks. This deposit will be forfeited in your favor should the buyer fail to sign the final deed for no valid reason at law.

The term of validity of the agreement is agreed between the parties, however, usually agreements are valid for three months. During this period, the Notary will register the Preliminary Agreement within 21 days in terms of law and carry out searches into the title and apply for any permits if necessary. In this phase any permits has to be applied on the name of the actual Vendors (Sellers) since it will still be in their possession and prospective buyers will pay any expenses incurred if agreed to sell as Tale Quale (in its original state)

There are no restrictions on owners to sell their property at any price. Mainly in the case of foreign nationals, the entire sale price including sale proceeds of movables may be repatriated abroad, in which case, the Notary would apply for clearance from the local tax authorities, prior to signing the final deed of sale.

Capital Gains Tax

Kindly visit https://ird.gov.mt/faq/cgt/cgtfaq_index.aspx

All you need to know about Energy Performance Certificates

Property owners must ensure that when buildings are constructed, sold or rented out, an EPC (Energy Performance Certificate) is shown to the prospective new buyer or tenant and handed over to the buyer or new tenant on the date of entering the contract of promise of sale or rent agreement.

An EPC is a requirement of the EU Directive, namely the Energy Performance of Buildings Directive (EPBD) and Maltese Law, specifically the Energy Performance of Buildings Regulations (EPBR) of 2012 (LN376/2012).

The Energy Performance Certificates inform potential buyers about the energy performance of a building unit and gives recommendations for cost-effective improvement to a better energy efficiency class. An EPC rates the home’s performance in terms of energy and it is similar to the energy label on electrical appliances.

An EPC is carried out by an Energy Performance of Buildings (EPB) assessor who is registered with the Building Regulation Office (BRO) which is the office responsible for the implementation of the EPBD in Malta.

The EPB assessor inspects the property and assesses the building. The assessor then calculates the energy use rating of the building and issues a registered EPC. A list of registered assessors is available on: www.epc.gov.mt. The BRO charges a € 75 registration fee for each certificate registration. There is no set fee for an EPC as it is up to the assessor to set the price.

An EPC is valid for 10 years from the date it is issued. The same EPC still holds if the property is placed on the market within those 10 years provided there are no substantial changes to the building which could affect its energy performance.

An EPC assesses the geometry, construction and finishing material of the building such as double/triple glazing, ventilation, insulation and shading elements. It also takes into account lighting, hot water systems, air-conditioning and renewable energy systems like, for example, PV panels.

The assessor then proceeds to giving recommendations for an energy efficient building. Recommendations are worked out specifically for each building and officially given to the building owner in the certificate. The owner is not, however, obliged to implement any of the recommendations set out by the assessor.

An owner who fails to produce the EPC to the BRO, when requested to do so, may incur a fine ranging from € 500 to € 5,000.

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