The Agreement of Sale of Immovable Property is a crucial legal document used in Malta for property transactions between vendors and purchasers. This agreement is typically prepared following a preliminary agreement (konvenju) and precedes the final deed of sale (kuntratt). It must comply with Chapter 16 of the Laws of Malta (Civil Code) and related legislation governing property transfers. The document is essential for both residential and commercial property transactions, requiring notarial involvement and registration with the Public Registry. It includes comprehensive details about the property, parties, price, payment terms, warranties, and specific Maltese legal requirements such as AIP permits for non-residents. The agreement serves as a vital tool in protecting both parties' interests and ensuring a smooth property transfer process within the Maltese legal framework.
Agreement Of Sale Of Immovable Property for Malta
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Agreement Of Sale Of Immovable Property
"I need an Agreement of Sale of Immovable Property for a residential apartment in Sliema, Malta, with completion scheduled for March 2025, including specific clauses for bank financing conditions and the retention of existing tenant rights until lease expiry in June 2025."
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1. Parties: Identification and details of the Vendor and Purchaser, including full legal names, ID numbers, addresses, and marital status as required under Maltese law
2. Background: Context of the sale, including brief property history and any relevant preliminary agreements (konvenju)
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the immovable property, including boundaries, measurements, and registration details as per Land Registry requirements
5. Sale and Purchase: Core terms of the sale including the agreement to sell and purchase
6. Purchase Price: Purchase price, payment terms, deposit details, and method of payment
7. Completion: Details of the final deed (kuntratt), timing, and completion requirements
8. Vendor's Warranties: Warranties regarding property ownership, absence of encumbrances, planning permits, and compliance with laws
9. Property Condition: Current condition of the property and any agreed repairs or modifications
10. Taxes and Expenses: Allocation of stamp duty, notarial fees, and other transaction costs
11. Risk and Insurance: Transfer of risk and insurance obligations
12. Notices: Process for serving notices between parties
13. Governing Law: Confirmation of Maltese law as governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Conditions Precedent: Used when the sale is subject to specific conditions being met, such as bank financing or planning permits
2. Tenant Rights: Required when the property is subject to existing tenancies
3. Common Parts: Needed for apartments or properties with shared facilities
4. AIP Permit: Required when the purchaser is a non-resident requiring an Acquisition of Immovable Property permit
5. Energy Performance: Required when specific energy performance certificates or requirements need to be addressed
6. Development Potential: Used when the property has development potential that forms part of the sale consideration
7. Ground Rent: Required when the property is subject to ground rent (膵ens)
8. Parking Rights: Needed when parking spaces or garages are included in the sale
1. Property Plans: Detailed plans and drawings of the property
2. Land Registry Documents: Official property registration documents and site plans
3. Inventory: List of any movable property included in the sale
4. Planning Permits: Copies of relevant MEPA/Planning Authority permits
5. Title Documents: Details of vendor's title and previous transfers
6. Condition Report: Survey or condition report if referenced in the agreement
7. Service Agreements: Details of any service or maintenance agreements to be transferred
8. Energy Performance Certificate: Copy of the property's energy performance certificate
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