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Agreement To Sell for Malta

Agreement To Sell Template for Malta

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Agreement To Sell

"I need an Agreement to Sell for a residential property in Sliema, Malta, with a completion date of March 15, 2025, which includes a bank financing clause and needs to account for an existing tenant who will vacate by completion."

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Agreement To Sell

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What is a Agreement To Sell?

The Agreement to Sell is a fundamental document in Maltese property transactions, serving as a legally binding preliminary agreement between the promise seller and promise purchaser. This document is essential when parties have agreed on the basic terms of a property sale but need time to conduct due diligence, arrange financing, or fulfill other conditions before the final transfer. The agreement must comply with Malta's Civil Code and the Promise of Sale of Immovables Act, requiring registration with the Public Registry within 21 days of signing. It typically remains valid for three months but can be extended by mutual agreement. The document protects both parties' interests by setting out clear terms, conditions, and obligations while allowing time for necessary verifications and arrangements before the final deed of sale.

What sections should be included in a Agreement To Sell?

1. Parties: Identification and details of the Promise Purchaser and Promise Seller, including ID numbers, addresses, and marital status

2. Background: Context of the agreement, including brief description of the property and parties' intention to enter into a Promise of Sale agreement

3. Definitions: Key terms used throughout the agreement, including 'Property', 'Deposit', 'Final Deed', and 'Completion Date'

4. Property Description: Detailed description of the property being sold, including boundaries, measurements, and any rights or burdens

5. Purchase Price: Agreed purchase price, payment terms, deposit amount, and method of payment

6. Duration of Promise: Validity period of the preliminary agreement and the date by when the final deed must be executed

7. Conditions for Final Deed: Prerequisites and conditions that must be fulfilled before executing the final deed of sale

8. Deposit Terms: Amount, payment schedule, and conditions for deposit retention or return

9. Seller's Warranties: Representations regarding property ownership, absence of impediments to sale, and condition of the property

10. Notarial Searches: Requirements for legal searches and their timing

11. Expenses and Taxes: Allocation of notarial fees, stamp duty, and other transaction costs

12. Default Provisions: Consequences and remedies in case either party defaults on their obligations

What sections are optional to include in a Agreement To Sell?

1. Bank Finance Clause: Used when the purchase is contingent on the buyer obtaining bank financing, including terms and deadlines

2. Planning Permits: Required when the property requires specific permits or has pending applications

3. Vacant Possession: Included when the property is currently occupied and terms for vacancy need to be specified

4. Condition Report: Used when a specific property condition needs to be documented or when works are to be completed

5. Ground Rent Redemption: Included when the property is subject to ground rent that will be redeemed

6. Third Party Rights: Required when there are existing tenants or other third-party rights affecting the property

7. Works Completion: Used for properties under construction or requiring specific works before completion

What schedules should be included in a Agreement To Sell?

1. Property Plans: Architectural plans, site plans, and measurements of the property

2. Inventory: List of movable items included or excluded from the sale

3. Payment Schedule: Detailed breakdown of payment installments and timing

4. Planning Permits: Copies of relevant MEPA permits and applications

5. Property Photographs: Current photographs documenting the property's condition

6. Land Registry Documents: Official property registration documents and plans

7. Energy Performance Certificate: Required EPC documentation for the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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