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Real Estate Agreement Of Purchase And Sale for Malta

Real Estate Agreement Of Purchase And Sale Template for Malta

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Real Estate Agreement Of Purchase And Sale

"I need a Real Estate Agreement of Purchase and Sale for a luxury apartment in Sliema, Malta, to be purchased by a non-resident EU buyer, with completion scheduled for March 2025, including provisions for furniture and fittings, and AIP permit requirements."

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Real Estate Agreement Of Purchase And Sale

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What is a Real Estate Agreement Of Purchase And Sale?

The Real Estate Agreement of Purchase and Sale is a crucial legal document used in Malta for property transactions between vendors and purchasers. It serves as the definitive contract for transferring ownership of real estate property, incorporating all necessary elements required by Maltese law. This document is used after the preliminary agreement (konvenju) stage and represents the final contract that transfers the property title. It must be executed before a Notary Public and includes detailed provisions covering property description, price, payment terms, warranties, and obligations of both parties. The agreement must comply with various Maltese regulations, including the Civil Code, stamp duty requirements, and AML regulations. For foreign buyers, additional provisions addressing the Immovable Property (Acquisition by Non-Residents) Act may be necessary. The document's format and content are specifically designed to meet Malta's strict property law requirements while protecting both parties' interests in the transaction.

What sections should be included in a Real Estate Agreement Of Purchase And Sale?

1. Parties: Identification of the Vendor and Purchaser with full legal names, ID/passport numbers, and addresses as required by Maltese law

2. Background: Context of the transaction, including brief property history and any relevant preliminary agreements (konvenju)

3. Definitions: Definitions of key terms used throughout the agreement, including property-specific terminology

4. Property Description: Detailed description of the property including address, boundaries, measurements, and registration details as per Land Registry requirements

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

6. Payment Terms: Detailed breakdown of payment schedule, including deposits, installments, and final payment requirements

7. Completion: Terms and conditions for completion of sale, including timing and notarial requirements

8. Vendor's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with local regulations

9. Property Condition: Current condition of the property and any agreed repairs or modifications before completion

10. Title and Transfer: Details of title transfer process and requirements under Maltese law

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

12. Default Provisions: Consequences of default by either party and remedies available

13. Governing Law: Confirmation of Maltese law as governing law and jurisdiction

14. Execution: Signature requirements and notarial execution provisions

What sections are optional to include in a Real Estate Agreement Of Purchase And Sale?

1. Conditions Precedent: Specific conditions that must be met before completion, used when there are pending matters such as planning permits or bank financing

2. Tenant Rights: Required when the property is subject to existing tenancy agreements

3. Special Designations: Used for properties in Special Designated Areas or subject to specific planning restrictions

4. Mortgage Arrangements: Include when the purchase involves bank financing or existing mortgages

5. Foreign Investment Provisions: Required when the purchaser is a non-resident, addressing AIP requirements

6. Development Rights: Include when the property has pending or approved development permits

7. Furniture and Fittings: Used when the sale includes movable property within the premises

8. Service Agreements: Required when the property includes ongoing service or maintenance agreements

What schedules should be included in a Real Estate Agreement Of Purchase And Sale?

1. Property Plans: Official architectural plans and drawings of the property

2. Land Registry Documents: Copies of relevant Land Registry documentation and searches

3. Inventory: Detailed list of included furniture, fittings, and equipment if applicable

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

5. Energy Performance Certificate: Required EPC documentation as per EU regulations

6. Title Documentation: Historical title documents and proof of ownership

7. Service Charges: Details of any applicable maintenance or service charges

8. Property Photographs: Documentary photographs of the property's current condition

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

Relevant legal definitions
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