Selling your property is a very straightforward procedure. Once you have made the decision to sell a property in Malta or Gozo you need to value your property by an expert. This can either be an architect or an Estate Agent. We suggest you talk to do both for peace of mind and come up with a minimum price you would accept and a recommended price. Your Simon Mamo Real Estate Agent will come to inspect the property, offer advice on how to get the maximum for it in terms of presentation or finish. We take photos and register it on our website in real time. Instantly all our associates within the company will begin to market it through various mediums and bring your clients to view it. Offer are made including payment terms and you can decide on your best offer. The average time a property takes to sell is between 1 and 6 months depending on the area, finish and price. A promise of sale is drawn up 'convenju' with the notary between yourself and the buyer whereby 10% of the purchase price is paid normally to the notary as a public officer .The notary does the relevant searches on the property and a final contract of sale is signed within 3/ 6 months. If the buyer fails to term up then the deposit is forfeited in your favour.
If the property is sold within 12 years from the date of acquisition then the seller has two options:
1.A capital gains tax based on the gains realised based on the selling price less the purchase price as well as any costs incurred on the property.
2. A 12 % final withholding tax on the selling price of the property
If the property has been owned for over 12 years then a final tax of 12 % applies. The tax does not apply in the case that the property is the seller's main residence for at least 3 years.
Energy Performance Certificates
These have been being implemented over the last few years in line with other jurisdictions to encourage property owners to have a property that is Energy saving. Energy Performance Certificates must be presented to the Notary on the final sale and these can be obtained through certain architects who will ensure that your property qualifies.