Terms And Conditions

Promise of Sale Agreement

Once apartments in Malta have been chosen a “promise of sale” agreement is drawn up by a notary and signed by both the buyer and the seller of the property.

The “Promise of Sale” agreement will specify the following terms:

  • The property being purchased.
  • The price to be paid.
  • The payment terms.
  • The duration of the “Promise of Sale” agreement, specifying when the final deed of sale may be signed.
  • The specifications of the finishes of the relative property being purchased.
  • Any particular conditions agreed with the seller.

The buyer, seller and the property being sold are all clearly identified in the “Promise of Sale” agreement.

The notary is obliged to register this agreement with the Maltese Inland Revenue department and forward a payment equal to 1% of the sale price by way of provisional duty.

This will be set off against the total duty (max 5%) that must be paid when the final deed of sale is signed.

If the sale falls through, all stamp duties will be refunded.