A Preliminary or a promise of sale agreement is signed binding the vendor to sell and the purchaser to acquire the property under the terms and conditions agreed upon and subject to good title and issue of all relative permits. A 10% deposit is payable on signing of this agreement. All agreements may be written in English or Maltese.
The Preliminary Agreement is usually valid for three months or longer if agreeable to both parties. During this term, the notary public will undertake searches to prove clean title, as well as submit applications to the relative Government departments.
The final contract is entered into by the parties or their attorney once researches have proved satisfactory and permits are issued. The full price is paid and vendor gives vacant possession on contract. In the case of property under construction, the developer may require stage payments based on works progress. The agreement and contracts are written in English. The balance of the purchase price plus legal expenses and stamp duty are paid on the signing of the contract when vacant possession to the property is handed to the purchaser.