CHARLES GOMEZ & CO
The Essential Guide to Buying and Selling Property in Gibraltar
The purchase or sale of a property is one of the most substantial transactions that people ordinarily enter into and because of this, it must be planned logically and independently in order to avoid the pit-falls. In this guide we have provided the essentials of the conveyancing process for the purchase or sale of a property in Gibraltar. If you are interested in selling, please ask for the details of our own â€˜Fast Trackâ€™ procedure which will ensure that delays are minimized. Contact us at the earliest possible opportunity and before signing anything for a meeting to discuss this important transaction.
Stage 1 - Signing Reservation Agreement â€“ usually this should be Subject to Contract ad signed only after obtaining legal advice - Pre-Contract Enquiries - Review of Title Deeds - Consideration of answers to Pre-contract Enquiries - Registry Searches (and where appropriate further enquiries relating to planning issues) - Where Mortgage funding is required liaising with the lender - Advice on optimum structure for ownership
Stage 2 - Drafting Agreement for Sale with Conveyance of Deed of Assignment and inventory of furniture, fixtures and fittings attached - Effecting Exchange of Contracts and arranging for payment of deposit â€“ note that it is only at this stage that the parties will be legally obligated to complete the transaction - Where appropriate an Energy Performance Certificate will need
Stage 3 - Completion of the purchase at which stage title and occupation are transferred upon payment of the balance of the Purchase Price - Execution of Conveyance or Deed of Assignment and, where appropriate, Mortgage Deed - Obtaining Possession and transfer of utilities - Stamping and registration of all documents with statutory time limits - Once the process of registration is completed, documents are kept in safe storage or sent to the Purchaser or the Mortgagee (as appropriate)