for first-time buyers. *step-by-step buying guide included
FIRST TIME BUYER GUIDE With 50 years’ experience, our team at Frank Salt Real Estate understands that buying a property can be a stressful, confusing, time-consuming experience and probably one of the most expensive investments in your lifetime. Place your trust in our experienced consultants, and let them assist you in finding the property best suited to your needs; we have a vast selection of listed properties available and we help secure the best possible deal on your first home. Rest assured that our reputable consultants will make this buying process as smooth and as easy going as possible:
ESTABLISH A BUDGET BY CONTACTING A BANK
Due to our long-term relationship with all local banks, we can immediately introduce you to a bank official who will organise the best loan package that suits your pocket and help you expedite the loan process with your preferred bank.
SIGNING THE CONTRACT – FINAL DEED OF PURCHASE
It is important to note that once the property to be bought is your first property ever purchased and is going to be used as your ordinary residence, stamp duty of 5% will only be charged on the remaining balance above €150,000 - a great saving of €5,250. In the case of a purchase in an Urban Conservation Area or a property in Gozo, stamp duty will be charged at the rate of 2.5% on the remaining balance over €150,000. The above benefits are all provided by the Government of Malta to first-time byers and are presently available up to 31st December 2018. No Stamp Duty is charged on the value of the movable property (furniture and fittings) being sold with the immovable property. To conclude, on final deed, one then pays the remaining balance of the property bought, balance on stamp duty and notarial fees.
Banks usually finance up to 90% of the purchase price and completion costs.
WHY FRANK SALT REAL ESTATE? BEGIN THE SEARCH PROCESS TO BUY A PROPERTY
It goes without saying that the search process is determined primarily by your personal budget and criteria. In most cases, apartments, maisonettes and small houses of character make an excellent choice. Our vast database will offer you a broad selection of such properties, both finished and on-plan.
SIGNING THE PROMISE OF SALE
Once you have chosen a property and have agreed on the price and conditions with the vendor, set a date to sign the Promise of Sale (aka: “il-Konvenju”), with a notary of your choice. On signing of the promise of sale, as a policy, you are required to pay a 10% deposit of the total value of the property and an additional 1% provisional stamp duty to the notary.
FIRST TIME BUYER GUIDE
Frank Salt Real Estate was conferred the title Best Real Estate Agency in Malta for 2005, 2006 and 2007, and then again 2011, 2014 and 2015. In addition, we were also awarded Best Marketing, Best Website and Best Letting Agency. The company was also nominated as Best Letting Agency in Europe.
50 YEARS of experience
average daily page views on our website
offices and divisions across Malta & Gozo
international networking agents
copies of Frank Salt Property Magazine distributed each year
up to €8000 IN GIFT VOUCHERS FOR TILES, BATHROOM AND HOME FURNITURE
GOVERNMENT EXEMPTION ON STAMP DUTY*
DISCOUNT TOWARDS YOUR FIRST YEAR PROPERTY INSURANCE
UNTIL 31ST DECEMBER 2018
of all fees including Commitment Fees
FRANK SALT REAL ESTATE GIVES YOU EVEN MORE!
TOWARDS YOUR NOTARY FEES
30% DISCOUNT ON LIGHTING
35% DISCOUNT ON WHITE GOODS
The Frank Salt First Time Buyers Package will be available for all Promise of Sale agreements signed up to 31 December 2018 and offers from participating suppliers will be available for a period of 24 months from the date of signing of deed of sale. *The Government exemption on stamp duty is offered by the Government of Malta and is not exclusive to purchases made through Frank Salt Real Estate. APS Bank Ltd is licensed by the Malta Financial Services Authority as a credit institution. Applications are subject to the Bank’s lending criteria. GasanMamo Insurance Ltd. is authorised by the Malta Financial Services Authority.
Terms and Conditions Apply.
For more information:
+356 2379 4794
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