Selling procedures are extremely simple and safe. Once you have found a buyer for your property and sale price, terms and conditions have been agreed upon, you sign a Promise of Sale Agreement with the buyer. This agreement, which is drawn up by the Notary, binds both parties until the signing of the final deed of sale.
On signing the Preliminary Agreement a 10% deposit, on account of the price, is normally lodged with the Notary or the Estate Agent by the buyers. This deposit will be forfeited in your favour should the buyer fail to sign the final deed for no valid reason at law.
The term of validity of the agreement is agreed between the parties, however, usually agreements are valid for three months. During this period, the Notary will register the Preliminary Agreement in terms of law, carry out searches into the title and apply for any permits if necessary.
There are no restrictions on owners to sell their property at any price. Mainly in the case of foreign nationals, the entire sale price including sale proceeds of movables may be repatriated abroad, in which case, the Notary would apply for clearance from the local tax authorities, prior to signing the final deed of sale.
Listing with move2Gozo will ensure we advertise your property in the best manner, including
We help guide you all the way from valuing and marketing your property online, through to a successful completion including assistance with any forms, notaries, and utilities termination and transfer.
Typically Open Agency marketing rates charged by the largest agencies in Malta and Gozo are 5% plus VAT, and typical Sole Agency rates are usually 3-3.5% plus VAT.
For private/individual residences/immovable property we charge significantly lower rates than the larger Malta agencies for Open Agency marketing of your property. We charge the same lower fee for Sole Agency terms. But do see our alternative approach to Sole Agency further on.
For larger Developer projects we charge the standard Malta Open Agency rate.
In all cases we do not charge any fees if a preliminary contract has not been signed, or where a final contract does not proceed due to specific conditions in the contract not being met.
In Malta Property owner/sellers either contract exclusively with ONE agent for a set period of time, or they have an Open agency agreement (most common), meaning the Owner/Seller can contract separately with as many other agents as they wish. There are distinct disadvantages to this mode of working for the Sellers, which also indirectly impacts the Buyers.
Each agency is responsible for producing its own marketing materials, sending in photographers and/or agents to the property to photograph it, writing up descriptions, and preparing and uploading/printing them. For Open agencies this means that the seller has to accommodate many sets of photographers, typically from 3-5 agencies, taking up their precious time and invading their privacy. The results are inherently inconsistent, and different agents may end up displaying differing prices, differing descriptive information, and vary quality or standards of photographic representation of your property.
Our alternative progressive approach to Sole Agency marketing. With this exclusive service we turn this traditional Malta marketing approach totally on its head by also offering sellers a multi-listing service, more akin to the USA Realty Agency approach to property marketing.
By contracting exclusively with us, we actually increase your marketing reach, rather than limiting your reach and marketing to just one agent, as the standard Sole Agency system in Malta currently operates.
However the benefits of this service to both you as the seller, and also to the buyer is unique and significant. How does this work? See the next TAB section.
It depends on which country you are referring to. In the UK rates are lower. In the USA and France, for example, the rates are similar and often higher. In some european countries, Agencies charge both the Seller and also the Buyer a commission fee. In Malta it is the seller who contracts with the Agency and pays the resultant commission fees due following a successful completion.
In Malta, anyone (off the street) who introduces a buyer to a seller has a legal right to 1% of the final sale transaction value from each party (the buyer and the seller), i.e. 2%. They do not need to do anything over and above the introduction to the relevant property for this commission entitlement, which can also leave both the seller and the purchaser exposed. These persons are referred to locally as “Sensar’s”, a role which existed prior ot the advent of estate agencies in Malta. The vast majority (over 99%) in this category do not advertise or carry out any marketing or have other related expenses, as their relationship with clients is either through referral (e.g via friends or neighbours) or coincidental. In the vast majoirty of cases buyers are often unaware of any commission that may be ‘legally’ due from them when shown properties by a Sensar.
Estate Agents on the other hand spend significant time and effort preparing marketing materials, photography, back-office work and have associated marketing, travel and office expenses on top to cover, leading to them needing to charge higher rates that. Unlike the situation with Sensars, agency rates are only charged to the Sellers on a successful sale. Registered Estate Agencies typically offer a much more detailed and comprehensive service as well as helping with many other aspects of a sale or purchase as well as after-sales services.
With move2Gozo we provide full support and advice to sellers and buyers throughout the entire process (and often beyond) and adhere to high standards and conduct guidelines befitting our professional position and status.
First of all, move2Gozo prepares all the online marketing materials, write ups, and professional photography. We ensure all selected agencies who work with us portray EXACTLY the same information that we have prepared. The MARKETING message is CONSISTENT. Also the PRICE is CONSISTENT
By managing and accompanying all viewings ourselves, in tandem with any other agents marketing the property through us, we totally eliminate de-ja-vue experiences by buyers, and equally ensure that owners do not get repeat viewings by the same buyers from multiple agencies. This means we do not waste your time or that of the buyers unnecessarily. It also means that owners can have several agents marketing their property without having to cut and provide keys for each and every agent, often not knowing who has been in and when. Equally owners do not need to remember to contact each agency if a price changes, if their property is sold, or if indeed they wish to withdraw the property from the market. We handle all that.
Any agreed commission rates are shared equally between he selling agent and ourselves, should one of the agents introduce a buyer which subsequently leads to a sale. If we sell the property directly ourselves , then we still charge our lower commission rate. Although sharing a sale commission means we will earn a lower rate of commission ourselves, we believe this approach will eventually lead to better collaboration and a far better and more consistent service to both buyers and sellers, leading to a more efficient, more active and transparent market.
This is totally contrary to the way commissions usually work in Malta, but the sellers and buyers both benefit through consistent property information and pricing, maximised marketing, minimal time wasting, a consistent message, and increased security of the property. The seller only needs to deal with ONE POINT OF CONTACT at any time, i.e. us. It is our responsibility to then ensure that all other participating agents are kept up-to-date, whether due to a price change, changed circumstances, any offers, or whether an offer has been accepted or a contract exchanged, or indeed if the property has been withdrawn or taken off the market.
Well, for starters, our collaborating agencies do not need to do any of the preparatory work with regards preparing all the marketing materials to a professional standard. This includes all the photography, property descriptions and related information necessary for uploading onto their websites. Typically this work may involve 2, 3 or more people from each agency. They will obviously view the property (in fact we insist on this) to familiarise themselves with the property and meet the owner(s) if they are in Gozo or Malta at the time. We do all the work necessary from offer to sale on behalf of the owners and liase with the other agents with their buyers,or directly to the buyers if through us to ensure a smooth transaction through to completion.
We have build good relations with a range of selected agencies, including at least one major agency both in Gozo AND in Malta, who can see the benefits to this mode of working in a collaborative way. We look to encourage more and more agencies to consider this model and mode of working for themselves, the betterment of the Real Estate market, owners and potential buyers.
We put ag reat deal of focus and effort on this area as photos sell a property. A clients first impression is a lasting one. Display your property in an attractive manner from the start. We can take additional photos of your property and optimise them for web viewing. Photos taken for our standard listings are not charged for. Should a client wish to have larger format images or separate advertising materials prepared then this will be priced accordingly.
We offer online virtual tours. This is a separately chargeable service.
We do not offer this service ourselves but have very good relationships with the local banks. We have also partnered up with Currency Specialists who can provide you with free advice as well as spot rates should you be in a position to make a transfer.
Properly preparing your property for potential buyers can make the difference between a quick sale at a good price and a difficult sale with price reductions.
Be objective. Buyers go by what they see, so look at your property through a buyer’s eyes. Understand its strengths and weaknesses. A clean, orderly house inspires confidence and sells more easily. If needed, invite a few of your friends over, take them through your home and ask them to make comments on the condition of your property.
Understand, too, that many potential buyers take a look at your property from the outside, without even contacting you. It’s your home’s ”curb appeal” that attracts visitors first.
Here is a list of things to consider to ensure that your house makes a “buy me” impression.
Making sure the property and any amenities are in good shape doesn’t increase the value, but it does consolidate it. After all, a buyer expects a working water heater and a watertight roof.