Selling procedures are very straightforward.
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 (POS) Agreement with the buyer. It is mandatory for this agreement to be drawn up by a Notary Public, who is usually chosen by the purchaser(s). The Notary however has a duty of care to both parties.
This agreement is legally binding on both parties until the signing of the final deed of sale. So gazumping, as can happen in the UK, does not happen in Malta.
On signing the Promise of Sale a 10% deposit, on account of the price, plus 20% of the total tax due on the sale (equivalent to 1% of the sale price), is normally lodged with the Notary 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 sale agreements are typically valid for three or four 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 (e.g. furniture and furnishings), may be repatriated abroad, in which case, the Notary would need to apply for clearance from the local tax authorities, prior to signing the final deed of sale.
Finally Estate Agent and Agencies in Malta will be formally regulated. It has been a long time coming. move2Gozo has pushed for regulation of the industry for many years.
As of June 2021 it is illegal for an Estate Agency or individual Sales Consultants to practice without being licensed, together with mandatory training accredited by the The National Commission for Further and Higher Education (NCFHE).
The Act has been designed to establish a regulatory framework requiring real estate agents, branch managers, property consultants and property brokers to be licensed. The law will now be set out for public consultation for a Bill to be debated in parliament.
New property agents must undergo a training course to receive a license only after a two-year probation period. All licenses are to be vetted by the newly formed Real Estate Agents Authority and regulated by the Malta Real Estate Licensing Board in accordance with the Real Estate Agents, Property Brokers and Property Consultants Act (Chapter 615 of the laws of Malta)
Apart from administering the licensing regime, the new authority will set fees and levies, enforce the code of ethics, investigation allegations and irregular practices, and follow up complaints by consumers.
We have been selling property in Gozo for over 15 years
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.
New regulations, introduced in late 2020, have obliged all Agencies and individual agents to register for a license by June 2021, and undertake formal accredited training courses, in order to qualify and be registered to operate in the Maltese Islands.
As of 1st January 2022, all individual property brokers, consultants and agencies must be licensed and registered in order to offer Real Estate Services and to advertise online on in any media.
move2Gozo is licensed ( PB-00015-22) by the Malta Real Estate Licensing Board.
Typically Open Agency marketing rates charged by the larger agencies in Malta and Gozo are 5% plus VAT, with typical Sole Agency rates of 3.5% plus VAT. These rates are expected to be set as the standard rate for agencies in 2022 when the Estate Agency Industry is fully regulated.
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 one or more agents, as they may prefer. 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, and Italy 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, a local village “sensar” 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%. In most cases 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, especially when they are not familiar with the process, requirements, taxation regimes and many other factors which can affect ones ability to purchase or sell. These persons are referred to locally as “Sensar’s” or the village broker, a role which existed prior to the advent of estate agencies in Malta. The vast majority (over 95%) 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 majority of cases buyers are often unaware of any commission that may be ‘legally’ due from them when shown properties by a casual Sensar. The new regulations, introduced in 2022, now oblige anyone operating as a “sensar” to be registered by law if they sell more than 2 properties per annum. They are also banned from advertising on any media (including social media) unless they undergo full training and registration in order to acquire the correct license.
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, and extensive AML (anti-money laundering)/KYC obligations, on top to cover, leading to them needing to charge higher rates. 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. See our Testimonials page for feedback from past clients.
We put a great deal of focus and effort on this area, as good 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 International fully regulated Currency Brokers who can provide you with free advice as well as spot rates should you be in a position to make a transfer. They will consistently offer you better rates than a bank.
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.
Whether your property is being shown during the day when you may be out, or in the evening, you need to ensure the property’s available and presentable enough for viewing. Restricting the agency’s ability to carry out a viewing will result in lost opportunities for a sale.
If you are travelling for work or on holiday then do inform the agency and ensure that we have practical access to the property, either by providing the agency with any keys, or via a trusted key holder.
If you are away often, or have a hectic schedule, then give your estate agent a set of keys to show it when you’re not around. We always phone ahead of visiting the property, even when we hold a set of keys, so we won’t turn up with prospective buyers while you’re in the shower, or worse.
If you provide us with a set of keys, they will be stored securely and never released to anyone unless authorised by you. And once again, a phone call in advance is courteous.
We always accompany buyers and attend all viewings. It’s easier to sell a property once you’ve seen it.
An EPC is required whenever a property is built, sold or rented out. Only qualified and registered assessors may prepare an EPC.
The purpose of an EPC is to provide information on a property’s energy use and typical energy costs and to make recommendations about how to reduce energy usage and increase efficiency.
It is the responsibility of a Landlord or vendor to arrange an EPC to give to prospective buyers or show to tenants.
An EPC Report typically costs between €200-€350 Euros depending on the service provider. This includes the BRO (Building Regulations Office) fee for registering the Certificate. EPC’s are valid for 10 years.
For more information you may visit the EPC government website or call the BRO helpline on (00356) 2292 7343
