During the last years, Malta has successfully enabled citizenship programs involving the purchase of real estate property. Considering these programs have certain requirements such as a price ranges for the properties to be bought, real estate due diligence procedures have become quite important. Whether it is for commercial or private use, the property should be thoroughly checked before signing the sale agreement. There are a few procedures that enables one to verify the Maltese property about to be purchased. The first real estate due diligence procedure implies the verification of the property with the Maltese Land Registry and the second refers to an architectural inspection of the property. In order to benefit from a simplified and speedy procedure foreign citizens or investors may also appeal to the services of a law firm in Malta which is will also explain the legal aspects of buying a property in this country.
The first step towards purchasing real estate in Malta is to sign a promise of sale contract. After signing the agreement it is the best time to start the real estate due diligence process. Whether one decides to appeal to the services of a Maltese public notary or law firm, this verification should be done with the Land Registry. The information to be found out from the Maltese Land Register refers to:
In case of opening a company in Malta and the property will be purchased for commercial purposes it is also advisable to verify the activities that could be undertaken in such building and if all permits and licenses are in place.
Once the real estate due diligence procedure started it is also advisable to have its structure verified. In order to do that the future owner could appeal to the services of an architect who will clarify all the structural aspects of the building. This way the buyer will make an informed decision. This aspect is quite important in case of commercial purchases in order to ensure the safety of employees.
For real estate due diligence procedures and legal assistance in buying a property you can contact our lawyers in Malta.
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