(1) Succession Process
Kindly note that when a person inherits property there is a procedure to be undertaken for the heir to have the properties in their names officially. The procedure is usually as follows:
-
Testamentary and property searches - on the deceased’s name through the Law Courts and the Public Registry in Malta to confirm that the deceased has in fact died intestate (according to the results of these searches we proceed with the following steps)
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Deed of Declaration Causa Mortis: the heir/s must then sign this deed wherein he/they declare to the Government of Malta that what s/he has inherited in terms of immovable property in Malta. For this purpose the value of the property in Malta must be established and a succession tax at the rate of 5% of the declared value of the property is charged and paid directly to the Government. If this declaration is made by not later than 6 months from the date of death, then there shall be a tax rebate of EUR230. For the purposes of valuation of the property we would need to appoint an architect to inspect any immovable properties in Malta.
If this procedure has not been undertaken with regards with the share inherited, then the first step is to undertake the above. Our firm can assist you to undertake this process.
(2) Sale of share
The sale of a property in Malta is usually undertaken as follows:
§ Step 1 – Firstly a promise of sale (POS) is usually signed wherein the vendor promises to sell while the purchaser promises to buy the property. This is usually valid for 3 months (a shorter or longer period can be negotiated). A deposit of 10% is usually paid (again this is negotiable). This document is usually made subject to the searches into the title of the property being in good order. Other conditions are usually included.
§ Step 2 – By the end of the deadline of the POS or earlier, the final contract of purchase must be signed. This is the contract that actually transfers the ownership.
For the purposes of the transfer of the share, we are able to appear on your behalf by means of power of attorney. We are also able to provide legal advice and draft/review the documentation necessary for the transaction.
(3) Valuation of share
Should you wish to engage an architect to confirm the valuations, we can direct you to architects that can undertake this on your behalf.
On an indication from your goodself of what has already been done with regards to the succession process, and which services your require for the sales of the shares (whether representation only or also legal advice), I will be able to provide you with a quote for our services accordingly. In this regard it would also be useful if you could indicate the relevant contact number where we can reach you telephonically.
(1) Succession Process
Kindly note that when a person inherits property there is a procedure to be undertaken for the heir to have the properties in their names officially. The procedure is usually as follows:
-
Testamentary and property searches - on the deceased’s name through the Law Courts and the Public Registry in Malta to confirm that the deceased has in fact died intestate (according to the results of these searches we proceed with the following steps)
-
Deed of Declaration Causa Mortis: the heir/s must then sign this deed wherein he/they declare to the Government of Malta that what s/he has inherited in terms of immovable property in Malta. For this purpose the value of the property in Malta must be established and a succession tax at the rate of 5% of the declared value of the property is charged and paid directly to the Government. If this declaration is made by not later than 6 months from the date of death, then there shall be a tax rebate of EUR230. For the purposes of valuation of the property we would need to appoint an architect to inspect any immovable properties in Malta.
If this procedure has not been undertaken with regards with the share inherited, then the first step is to undertake the above. Our firm can assist you to undertake this process.
(2) Sale of share
The sale of a property in Malta is usually undertaken as follows:
§ Step 1 – Firstly a promise of sale (POS) is usually signed wherein the vendor promises to sell while the purchaser promises to buy the property. This is usually valid for 3 months (a shorter or longer period can be negotiated). A deposit of 10% is usually paid (again this is negotiable). This document is usually made subject to the searches into the title of the property being in good order. Other conditions are usually included.
§ Step 2 – By the end of the deadline of the POS or earlier, the final contract of purchase must be signed. This is the contract that actually transfers the ownership.
For the purposes of the transfer of the share, we are able to appear on your behalf by means of power of attorney. We are also able to provide legal advice and draft/review the documentation necessary for the transaction.
(3) Valuation of share
Should you wish to engage an architect to confirm the valuations, we can direct you to architects that can undertake this on your behalf.
On an indication from your goodself of what has already been done with regards to the succession process, and which services your require for the sales of the shares (whether representation only or also legal advice), I will be able to provide you with a quote for our services accordingly. In this regard it would also be useful if you could indicate the relevant contact number where we can reach you telephonically.