The promise of sale - commonly called a konvenju - is a preliminary contract between buyer and seller that sets out the agreed price and conditions ahead of the final deed.
What it commits you to
Signing a konvenju is a binding commitment, not a casual reservation. It typically specifies the agreed price, a completion deadline, and any conditions - such as obtaining an AIP permit or mortgage approval - that must be satisfied before the sale can complete.
Deposit
Buyers usually pay a deposit on signing, commonly around 10% of the purchase price, held by the notary or estate agent pending completion.
What happens next
Between signing the konvenju and the final deed, the notary carries out due diligence - title searches, verification of planning permits, and confirmation that any conditions in the konvenju have been met. The final deed is typically signed within three to six months of the konvenju.
See also: AIP Permit if a permit condition applies to your purchase, and Stamp Duty & Buying Costs for what to budget for alongside the purchase price. Selling rather than buying? See Selling Property in Malta for how the same konvenju process looks from the other side. Buying a new-build before completion works differently - see Buying Off-Plan Property.
Sources
- Civil Code (Chapter 16 of the Laws of Malta) - Government of Malta