Malta Property Fort Cambridge Seafront Apartments

Aug. 2, 2009 - PRLog -- Fort Cambridge, situated on the Tigné Peninsula of Sliema is pleased to announce that 216 of its 341 extravagant seafront apartments in Malta have already been sold in the pre-construction phase.
The luxury lifestyle development is situated on the site of the Cambridge battery, a fort built by the British in the 19th Century. The development lies in the select area of Tigné, Sliema in Malta. A range of one to four bedroom apartments, duplexes and penthouses are available.
The capital of Malta, Valletta is reachable via a ferry service.
Developed by Gap Developments Plc and designed by TBA Periti, these exclusive properties epitomize luxury and comfort.Wide terraces and balconies, as well as spacious rooms, typify the importance given to light and space in each of these sea front apartments in Malta.

How to buy ?

Once apartments in Malta have been chosen a “promise of sale” agreement is drawn up by a notary and signed by both the buyer and the seller of the property.

The “Promise of Sale” agreement will specify the following terms:
•    The property being purchased
•    The price to be paid
•    The payment terms
•    The duration of the “Promise of Sale” agreement, specifying when the final deed of sale may be signed.
•    The specifications of the finishes of the relative property being purchased.
•    Any particular conditions agreed with the seller.

The buyer, seller and the property being sold are all clearly identified in the “Promise of Sale” agreement. The notary is obliged to register this agreement with the Maltese Inland Revenue department and forward a payment equal to 1% of the sale price by way of provisional duty. This will be set off against the total duty (max 5%) that must be paid when the final deed of sale is signed. If the sale falls through, all stamp duties will be refunded.

Payment

Once the “Promise of Sale” agreement is signed, the buyer must pay a deposit amounting to 15% of the sale price.

A second payment amounting to 20% of the sale price is to be paid within 15 days from the issuance of an architect’s certificate confirming the completion of the shell construction of the apartment being purchased.

The outstanding balance is paid in full in conjunction with the signing of the Final Deed. Once payment is received the buyer is given the keys to the property.

If the property in Malta is being purchased by means of a bank loan then the deed must be signed at the bank’s offices.

Upon completion, the notary is obliged to immediately register the deed at the Maltese Public Registry.

The 1% provisional duty paid when the “Promise of Sale” agreement was signed is deducted from the total stamp duty due on the signing of the Final Deed.

Failure of Payment

Should the buyer fail to sign the final deed of sale without having a valid reason at law for doing so, then the buyer forfeits all deposits paid.

Contact: Gap Holdings Head Office
Censu Scerri Street, Tigne,
Sliema SLM 3060
MALTA

Tel: (+356 ) 2327 1000
Fax: (+356) 2327 1210
Email: sales@gap.com.mt
info@gap.com.mt
Web: http://www.fortcambridge.com

Submited by http://www.ireypg.com/blog

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