Property in Gibralter

The procedure for purchasing property in Gibraltar is in essence based on that employed in the UK prior to the inception of Law of Property Act 1925. The first stage is for an agreement to take place between the vendor and purchaser on the purchase price, with a small percentage (usually 2%) of the price being paid to the agents, subject to contract, and held in escrow pending completion. There are additional costs to bear in mind, the most important being Stamp Duty. Both parties having instructed their respective lawyers, the vendor's solicitor will submit a contract to the purchaser for approval. Once approved, contracts are exchanged between the parties and both parties become bound to the transaction. Between the exchange of contracts and actual completion, a simple mechanism follows: The purchaser's lawyer submits a Deed of Conveyance (or Deed of Assignment if the property is not new) to the vendor's lawyer for approval, after which the duly executed deed is on completion handed over to the purchaser's lawyer. The purchaser will at the moment of completion become the legal owner of the property and be entitled to receive the keys.

The above represents a very basic outline of the procedure and it is essential to consult a legal expert in order to ensure that your rights are adequately protected.

Contact: Leanne Turnbull