What is the difference between a ‘konvenju’ and the final deed of sale in Malta?

The konvenju, formally known as the promise of sale agreement (konvenju tal-bejgh), is a preliminary, legally binding contract entered into between buyer and seller before the actual final transfer of ownership takes place, and it typically sets out the agreed purchase price, the property being sold, and the conditions and timeline for completing the sale, essentially locking in the transaction while various steps, such as due diligence on the property's title, arranging financing, and, if applicable, obtaining an AIP permit, are completed before the final deed can be signed. Under Maltese practice regarding stamp duty on property transfers, a portion of the applicable stamp duty, generally twenty per cent of the total, is typically paid at the point the konvenju is signed, with the remaining eighty per cent paid when the final public deed of sale is executed before the notary, at which point full legal title formally transfers to the buyer, meaning the konvenju itself does not transfer ownership but rather creates binding mutual obligations to eventually complete the transaction on the agreed terms. Because the konvenju is a legally binding contract with real consequences if either party fails to honour it, including potential penalties or forfeiture of deposits depending on the specific terms, it's important to have your notary or a lawyer carefully review the konvenju's specific terms before signing, rather than treating it as a mere formality on the way to the 'real' final deed.