Minister for Housing and Lands Owen Bonnici has launched a consultation process aimed at developing a Buyers’ Charter, which will establish clear principles, standards and expectations for all residential property transactions.The Buyers’ Charter is one of the electoral pledges being addressed within the first 100 days of this Government and reflects a vision which recognises that a person’s housing needs can change throughout their lifetime.“When a person purchases a property, they are making a decision that can affect their life and their family for many years. We therefore want buyers to know exactly what their rights and responsibilities are, what they should look out for and what they can do if their rights are not respected. We are bringing all stakeholders together through consultation to develop a Buyers’ Charter that is practical, clear and credible. This is a policy that gives consumers a stronger voice, greater knowledge and greater empowerment,” said Minister Bonnici.“The role of the Housing Authority is not only to provide assistance in the housing sector but also to contribute towards a property market that works better for people. The Buyers’ Charter should provide an opportunity for us, together with stakeholders in the sector, to establish a common set of principles and expectations that apply to all buyers of residential property. Our ambition is for this to serve as a national statement of what constitutes good practice in Malta’s property market,” said Housing Authority CEO, Matthew Zerafa.The initiative will build on the First-Time Buyers Guide introduced by the Housing Authority last year, but will have a much broader scope. It will not be aimed solely at those purchasing their first home, but at all buyers of residential property, regardless of their age, stage of life or reason for entering the property market.The Buyers’ Charter will be based on the principles of transparency, awareness of rights and responsibilities and consumer empowerment, including clear information on what buyers can do when their rights are not respected.The process will bring together key players in the sector, including developers, estate agents, banks, architects, notaries and public authorities, with the aim of creating a single, accessible and practical tool.The Charter will also highlight good practices and challenges that buyers should be aware of before making one of the most important financial decisions of their lives.Anyone wishing to participate in the public consultation on the Buyers’ Charter can visit the Government’s public consultation portal and submit their views.The consultation will remain open for two months.Share this with someone who would like to know•