Planning to Buy or Sell Property in Israel?

Planning to Buy or Sell Property in Israel?

Planning to Buy or Sell Property in Israel?

We are here to ensure an easy landing

Whether you plan to buy a home in Israel or invest in property, please keep in mind that the local real estate market is changing rapidly. It can be quite confusing and even stressful if Hebrew is not your mother tongue. The process of buying real estate in Israel requires close and careful attention. If you don’t know much about Israeli real estate law and are not part of the Israeli mentality and culture, an Israeli real estate lawyer is what you need.

Once you realize how imperative and useful it is to be represented by an Israeli lawyer, you have to choose the one who will protect your interests. If you plan to buy or sell in Jerusalem, you’ll be better off with a lawyer from Jerusalem who is well familiar with Jerusalem’s real estate market. An Israeli real estate lawyer can make you feel at home in Jerusalem on your first day and escort you through the entire purchasing process from the very beginning.

 Make sure that the real estate lawyer you select has broad experience. It is an advantage that your lawyer also provides legal advice to and represents real estate companies, purchasing groups, and various international groups of investors while being involved in major projects.

 Buying a property is an important step that requires a lot of deliberation and complex decisions. Even if you haven’t found a property to buyyet, you should contact a law firm that is involved daily in the local real estate market and can help you find the property you’re looking for in the right location and within your budget constraints. There are plenty of important details that you may not be aware of but need to be well protected against legally.

For example, in an upscale Jerusalem neighborhood such as Rehavia some properties were built on land owned by the Greek church in a leasing valid for 49 years with extension of additional 49 years. In that neighborhood a new urban building scheme called 9988 was recently validated in order to enlarge the planning permission.

Once you’ve decided on the location, type of property, and have one in mind, a professional real estate lawyer can advise you on various issues prior to signing the contract: Understanding of what exactly is included in the Purchase Price, the length of the process (especially if the property is new or under construction), verifying the legal status of the property, insuring that all construction changes, additions, and improvements were made with the proper permits, and a number of other real estate activities. You can receive legal advice on financing issues, loans, and mortgage banks. Keep in mind that purchase tax is the largest cost added to the purchasing price. This tax increases when purchasing a second property. Other related taxes, such as land appreciation tax and Betterment tax, might take you by surprise. A professional Israeli real estate lawyer can save you a lot of money just on tax issues while conducting efficient communication with Israeli tax authorities.

 An experienced real estate lawyer can help you avoid unnecessary expenses and concernson your way to making a comfortable purchase.  

Various measures must be taken care of when you are ready to sign the contract: extra costs, construction agreements, taxation, Caveat Registration (an indication at the Land Registry that the property has been sold), Payment Schedule (If the property is under construction, payment schedule should be in stages based on completion of stages in the construction), Escrow (When buying second-hand property), Inspection of Property, (the seller is obligated to disclose any defects in the property), and more.

I personally support my clients walking them through the different stages of buying an apartment in Israel and ensure that they bridge all the gaps throughout the process.

Whether you intend to buy or sell property in Israel your real estate lawyer should turn the real estate maze into a clear path.

Yitzchak Steinberg is a respected attorney with many years of experience specializing in foreign buyers property purchasing and real estate investment in Israel. He is in charge of the Jerusalem municipal elections as an appointee of Degel Hatorah political party. 

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