In This Edition
- Welcome
- Featured Article – The Sub Prime Crisis – Its Effect on Israeli Real Estate
- Legal Vocabulary – ‘Apostille’
- Tip of the Month –
Confirm Your Mortgage Before Signing Your Contract - Subscription Information
- For Further Information
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Welcome to Israel Real Estate Law Insights
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Welcome to the latest issue of the Israel Real Estate Law Insights, published by Nicole Levin Law Offices, experts in all aspects of real estate law in Israel. You are receiving this newsletter because you signed up for it on our website or because you filled out a form at a housing fair. Our newsletter focuses on the legal aspects of buying, selling and renting property in Israel.
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The Sub Prime Crisis – Its Effect
on Israeli Real Estate
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Two years ago, when news of the Sub Prime crisis in the United States first reached our ears, no one believed that it would have an effect on the Israeli real estate market. However, like many things in life this crisis set up a domino effect and became the precursor to the current global economic crisis.
In the past few years, financing for real estate projects was easily obtainable worldwide. Many Israeli companies embarked on real estate ventures outside of Israel, in a variety of far flung locations, such as Eastern Europe, Eastern Asia and North Africa. Indeed, many Israeli companies neglected the Israeli market in favor of foreign ones.
At the same time, the Israeli Real Estate market had its ups and downs. In the past few years the Israeli market had been on an upswing. There had been a rise in investments by foreign purchasers and prices had been rising. Then suddenly in 2007…
Read the complete article on our website.
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Legal Vocabulary
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‘Apostille’ (term identical in English and Hebrew)
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An apostille is simply a notarization of the notary’s signature by a higher authority. The notary’s signature is on record with the courts and they verify the notary’s signature on the document and the fact that the notary is indeed a bona fide notary. Israeli government institutions do not recognize foreign notarizations and require an apostille in additions to the notarization. The same is true of the recognization of Israeli notarizations out of Israel. The apostille process is different in each country.
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Tip of the Month
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If you intend to finance the purchase of an apartment with a mortgage it is important to ascertain that the bank will in fact give you the mortgage that you need. To do this you should submit a request with at least one mortgage bank and wait to see that it is approved. You should also consult your real estate attorney to see that there are no legal issues that may prevent you getting your mortgage. It is important to identify and solve any problems before you sign the purchase agreement.
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Subscription Information
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For Further Information
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Additional information can be found at:
http://www.levinlawoffices.co.il/free-stuff/
Further interesting articles can be found at:
http://www.levinlawoffices.co.il/articles/
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