levinlawoffices.co.il » Newsletter

Issue 36 – December 2011

Aviva — Wed, 07 Dec 2011 09:43:08 +0000

In This Edition

Welcome
Featured Article – Recent Changes in Israeli Land Taxes – Update December 2011
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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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Recent Changes in Israeli Land Taxes – Update December 2011

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As part of an attempt by the Government to lower the prices of apartments in Israel or at least to prevent further price rises, the Ministry of Finance has enacted a series of changes to the existing laws governing purchase tax and capital gains tax. Below please find a list of a few of the changes:

Read the complete article on our website:

http://levinlawoffices.co.il/2011/12/06/recent-changes-in-israeli-land-taxes-update-december-2011/

Legal Vocabulary

“Ptor Memas Shevach” – Exemption from Capital Gains Tax.

Tip of the Month

Before buying or selling property you should sit down with your Israeli real estate attorney and do some tax planning. You need to find out if you can get an exemption from tax and what will be the effect of this transaction on the tax in future transactions.

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Subscription Information

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Please feel free to forward this newsletter on to friends in its entirety. If you received this newsletter from a friend you can subscribe and get your own copy by signing up in the box to the left of this article. We only send out this newsletter with permission. If you no longer wish to receive it, you can unsubscribe by sending an unsubscribe email by clicking here.

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For Further Information

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To receive a free copy of Nicole Levin’s popular ebook Essential Things You Need to Know About Buying Real Estate in Israel please send a blank email to:

mailto:ebook@levinlawoffices.co.il

Additional information can be found at:

http://www.levinlawoffices.co.il/free-stuff/

Further interesting articles can be found at:

http://levinlawoffices.co.il/articles/

Previous newsletters can be found at:

http://levinlawoffices.co.il/newsletter/

If you have any further queries please feel free to make use of the Contacts page on our website:

http://www.levinlawoffices.co.il/contact-us/

Issue 35 – October 2011

Aviva — Sun, 09 Oct 2011 10:26:11 +0000

In This Edition

Welcome
Featured Article – A Client’s First Impression of His Israeli Dream Home
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Welcome to Israel Real Estate Law Insights

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A Client’s First Impression of His Israeli Dream Home

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I have a client that purchased an apartment from a construction company in Israel at the preconstruction stage. He recently made a trip to Israel to check on the progress of the construction and here are a few of his first impressions:

Read the complete article on our website:

http://levinlawoffices.co.il/2011/10/09/a-clients-first-impression/

Legal Vocabulary

Cheshbon Neemanut - Escrow Account. If you are abroad your attorney can set up an escrow account to take care of any payments that have to be made according to the contract.

Tip of the Month

Whether you are buying a new apartment or second hand, before signing the contract check with a professional that can advise you as to whether or not you can make the changes you want to make in the apartment or the plans.

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Subscription Information

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For Further Information

————————————————-

To receive a free copy of Nicole Levin’s popular ebook Essential Things You Need to Know About Buying Real Estate in Israel please send a blank email to:

mailto:ebook@levinlawoffices.co.il

Additional information can be found at:

http://www.levinlawoffices.co.il/free-stuff/

Further interesting articles can be found at:

http://levinlawoffices.co.il/articles/

Previous newsletters can be found at:

http://levinlawoffices.co.il/newsletter/

If you have any further queries please feel free to make use of the Contacts page on our website:

http://www.levinlawoffices.co.il/contact-us/

Issue 34 – May 2011

Aviva — Thu, 12 May 2011 06:26:41 +0000

In This Edition

Welcome
Featured Article – What is in the Works for Israeli Real Estate?
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Welcome to Israel Real Estate Law Insights

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What is in the Works for Israeli Real Estate?

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In the past couple of years anyone dealing with Israeli Real Estate has been occupied with several issues. When purchasing an apartment in Israel it is important to understand some or all of these issues and how they can affect your transaction.

Read the complete article on our website:

http://levinlawoffices.co.il/2011/05/12/what-is-in-the-works-for-israeli-real-estate/

Legal Vocabulary

“Hamarat Matbea Chutz” – The conversion of foreign currency.

Tip of the Month

Due to the falling dollar rate it is a good idea to convert your dollars to shekels at the beginning of the transaction. This will ensure that you have enough shekels to pay for the apartment. It is not safe to speculate on the rate of exchange. The rate of the dollar could go up but it can also go down and this may leave you short of money.

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Subscription Information

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For Further Information

————————————————-

To receive a free copy of Nicole Levin’s popular ebook Essential Things You Need to Know About Buying Real Estate in Israel please send a blank email to:

mailto:ebook@levinlawoffices.co.il

Additional information can be found at:

http://www.levinlawoffices.co.il/free-stuff/

Further interesting articles can be found at:

http://levinlawoffices.co.il/articles/

Previous newsletters can be found at:

http://levinlawoffices.co.il/newsletter/

If you have any further queries please feel free to make use of the Contacts page on our website:

http://www.levinlawoffices.co.il/contact-us/

Issue 33 – April 2011

Aviva — Thu, 07 Apr 2011 07:38:40 +0000

In This Edition

Welcome
Featured Article – Recent Changes in Israeli Land Taxes
Subscription Information
For Further Information

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Welcome to Israel Real Estate Law Insights

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Wishing all our clients and friends a Very Happy Pesach

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Recent Changes in Israeli Land Taxes

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What to do about the Israeli real estate bubble? That has been the question asked by many Israeli real estate professionals and government officials. The prices of apartments have soared in the past few years making buying an apartment for many families a pipe dream. The Governor of the Bank of Israel, Mr. Stanley Fisher, has been talking about this issue for a long time now. He has implemented several actions which were designed to halt the rising prices but to no avail. Read the complete article on our website:

http://levinlawoffices.co.il/2011/04/07/recent-changes-in-israeli-land-taxes/

Legal Vocabulary

“Hetel Hashbacha” – Betterment tax. When there is a change in the zoning in the neighborhood which enhances the worth of the property then you are charged a betterment tax. This tax is paid when you sell the property or when you ask for a building permit to utilize the new zoning law. When selling an apartment your real estate attorney should check if this tax will apply and how much it can come to so that you don’t come up short on cash when you sell.

Tip of the Month

When purchasing an apartment in Israel sit with your real estate attorney and have him or her do the calculation of the purchase tax. If you are an oleh then have him or her do the calculation both ways to see if it is worth using the partial exemption given to olim. You can use this partial exemption for 7 years from the date of making aliya. So perhaps it is better to save this exemption for a future purchase. If you are thinking of purchasing an additional apartment as an investment when you already own at least one apartment and you feel the purchase tax is too high (purchase tax for an additional apartment has been increased recently) you may want to consider registering the apartment in the name of someone else. Your real estate attorney should go over the pros and cons of doing this.

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Subscription Information

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For Further Information

————————————————-

To receive a free copy of Nicole Levin’s popular ebook Essential Things You Need to Know About Buying Real Estate in Israel please send a blank email to:

mailto:ebook@levinlawoffices.co.il

Additional information can be found at:

http://www.levinlawoffices.co.il/free-stuff/

Further interesting articles can be found at:

http://levinlawoffices.co.il/articles/

Previous newsletters can be found at:

http://levinlawoffices.co.il/newsletter/

If you have any further queries please feel free to make use of the Contacts page on our website:

http://www.levinlawoffices.co.il/contact-us/

Issue 32 – February 2011

Aviva — Thu, 24 Feb 2011 11:45:40 +0000

In This Edition

Welcome
Featured Article – Buying Residential Property on a Moshav
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Welcome to Israel Real Estate Law Insights

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Buying Residential Property on a Moshav

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In the past few years we have seen many residential real estate projects being built on land belonging to the Moshavim. Indeed, it has been said that this type of project is an ideal one for young couples who would like to fulfill a dream of having a home with a garden, fresh air and country living.

Is this really the fulfillment of a dream or can it become a nightmare? Read on and decide for yourselves.

Read the complete article on our website:

http://levinlawoffices.co.il/2011/02/24/moshavim/

Legal Vocabulary

“Va’adat klita” or Va’adat ichlus” – these are committees that decide whether or not a purchaser is accepted to a moshav, a kibbutz or other form of settlement. Without the approval of this committee the property cannot be registered in the buyer’s name. Cities and towns do not have such committees and a purchaser in a city need not seek such approval when purchasing property in the city.

Tip of the Month

The purchase tax for single residential properties has been lowered. However, purchase tax for additional properties has been raised immensely. Go to my website at

http://levinlawoffices.co.il/free-stuff/purchase-tax/

and see the new purchase tax levels. In addition to the above the government has broadened the conditions by which the exemption from capital gains tax is given.

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Subscription Information

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For Further Information

————————————————-

To receive a free copy of Nicole Levin’s popular ebook Essential Things You Need to Know About Buying Real Estate in Israel please send a blank email to:

mailto:ebook@levinlawoffices.co.il

Additional information can be found at:

http://www.levinlawoffices.co.il/free-stuff/

Further interesting articles can be found at:

http://levinlawoffices.co.il/articles/

Previous newsletters can be found at:

http://levinlawoffices.co.il/newsletter/

If you have any further queries please feel free to make use of the Contacts page on our website:

http://www.levinlawoffices.co.il/contact-us/

Issue 31 – December 2010

Aviva — Mon, 27 Dec 2010 12:42:39 +0000

In This Edition

Welcome
Featured Article – Comparison between Israeli Residential Real Estate Transactions and British Residential Real Estate Transactions
Subscription Information
For Further Information

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Welcome to Israel Real Estate Law Insights

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Doing any kind of business transaction in a foreign country can be daunting. Perhaps you don’t understand the basic language or the differences between how things are done in the foreign country as opposed to your country of origin. The way to solve this is by finding out what these differences are and preparing yourself for them. Information is power.

A few years ago I wrote an article comparing U.S. real estate transactions to those in Israel. The article can be found on my website.

Below please find an article dealing with the similarities and differences between real estate transactions in England and Israel.

And for all my fellow Americans, I am also attaching a revised version of the original article concerning the similarities and differences between U.S. and Israeli real estate transactions:

http://levinlawoffices.co.il/2010/03/15/comparison-between-israeli-residential-real-estate-transactions-and-u-s-residential-real-estate-transactions/

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Comparison between Israeli Residential Real Estate Transactions and British Residential Real Estate Transactions

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Many people are nervous about entering into Real Estate transactions in Israel for many reasons. In Israel the real estate transactions are conducted in Hebrew, a language they are not completely familiar with. They are not used to Israeli business mentality. Purchasers who are not native Israelis feel that the process is different in Israel than in their native countries, thereby exposing them to more risk. Below you will find a list of practical differences between U.K. real estate transactions an Israeli real estate transactions.

Read the complete article on our website:

http://levinlawoffices.co.il/2010/12/27/comparison/

I would like to thank John Chart, solicitor and partner (member) of BACI LLP property specialists located in London for supplying the English side of this article. He can be reached at J.Chart@bacisolicitors.co.uk or on T 020 8 349 7680 F 020 8 346 8245.

Legal Vocabulary

Real Estate Agent – “Mitavech”. Real estate agency fees – “Dmei Tivuch”.

Tip of the Month

Before choosing a real estate agent ascertain what his or her fees are and sign a form with the agent which sets out what those fees are. If you do not understand the conditions on the form ask to see it in English or ask your attorney to explain it to you. If the agent did not sign you on a form you do not have to pay his fee.

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Subscription Information

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For Further Information

————————————————-

To receive a free copy of Nicole Levin’s popular ebook Essential Things You Need to Know About Buying Real Estate in Israel please send a blank email to:

mailto:ebook@levinlawoffices.co.il

Additional information can be found at:

http://www.levinlawoffices.co.il/free-stuff/

Further interesting articles can be found at:

http://levinlawoffices.co.il/articles/

Previous newsletters can be found at:

http://levinlawoffices.co.il/newsletter/

If you have any further queries please feel free to make use of the Contacts page on our website:

http://www.levinlawoffices.co.il/contact-us/

Issue 30 – November 2010

Aviva — Tue, 23 Nov 2010 07:09:17 +0000

In This Edition

Welcome
Featured Article – Historical Buildings – Are They Really Worth More?
Subscription Information
For Further Information

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Welcome to Israel Real Estate Law Insights

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In my newsletters I try to give information that is important for people buying property in Israel to know. I’ve also tried to write about different trends in Israeli real estate. One of the latest trends in Israeli real estate is the preservation of historical buildings. This has been happening in Jerusalem for many years now but Tel Aviv is the new hot place for this and many investors have been buying up these properties, renovating them and turning them into true gems. In my article this month I tried to address some of the problems that this trend brings along with the rewards.

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Historical Buildings – Are They Really Worth More?

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In the not so distant past it was assumed that as soon as a building was declared an historical building slated for preservation its value was enhanced. The reason for this is that as soon as the building is labeled as a building that is to be preserved and protected this gives the building a special, high quality label. It was declared historical because it has special architecture, a special historical event took place there or a famous person lived there. It was believed that this label enhanced the worth of the property…

Read the complete article on our website:

http://levinlawoffices.co.il/2010/11/23/historical-buildings/

Legal Vocabulary

Real Estate Agent – “Mitavech”. Real estate agency fees – “Dmei Tivuch”.

Tip of the Month

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Subscription Information

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For Further Information

————————————————-

To receive a free copy of Nicole Levin’s popular ebook Essential Things You Need to Know About Buying Real Estate in Israel please send a blank email to:

mailto:ebook@levinlawoffices.co.il

Additional information can be found at:

http://www.levinlawoffices.co.il/free-stuff/

Further interesting articles can be found at:

http://levinlawoffices.co.il/articles/

Previous newsletters can be found at:

http://levinlawoffices.co.il/newsletter/

If you have any further queries please feel free to make use of the Contacts page on our website:

http://www.levinlawoffices.co.il/contact-us/

Issue 29 – October 2010

Aviva — Mon, 04 Oct 2010 11:33:42 +0000

In This Edition

Welcome
Featured Article – Purchasing Apartments from Construction Companies – The Price and Payments Small Print
Subscription Information
For Further Information

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Welcome to Israel Real Estate Law Insights

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Purchasing Apartments from Construction Companies – The Price and Payments Small Print

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You’ve decided to buy an apartment from a construction company and closed on the price. Congratulations. But before you travel any further down the property purchase path, here are a few important things you need to know so that you can plan your finances for the transaction without getting taken to the cleaners…

Read the complete article on our website:

http://levinlawoffices.co.il/2010/09/28/construction-companies/

Legal Vocabulary

“Madad Tesumot Benia” – this is the building index .

“Madad Michirim L’tzarchan” – This is the consumer price index.

To better understand what this is please read the article attached to this newsletter.

Tip of the Month

To better understand the how the indexes work in Israel, which months they usually go up and which months they don’t check out the website of the Israeli Bureau of Statistics. This can help you plan your payment schedule.

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Subscription Information

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For Further Information

————————————————-

To receive a free copy of Nicole Levin’s popular ebook Essential Things You Need to Know About Buying Real Estate in Israel please send a blank email to:

mailto:ebook@levinlawoffices.co.il

Additional information can be found at:

http://www.levinlawoffices.co.il/free-stuff/

Further interesting articles can be found at:

http://levinlawoffices.co.il/articles/

Previous newsletters can be found at:

http://levinlawoffices.co.il/newsletter/

If you have any further queries please feel free to make use of the Contacts page on our website:

http://www.levinlawoffices.co.il/contact-us/

Issue 28 – August 2010

Aviva — Wed, 18 Aug 2010 10:31:08 +0000

In This Edition

Welcome
Featured Article – Nine Things to Consider When Purchasing an Apartment in Israel from a Construction Company at the Preconstruction Stage
Subscription Information
For Further Information

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Welcome to Israel Real Estate Law Insights

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Nine Things to Consider When Purchasing an Apartment in Israel from a Construction Company at the Preconstruction Stage

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There are major differences between buying an existing apartment in Israel from a private individual (second hand) and buying a new apartment from a construction company at the preconstruction stage. Below are a few things to remember…..

Read the complete article on our website:

http://levinlawoffices.co.il/2010/08/17/nine-things-to-consider-when-purchasing-an-apartment-in-israel/

Legal Vocabulary

Although the contracts with construction companies are standard for the whole project you can negotiate changes in the legal aspects of the project and the physical aspects of what the apartment will include.

Tip of the Month

“Mifrat Techni” these are the specifications of the apartment. They set out what materials the apartment is built from, how many electric sockets, light sockets in each room etc. Some of these items can be upgraded, but usually at an extra cost to the purchaser.

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Subscription Information

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For Further Information

————————————————-

To receive a free copy of Nicole Levin’s popular ebook Essential Things You Need to Know About Buying Real Estate in Israel please send a blank email to:

mailto:ebook@levinlawoffices.co.il

Additional information can be found at:

http://www.levinlawoffices.co.il/free-stuff/

Further interesting articles can be found at:

http://levinlawoffices.co.il/articles/

Previous newsletters can be found at:

http://levinlawoffices.co.il/newsletter/

If you have any further queries please feel free to make use of the Contacts page on our website:

http://www.levinlawoffices.co.il/contact-us/

Issue 27 – July 2010

Aviva — Mon, 28 Jun 2010 08:28:19 +0000

In This Edition

Welcome
Featured Article – The Probate of a Foreign Will in the Israeli Court System
Subscription Information
For Further Information

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Welcome to Israel Real Estate Law Insights

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The Probate of a Foreign Will in the Israeli Court System

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What happens when a foreign resident who owns property in Israel dies? What happens to his Israeli property? Very simply, it goes to his heirs. If the deceased left a will then the property will go to those heirs mentioned in the will. Even if we are talking about a foreign resident who was living abroad at the time of his death, his Israeli property will go to the heirs mentioned in his will, assuming that the will is valid under the laws of his country of residence.Here are the steps for the probate of a foreign will in Israel:

The foreign must first go through the probate process in the country in which the deceased lived at the time of his death.

Read the complete article on our website:

http://levinlawoffices.co.il/2010/06/21/the-probate-of-a-foreign-will-in-the-israeli-court-system/

Legal Vocabulary

“Probate Order of A Will” - “Tzav Kiyum Tzava’a” – This is a court order declaring that the will is valid and in effect. This order is then taken together with the will to the various places where the deceased’s property is found such the land registry or the banks.

Tip of the Month

When preparing a will it is important to consult with an estate attorney from any other country where you hold citizenship to see if the will be in effect there and to make sure that the new will does not cause you to incur estate tax in these other countries. In Israel there is no estate tax.

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Subscription Information

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Please feel free to forward this newsletter on to friends in its entirety.If you received this newsletter from a friend you can subscribe and get your own copy by signing up in the box to the left of this article.We only send out this newsletter with permission. If you no longer wish to receive it, you can unsubscribe by sending an unsubscribe email by

clicking here.
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For Further Information

————————————————-

Additional information can be found at:

http://www.levinlawoffices.co.il/free-stuff/

Further interesting articles can be found at:

http://levinlawoffices.co.il/articles/

Previous newsletters can be found at:

http://levinlawoffices.co.il/newsletter/

If you have any further queries please feel free to make use of the Contacts page on our website:

http://www.levinlawoffices.co.il/contact-us/