In This Edition
- Welcome
- Featured Article – Stepping Stones to Purchasing Your Dream Home in Israel
- Tip of the Month – Shop around for the best mortgage
- Legal Vocabulary – What is the "Tabu"?
- 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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Stepping Stones to Purchasing
Your Dream Home in Israel
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Buying a home in Israel may be your dream come true, but if you don't take it
step by step, you could find yourself tangled in red tape and ready to pull your
hair out before you know it.
Here are some initial steps to take to help the deal go smoothly.
Find A Good Real Estate Agent
Of course you don't necessarily need a real estate agent to help you find your
dream home but you may find that using one helps you save time and money. Real
estate agents generally charge 2% plus VAT from both the buyer and the seller.
According to Israeli law, real estate agents must be licensed, so make sure yours
has all the formalities in place. Generally, real estate agents will ask you to
sign some paperwork with them before they show you any properties. Since this may
be a legally binding contract, it is wise to show it to your attorney before signing.
Hire A Structural Engineer To Check The Apartment
Unless you enjoy risk taking, you'll probably want to call the deal off if your
engineer finds structural or other serious flaws with the apartment. Depending on
the type of problems found, you may be able to negotiate a lower price with the
seller which takes into account the costs you will incur to fix the problems. It's
also possible that the price you were quoted is a firm price, irrespective of any
defects found in the apartment.
A written report may cost around $500 plus VAT. A verbal report is usually about
half that amount but a written report is more useful if you discover unreported
problems later on.
Authorize An Attorney To Represent You
Your lawyer will:
- complete the title search to confirm ownership of the property and discover any outstanding mortgages or other debts
- negotiate the contract, including the payment schedule
- discuss your tax liabilities
- process the registration of the property rights
Optionally, your lawyer can also help you...
Read the complete article in our articles section.
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Tip of the Month
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The mortgage banks are very competitive. Negotiate with them to see who will give
you the best mortgage with the best conditions.
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Legal Vocabulary
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In your real estate deal you might come across the word "Tabu". This is the
Turkish word for the Land Registry. In Hebrew it is called "Lishkat Rishum
Mekarke'in", but very often people refer to it by the shorter term "Tabu". In
this office the rights to real estate properties are registered.
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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.shtml
Further interesting articles can be found at:
http://www.levinlawoffices.co.il/articles.shtml
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.shtml
