In This Edition
- Welcome
- Featured Article – Protecting Your Rights In A Second
Hand Real Estate Transaction
- Tip of the Month – Payments to your contractor
- Legal Vocabulary – 'Taba' (Cities Building Plan)
- 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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Protecting Your Rights In A Second Hand
Real Estate Transaction
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If you're considering buying a property second-hand, you need to be aware of the possible pitfalls and how to avoid them. Here are 11 ways to protect your money and your rights.
- Do a title search – Your attorney should do a title search to ascertain that the seller is indeed the owner of the property. This search will reveal whether the property is encumbered by mortgages, liens or debts of any kind.
- Get an engineer's report – An engineer should check the apartment to see if it is structurally safe. The engineer's report will give you a list of items in the apartment that need to be repaired and an estimate of how much those repairs should cost. In a few cases, the apartment may be structurally unsafe, or the repairs too costly for your budget. If you are interested in building an addition to the apartment, an engineer can tell you if your ideas are structurally viable.
- Check the zoning – You should get advice concerning the zoning laws of the neighborhood or street on which the property is built. Do they allow the kind of addition you would like to build? Do they allow your neighbor to build another floor, thereby obstructing your view? What do the zoning laws allow to be built on the empty lot across the street? Is the plot slated for public use...
Read the complete article in our articles section.
NOTE: Updated Purchase Tax (
Mas Rechisha) levels have been published which apply to transactions from 15 October 2007 until the next regular update on 15 January 2008. See our
Purchase Tax webpage. There are proposals for a significant change in
Mas Rechisha levels, but these are still in the process of being approved by the government.
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Tip of the Month
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When purchasing an apartment from a construction company at the preconstruction stage only make payments into the project's escrow account. Any money not paid into this account will not be covered by the bank guarantee. It is preferable to deposit the money yourself into this account rather than give the company a check and rely on them to do this for you.
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Legal Vocabulary
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'Taba' –
This stands for the Hebrew words 'Tochnit Binyan Arim' (Cities Building Plan). These are the zoning laws by which houses are built. Among the issues dealt with in the Taba are restrictions on the size and height of buildings and how close one may build to the street edge.
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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:
(NOTE: New articles available!)
http://www.levinlawoffices.co.il/articles.shtml
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