In This Edition
- Welcome
- Featured Article – Navigating the Real Estate Maze
- Tip of the Month – Purchase Tax Calculations
- Legal Vocabulary – 'Mas Rechisha' (Purchase Tax)
- 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.
For the convenience of our US and UK customers, you can now contact us via a local telephone call. Our number in the US is 718 305 5470 and in the UK it is 0208 819 7394.
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Navigating the Real Estate Maze
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Most real estate transactions are uncomplicated and easy to complete, but when complications do arise, the dry legalese can suddenly take on a life of its own. It's then that you're grateful that your lawyer has read and understood the implications of every line of those endless legal tomes.
Family Ties
A few years ago a father and daughter came into my office. Adam was a widow, aged 77, whose wife, Danielle, had passed away several years before. His 40-year-old daughter, Sonya, was the youngest of eight children and was, herself, married with children.
Sonya had a sibling, Tom, who was living in a home for mentally impaired adults. Many years previously, when Danielle was still alive and Tom was still living at home, her parents had asked that one of their children move nearer to them in order to take care of them and Tom. The parents owned a small house on a large plot of land and there was room to build another house next door to theirs.
Sonya was the only one of her siblings who agreed to this. She sold her apartment and with the proceeds built a house next to her parents' house...
Read the complete article in our articles section.
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Tip of the Month
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Recently there have been changes in the purchase tax levels that have brought down the amount of purchase tax paid by average Israelis when purchasing an apartment. Therefore sometimes the purchase that the Israelis pay may be less than what the purchase tax comes out to be for an oleh who asks for a partial exemption from the purchase tax. Therefore make sure your attorney does a calculation of the purchase tax both ways to see which way comes out cheaper for you. Even if you are an oleh you do not have to ask for the partial exemption given to olim if you do not want to.
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Legal Vocabulary
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'Mas Rechisha' (Purchase tax) –
This is the tax that the purchaser pays when buying an apartment. It is due to be paid within 50 days of the signing of the apartment.
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Subscription Information
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For Further Information
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Additional information can be found at:
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