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.
In the past few years we have been witness to a new trend in Israeli Real Estate projects - purchasing groups. It is estimated that about a third of the apartments currently being constructed in central Israel are being constructed by purchasing groups. The current economic crisis has brought in its wake stricter bank controls over construction companies with respect to the financing of projects. This in turn has caused many a construction company to delay or even abandon planned projects. In addition, the much publicized demise of the Israeli construction company, “Hefziba”, has deterred many purchasers from purchasing apartments from construction companies while still at the construction stage.
All of this has lead to a search for new ways to purchase apartments that are still being constructed, without doing so directly from a construction company. This is where purchasing groups enter center stage. Until the issues of financial backing and general insecurity with construction companies are resolved, experts predict that purchasing groups will become increasingly popular.
What is a purchasing group? How is it different from purchasing an apartment from a construction company at the preconstruction or construction stages? Do purchasing groups really save the purchasers money? What are the dangers, if any, of...
Read the complete article on our website.
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Legal Vocabulary
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'Notarion' (Notary)
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In Israel, a notary is someone who has been a lawyer for at least 10 years and has applied for formal permission to act as a notary. The consul at any of the Israeli consulates can also provide the same services. These are the only people allowed to act as notaries by Israeli law. Many of the documents for Israeli real estate deals need to be signed in the presence of an Israeli notary. If you are not in Israel, the document can be signed in front of the Israeli consul.
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Tip of the Month
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When purchasing an apartment from a construction company, it is always advisable to consult with and engineer about the specifications of the apartment to see if any changes or improvements are needed. We also recommend that you use the services of an assessor to examine the project's file with the municipality to see that there are no irregularities with the building permit and to check future plans for the neighborhood.
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