In This Edition
- Welcome
- Featured Article - Selling an Apartment in Israel
– Eleven Essential Tips
- Legal Vocabulary – 'Mas Shevach'
- Tip of the Month – Tax Planning
- 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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Selling an Apartment in Israel
- Eleven Essential Tips
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Selling a home in Israel doesn’t always go as smoothly as you might hope. The easiest way to navigate the maze of tax, legal contracts, payment schedules and more is to plan everything out in advance, know what questions to ask and consult with experienced real estate legal professionals .
Below are eleven important things to consider when selling property in Israel.
- Every real estate transaction in Israel involves two basic taxes: 1) purchase tax paid by the purchaser, and 2) capital gains tax paid by the seller. If you are selling residential property such as a house or apartment, you should consult with your real estate attorney before signing the sales agreement in order to determine if there will be capital gains tax and how much that tax will be.
- Generally, sellers who own only one apartment at a time are entitled to an exemption from capital gains tax once every 18 months. Sellers who own more than one apartment receive an exemption from capital gains tax once every four years.
In order to determine tax liability, the tax authorities look at the family as a unit. A husband, wife and minor children are considered a family unit. If one member of the family owns an apartment, that apartment is considered to be owned by the other family members as well, even if it is only registered in one name. So, if you own an apartment in your own name and also jointly own another apartment with your spouse, the tax authorities will treat you as if you both own two apartments. In this situation, you would have to wait four years between sales if you want to get the full capital gains tax exemption for the sale of both apartments.
- If you are not selling the apartment at a profit it is prudent not to ask for...
Read the complete article on our website.
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Legal Vocabulary
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'Mas Shevach' (Capital Gains Tax)
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This is a tax imposed on the profits from the sale of real estate. The seller pays this tax. In many cases the seller can get an exemption and it is therefore wise to consult with your real estate attorney before signing the contract to make sure that you can get the exemption.
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Tip of the Month
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Before beginning any real estate transaction, it is wise to consult with a real estate attorney to consider the tax implications of the deal. Good tax planning will enable you to sell properties at the right time and to save money.
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Subscription Information
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For Further Information
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