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Guide to buying an apartment.

Posted by Alex Arnon on 28/03/2015
| 0

The article quoted below ask for basic information about buying and selling apartments in Israel.

The Guide to buying an apartment., Property - things must know!

Obviously you are not familiar with the details of a contract to buy an apartment real estate attorney, Yet, Relevant information can provide a measure of security for some of the required of you..


Memorandum intended to ensure both sides, The seller and the buyer., Making the deal. The document serves as a contract for all purposes. Violates the contract required fined (the seller is required to sell the apartment or pay a fine).

The buyer signing the contract of sale of the property is a statement that the buyer inspected the apartment, And that he had no complaints of any kind about it, For the characterization offices including the City Engineer. Once the apartment buyer signed the contract he was not able to complain against the seller (except in certain cases).

Want to be sure you've taken all the measures to make safe and responsible purchasing?

Find out the name of who is registered in the Land Registry apartment, Find out whether it applies to a demolition order or injunctive City Engineer's Office, And that was constructed according to city building program (CBP) without an exception, and in accordance with a permit authorized by law. Ask for a document indicating that the property is not mortgaged.

Make sure that the property owner is indeed the person you are familiar with the property he owns in accordance with the mortgage registrar office. If this is the apartment detached You need to know a lot or apartment (or portion thereof) for any reason exorbitant city Building Program (CBP) local committee in charge of the area.

It is important to ensure that the rights of apartment other third party except for mortgage.

Important tips:

Residence environment free of cellular antennas, And whether there are educational institutions, Synagogues, Community centers, shopping centers, Playgrounds, Sports Club etc. Nearby. These measures can affect the price of the apartment.

It is important to clarify that there is no payment or debt IEC apartment, To home, Mekorot and gas company until the day he delivered the new owner apartment.

After a discussion of the sections and summary essentials from the seller to the buyer attorney will write the details of the contract. Usually undergo several drafts between lawyers for both sides until you reach an agreement. The contract will be signed by both parties in the presence of an attorney certifying the signatures. On that occasion also signed a power of attorney to transfer ownership of the apartment.

Which documents are required to buy an apartment registered in the Land Registry?

Power of attorney to transfer ownership of the apartment.

A document confirming exemption from capital gains tax in accordance with accepted legal conduct (it is important to check whether the sellers moved in during the last four years, And whether they are eligible for this exemption).

A document confirming exemption from sales tax and property tax (from sellers).

A document confirming improvement tax exemption.

City Hall or council approval for Land Registry.

Approval of the removal of a mortgage bank, If there was one apartment.

Approval of the Registrar of Pledges indicating that the apartment is mortgaged.

Which documents are required to purchase a home registered in the Israel Lands Administration?

Land Registry approval

Israel Lands Administration approval

With a request signed by the seller of the property on lease right transfer.

How to ensure the sale / purchase of the apartment?

If the seller does not have all the documents required in the contract will not be possible ownership. To avoid this situation should be added to the sales contract clause that deals with the final payment for the apartment. This payment will be transferred to the seller only after all documents required for approval of the transfer of ownership of the apartment you indeed delivered to buyers. It is important that the amount will be significant in order to stay safe.

The Bottom Line

Many details need attention in the process of purchasing property. Professional real estate consulting ensures that no detail will not be forgotten and not let it slip out accidentally path to your right to the apartment that best materializes.

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