Purchasing Real Estate in Israel

This is the most complicated subject I am dealing with in this site. My advice is simple: You should never ever get involved in a Real Estate deal without a lawyer!

Here are a few points to emphasis when acquiring either a new property first-hand from the builder or second-hand from a previous owner:

• Only buy from an officially registered contractor. Do not hesitate to ask to see his license.
   
• Don`t sign any kind of Memorandum/Minutes concerning Real Estate even if the other side pressures you. This is especially true concerning the buyer in the deal.
   
• You are entitled to have a guarantee from the bank, which should be supplied by the contractor.
   
• As a buyer you should have your own legal opinion even if the other side`s lawyer represents both of the parties.
   
• There are many different kinds of taxes when purchasing property in Israel. You will be exempt from some of them, therefore you must learn about taxes before making a decision.
   
• Real Estate Agents must have a valid license. Always make sure you know how much you will be paying him for his work. The percentages vary among agents and could be between 1 to 3 percent.
   
• Always make a written contract with the Real Estate Agent and be sure the percentage agreed is the same stated in the contract. Always limit the period of time in which the contract will be valid.
   
• Sometimes there will be a need to seek an expert to inspect the structure.

We hope you will find the best and most appropriate area to live in and enjoy every moment in Israel.

We have learned from our own experience and legal expertise and would like to share it with you. Feel free to contact us anytime.
 

Sincerely,
 

Tzvi Szajnbrum, Attorney at Law