The purchase or sale of a condominium in Israel often triggers unique legal challenges. Transactions involving condominiums may involve additional encumbrances, issues with financing, difficulties with appraisals, and other potential problems.
As attorneys who regularly represent international buyers and sellers, the team at Aharoni Law Firm understands how to overcome these potential pitfalls. We manage transactions efficiently and advocate rigorously to protect our clients’ interests. Our team can complete the sale or purchase remotely so that clients do not need to interrupt their schedule to travel to Israel.
If you are buying or selling a condominium in Israel, there are several steps you need to take:
- Obtain a mortgage or sell your existing property: If you are buying a condominium, you may need to obtain a mortgage from a bank or financial institution. If you are selling a condominium, you need to find a buyer and negotiate the sale price.
- Conduct a title search: Before purchasing a condominium, it is important to conduct a title search to ensure that the property is free from any liens or encumbrances. It is also important to be aware of obligations that come with the property.
- Sign a purchase agreement: Once you have found a buyer or a property to purchase, you will need to sign a purchase agreement. If you are completing the transaction remotely, your lawyer can prepare a power of attorney to authorize execution on your behalf.
- Transfer ownership: After signing a purchase agreement, you will need to transfer ownership of the property to the new owner, which typically involves paying taxes and fees and registering the transfer of ownership with the local authorities.
It is important to seek the advice of an Israeli real estate attorney to ensure that the buying or selling process is handled properly and to avoid any potential legal problems.
Watch Out for Probate Issues and Other Complications
Probate issues can arise when buying or selling a condominium in Israel if the owner of the property has passed away. In such cases, the property must be transferred to the deceased owner’s legal heirs or beneficiaries through a process called probate.
When selling a condominium, the seller must provide proof of ownership, including a death certificate and a will or a letter of administration if the property was left to the seller through inheritance.
When buying a condominium, the buyer must ensure that the property is transferred to them without any legal challenges, including those related to probate. The buyer should have the property title checked by a real estate attorney to confirm that the proper is selling the property and that there are no outstanding legal issues.
Aharoni Law Firm Can Manage the Purchase or Sale of a Condominium on Your Behalf
Whether buying or selling, it is wise to seek the advice of a real estate attorney in Israel to ensure that probate issues are properly addressed and that the transaction is handled smoothly without any legal challenges.
Aharoni Law Firm manages factors from local registration to international tax issues to help buyers and sellers achieve their objectives efficiently. Contact us today to learn more about the ways we can assist.
Contact an Experienced Israeli Real Estate and Estate with U.S. Offices
Now that you know why you should be represented by an Israeli lawyer in the United States, contact us at Aharoni Law Firm. We have U.S. offices in New York, Los Angeles, and South Florida. We speak Hebrew, stay up to date with Israel’s laws, and can answer all your questions.