Before buying or selling commercial property in Israel, it is critical to understand the process and the legal factors that can impact the transaction. International buyers or those abroad who want to sell property in Israel that they have inherited need to take particular care to comply with requirements unique to the Israeli real estate market.
Maximizing Your Benefits in a Commercial Real Estate Transaction
Buying or selling commercial real estate in Israel involves several steps. To protect your interests and achieve your best objectives from the process, it is wise to start by hiring a professional with experience in the commercial market and a good understanding of local laws and regulations. Your real estate professional can help you with the following steps as you do your due diligence. Before making an offer, it’s essential to carefully review the property’s legal and financial status, including the terms of any leases and any outstanding debts or liabilities.
Once you understand the property well, you can start negotiating the terms of the sale with the seller or the seller’s agent. Then, you begin the multi-step process of closing the deal, including signing contracts and transferring property ownership. This usually involves paying various fees and taxes and registering the sale with the proper authorities.
It’s essential to be familiar with the local real estate market and any laws and regulations that may apply to commercial property transactions in Israel. An attorney specializing in real estate law can assist you in navigating this process.
Legal and Probate Factors Involved in Buying or Selling Commercial Real Estate in Israel
When buying or selling commercial real estate in Israel, it’s essential to consider the various legal and probate issues that may arise. Some of these include:
- Title and ownership: One of the most critical steps in any real estate transaction is to verify that the seller is the rightful owner of the property and that there are no outstanding claims or liens on the title.
- Zoning and building regulations: Before buying a property, it’s essential to ensure that it complies with all local zoning and building regulations and any applicable environmental laws.
- Contracts and agreements: When buying or selling a property, it’s essential to have a detailed and legally binding contract that outlines the terms of the transaction and any warranties or guarantees.
- Probate issues: If a deceased person owns the property, it may be subject to probate, which is transferring ownership to the rightful heirs. This can be a complex and time-consuming process, and it’s essential to have the assistance of a lawyer familiar with probate law in Israel.
- Taxes: Both buyers and sellers need to be aware of any taxes that may be owed on the sale of commercial real estate in Israel, including transfer taxes, capital gains taxes, and value-added taxes.
Overall, it’s essential to seek the assistance of a qualified Israeli real estate attorney when buying or selling commercial real estate in Israel to ensure that the transaction is completed smoothly and by all applicable laws and regulations.
Work with an Experienced Commercial Israeli Real Estate Lawyer
At Aharoni Law Firm, we focus our practice on assisting international buyers and sellers seeking to acquire or divest interests in Israel. We understand the complications that can arise so we can plan to prevent problems.
We can manage all aspects of the transaction so that you can successfully conclude business remotely. Call us at 888-923-0022 (United States) or 972-3-9055478 (Israel) or online to schedule a consultation.