What You Need to Know Before Buying or Selling Residential Property in Israel
The price of real estate is sky-high and shows no signs of abating. A hundred years ago, Tel Aviv was a sand dune. Today, beachfront condominiums in Tel Aviv sell for $8 million.
Buying or selling residential property in Israel can be highly complex but we will make it simple. To avoid common pitfalls, you need the counsel of an attorney who understands Israeli real estate law. In addition, if there are probate or inheritance issues involved in the transaction, your attorney must understand Israeli probate law as well
Steps Required for a Successful Real Estate Transaction in Israel
To transfer legal ownership of residential real estate in Israel, buyers, sellers, and their legal counsel must ensure that all of the following steps are properly completed:
- Due diligence: Buyers must perform due diligence research on the property to ensure that there are no liens or encumbrances on the property that would prevent or delay the transfer.
- Contract preparation: The sale agreement must be properly drafted and executed, including details such as the purchase price, payment terms, and any contingencies.
- Title search: The buyer must conduct a title search to determine the ownership and chain of title of the property.
- Property taxes: The buyer and seller must ensure that all property taxes have been paid up to date.
- Zoning regulations: The buyer must ensure the property complies with local zoning regulations and building codes.
- Property insurance: The buyer must obtain property insurance to protect against potential losses.
Both the buyer and seller must be aware of the closing costs, including transfer taxes and legal fees, which can be substantial. A real estate attorney can explain what is involved and the options for handling various costs.
Finally and often most critically, the closing process must be properly executed. This includes the transfer of funds and the requisites to accomplish legal transfer of ownership.
Aharoni Law Manages the Purchase of Sale of Residential Property in Israel
While a real estate sale is a complicated transaction, assistance from the right professionals can make the process easy on your end. The Aharoni Law Firm represents buyers and sellers in all types of transactions, including properties encumbered by difficulties. Allow our team to manage the transaction on your behalf so that you can enjoy the benefits without the concerns.
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At Aharoni Law Firm we have one goal: provide solutions to our international clients facing legal issues in Israel. Our practice values are rooted in a commitment to listening, a drive to problem solve, and a desire to offer legal expertise that is both helpful and convenient. With four offices across the world, Aharoni Law Firm knows no borders. We literally cross oceans for our clients solving legal issues in Israeli probate, estate, property, and business law matters.