It is possible to make beautiful real estate transactions in Israel whether for a professional or an individual.
But prudence is required.
The property proposed for purchase must be verified: quality of registration, existence of mortgage or unfortunately, seizure or judicial or administrative order, checking of the residential tax and the planning tax.
It is also necessary to check the taxation of the transaction before the signature of the contract for an optimal use of tax relief: single apartment, purchase of an apartment or a commercial property by a new immigrant, reduced rate for the purchase of a commercial property
The fact of paying a large part of the price at the signing of the contract often allows to obtain a reduction of the price.
After the signature, the acquisition will have to be protected by the lawyer: informing the official registers and follow up the transaction. The lawyer sometimes intervenes for legal services related to mortgage credit. The lawyer accompanies his client until the registration of the rights in the appropriate registers.
In the new property market, legal follow-up is more complex. Contracts are easily 30 pages long. The lawyer must check adequate legal provisions for the delivery of apartment according to agreed specifications, non abusive clauses, penalties in favor of buyer in case of delay, protection of funds in case of bankrupcy of the building company etc. The lawyer must ensure that legal and financial standards are adhered to in this area.
The sale of real estate in Israel also requires a good knowledge of the legal and tax advantages (exemption from the tax on the capital gain or partial exemption) and possibly negotiation with the tax services.
Naftali RUBIN Law Offices and Notary 2018©