If you are planning to purchase real estate but have doubts about the transaction’s integrity, lawyers specializing in contractual and commercial relations can assist you.
What to pay attention to when buying an apartment in Israel?
- Registration documents. When buying a second-hand apartment, make sure the seller has all the necessary documents, including: — property rights registration certificate; – extract from the Land Registry Office (TABU) (if the property is registered there); – rights certificates issued by the Land Administration or the registration company (if the Land Administration has records of the property being registered).
- Reliable owner. Make sure that the property seller is indeed the owner. Carefully check the identity numbers in the property registration documents, as well as the number of their identity card.
- No encumbrances. Carefully examine the rights certificate or the extract from the Registry Office, and verify all the details mentioned in the documents for the apartment. Check if there are any encumbrances such as mortgage or pledge, or if the property is under seizure.
- Mortgage. If the current owner once bought the apartment with a mortgage, they must provide a letter from the bank or other financial institution. The letter must confirm that the mortgage encumbrance has been lifted from the property. The letter should also state the exact amount of the property’s encumbrance.
- Building documents, where the apartment is located. To check them, you need to contact the engineering department of the municipality or the local administration of the area where the property is located.
- Technical condition of the apartment. Specialists such as architects, plumbers, and others are best suited to check the condition of all systems.
- Municipal tax. Make sure that the owner has no debts on the municipal land tax — arnona. Ask for receipts of payment, including the last month.
- Lawyer. Experience shows that a legal expert ensures the reliability and safety of the transaction. A lawyer will help check the documents and save the buyer from unpleasant surprises. When choosing a lawyer, prefer a competent, experienced attorney who specializes in such transactions.
- Proper completion of the transaction. At the end, the seller must provide the buyer with the following documents: a certificate from the municipality about the payment of all necessary fees (or exemption from payment); a certificate of payment of the real estate capital gains tax; power of attorney; a certificate of sale or long-term lease.
Having received all the documents, the new owner of the apartment must make the final payment, which has been kept by the lawyer as a trust arrangement until now.
Need help from an Israeli lawyer? The specialists at Alex Zernopolsky’s office are ready to provide you with qualified and prompt assistance.