Properties for Sale

Israel Property News

IYAR 5777

APRIL 2017


JERUSALEM PROPERTIES

New Residential Projects
in South and West neighborhoods 
          

 Boutique Building  #1422

A TAMA 38 project  8 apartments built on 2 storeys
2 -3 bedrooms - 67- 106 sqm.
Prices range NIS 1,472,000 - 2,023,000

25 New Apartments - #1423

 A TAMA 38 project - on 3 storeys

2-4 bedrooms creatively designed.  
sizes from 67-125 sqm.  
Prices from NIS 1,420,000 - 2,420,000.

            * * * * *

Cottage With A Pool & Sauna  #1168
Located close to Talbieh and Emek Refaim.
A truly beautiful and comfortable home for the special family!

              * * * * * 

Exquisite Villa  #1288 

On private land, this beautiful building is on 3 levels      

          ******

 Jerusalem Suburban Town #1419

Just 20 minutes from Jerusalem, a religious and secular community offers a range of housing from semi -detached homes to apartments -garden, penthouses and everything in between.

              **********

 HOME IN TEVERIA

Overlooking the Kinneret Lake  #1406

NEW PROJECT NOT TO BE MISSED!!!  3-4 bedrooms with a succah balcony, parking and storage room facing the Kinneret. Sizes  range from 100- 130 sqm.  Balconies from 11- 102 sqm. Amazing prices from NIS 850,000- 1,250,000.

 

     CHECK OUT OUR LONGTERM RENTALS!

 

Buying Properties in Israel - an Attorney’s Perspective

By Jonathan Livny, Advocate & Notary

So you are thinking of buying a property in Israel? What should you know before taking the plunge?
For one, contrary to many other countries, in Israel all properties are centrally registered, be it with the Land Registration Office, the Israel Land Authority, or the various Building Associations. That is the reason no title insurance is necessary or even available to guarantee the purchaser’s rights. A lawyer who has your Power of Attorney will be able to ascertain for you whether the property is clean of any lien or if there is a mortgage registered on the property. He will also check for you what taxes are owed on the property and whether the title is free and clear. If there are additional building rights this is also an important detail for you to know and conversely whether everything was built in accordance to the building licenses granted. If it is not, are there any legal proceedings being held against the seller which might be detrimental to the sale?

Mortgages are also centrally registered in Israel. Your lawyer will be able to help you with all the arrangements regarding the taking of a mortgage either in foreign currency or in shekels. Whereas in some countries all payments, mortgages and delivery of possession are done on “settlement day” and until then, no money is paid to the seller, this is not the case in Israel. Here monies are paid to the seller before the receipt of possession and the registration of the apartment in the buyer’s name. It is therefore crucial that a lawyer make sure while drafting or reviewing the contract of sale, that payments to the seller are subject to the removal of any liens, mortgages or any other impediments which might hinder the smooth transfer of ownership.

Many real estate contracts are quoted in US dollars though payments are made by converting the dollars to Israeli Shekels according to the Representative Rate – which is the mid point between the buy and the sell of the dollar. The spread is about ¾%, which means you will need to add about ¾% to the purchase price. Utilities and municipal taxes need to be paid, and contracts signed with your utilities suppliers. All this is also done by your lawyer.

How much do you need to pay over and above the purchase price for all the other costs? Here are the additional costs: 2% Brokerage fees, 1% legal fees (on both you pay an additional 15.5% Value Added Tax added on to the fee) and about 3.5% Land Registration Tax. You will need to pay the Municipal Tax, and close to $200 for documentation, Power of Attorney, water and electricity contracts, etc.
Our office specializes in real estate – please feel free to call or write to us.

Jonathan Livny, ADVOCATE & NOTARY
10 Hillel St., P.O.B. 2607
Jerusalem 91026, Israel
Tel. 02-6247134, Fax 02-6250441
U.S. Phone Number: (646) 731 6407
e-mail: livnyif@netvision.net.il
 

   

 

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