Properties for Sale

KISLEV 5779

DECEMBER 2018

JERUSALEM PROPERTIES

Looking for excellent opportunities?
Check out our New Jerusalem Projects      

            * * * * * 

Looking for new projects out of Jerusalem?

Check out our Israel Real Estate

              * * * * * 

 Beautiful Garden Apartment #1451

New building, 123 sqm apartment with a 180 sqm garden near the Great Synagogue and Ben Yehuda!

           * * * * * 

In The Center Of Town  #1267

A lovely 115 sqm 4 bedroom apartment with expansion options

             * * * * * 

 HOME IN TIVERIA

Foothold In Tiveria  #1578

Great investment or for your personal use

Small apartments NIS 250,000 - 480,000

 

 CHECK OUT OUR LONG TERM RENTALS!

NEWS

1- There is a demand for the Knesset to enact legislation to protect homeowners who own apartments on land leased from the Church. If this affects you, you can communicate with them at jerusalemchurchland@gmail.com

2- KEEP YOUR PASSPORTS - OVERSEAS BUYERS - Make sure that you keep the passport you used when you purchased property in Israel.  Should you decide to sell, having this passport will save you weeks of bureaucratic nightmare that will delay your sale!!

 

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
 

   

 

Back


   Terms of Use  |  © All Rights Reserved to Eiferman Properties  |  Eiferman Properties Ltd. +972-2-651-4030

Shlomo Maoz | Nemo