Selling or buying a property is a significant transaction that involves large sums and a lot of emotional burden. With my legal support we will clear the deal with confidence and professionalism. We will perform the contract out of great responsibility and check that the move is conducted properly down to the smallest details.
My accompaniment starts from the moment of contact until after receiving possession of the property, and includes a lot of caring, dedication and service.
Among other things, I sell apartments, buy apartments, buy an apartment from a contractor, second-hand apartments, sales agreements and rental agreements.
A real estate transaction is complex and has many layers, and involves quite a few risks and therefore it is very important for thorough professional work and extensive experience in the field and all the required tests must be performed in the best and most comprehensive manner.
Preliminary inspections before buying an apartment
Economic aspects
Examine the general cost of the apartment and your options, the amount of your budget, and the possibility of obtaining bank financing (mortgage) if necessary.
Physical inspection of the apartment and its surroundings
It is recommended to physically inspect the apartment and visit it several times during the morning and at night, for the purpose of examining the environment and avoiding "surprises" noises or nuisances that can be detected before purchasing the apartment.
Legally
It is necessary to examine the status of the registration of rights as well as examine restrictions including liens, mortgages, foreclosures, rights in favor of a third party, etc.
Planning inspection - building file (building permit)
Before purchasing the apartment, it is very important to make sure that the purchased apartment has received a lawful building permit from the local planning and building council (of the local authority), as well as check what can be built on the land and what the use is and make sure there is a physical match Make sure that there are no construction anomalies. And to make sure that it is indeed a "residential apartment" since there are cases in which one or another property was prepared for a "warehouse" and sold as an apartment, which will affect the transaction and the value of the property.
Ordering a shared house portfolio
Before buying an apartment that is part of a building registered as a condominium in the registry office, it is recommended to order the condominium file and review the documents, bylaws, plans and make sure accompanied by an attorney representing in the transaction that the documents do correspond to the actual apartment condition. , Common areas, etc.
Identification of the seller
It must be examined that the person who sells the apartment is indeed the real owner, and is the registered owner of the rights. It is also important to check who actually lives in the apartment, since if it is a registered apartment for two spouses and only one of them lives in the apartment, make sure that the other spouse is aware and agrees to the sale in order to avoid future lawsuits. Upon sale of the apartment.
Taxation tests
In the sale of an apartment, taxes apply to both parties, since the seller pays "appreciation tax" and the buyer pays "purchase tax", and the seller may also be subject to "improvement levy" (to the local authority) in some cases. Therefore, it is very important and recommended before buying the apartment, to check what taxes will apply if they apply and consult with the representative lawyer if you are entitled to one exemption or another as these amounts should be taken into account in the transaction details.
Improvement levy
This levy is imposed on the seller of a real estate property by the local authority in cases of improvement of the property, or approval of a plan that grants building rights to the property being sold.
This levy is a mandatory payment imposed on the seller's enjoyment of improving his property, as a result of the approval of a city building plan that grants building, development, relief, etc. rights that increase the value of the property.
Appreciation Tax
Before selling, it is necessary to examine what the expected tax is using a simulator that the representing lawyer will make a calculation of the expected goodwill tax in the transaction and bring this as part of the calculations in the terms of the transaction.
Regarding praise tax, there are a number of alternative routes for the seller:
- Full exemption in respect of a qualifying residential apartment Partial exemption according to the calculation of linear goodwill tax Full payment of goodwill tax
Therefore it is very important in examining the deal through a lawyer who specializes in the field in order to examine the options available to the seller and choose the best option while saving costs as possible.
purchase tax
The Real Estate Taxation (Appreciation and Acquisition) Law, 5727-1963 deals with the tax aspects involved in the sale of rights in real estate, at the time of their sale. Pursuant to section 9 (a) of the Law, in the sale of a right in real estate, the purchaser must pay purchase tax to the Tax Authority unless he meets the criteria for exemption and / or relief in the purchase tax.
Stage signing the contract
In good time after performing all the accompanying checks by you and the representing attorney, and after submitting draft agreements, a date is set for the parties to sign which is important to reach after reviewing the final draft and you are aware of terms of employment, price, entry date, payment schedule etc.
The said contract is the document that binds the parties and in which the outline of the transaction is determined, and it is important that this is done in a professional and efficient manner. The representative lawyer must provide in writing all the terms of the transaction, detailing the schedule, dates, payments, accompanying documents, statements, obligations, etc.
Stage of obtaining possession of the apartment
The date of delivery of possession of the apartment as stipulated in the contract, is after making all payments in accordance with the layout determined by the parties. The lawyer must make sure that all the documents are in place and that the possession of the apartment can be transferred to the buyer.
Reporting for real estate taxation and tax payment
The lawyer representing in the transaction must submit a report to the tax authority to which he will attach the purchase contract, draft a taboo, as well as any other relevant document.
Making a first payment at the expense of the consideration
Upon signing the contract and appendices, the buyer transfers an advance on account of the consideration, usually between 10% -15% of the total apartment price, via bank check, which is usually deposited in trust by the seller's lawyer, until registration of rights / registration of a warning note in favor of the buyer.
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