One of the most important and expensive decisions you make in your life is buying a property. We have to analyze our financial situation and decide whether buying a residential property is good for the present situation. If you want to buy a property in Israel and you do not know about the real estate market and property laws of Israel, you should hire an Israeli lawyer in the U.S to guide you through the purchasing process.
There are several things you have to consider while purchasing a residential property in Israel. Let’s take a look at how to do things in the right way.
Finding The Right Property
The first thing you have to do is to find the right property in Israel to buy. You can look up various real estate website or contact a real estate agent who has exclusive knowledge about the real estate market in Israel. But make sure that the agent you hire has a valid license and a good grasp of the English language. You should also remember that hiring a real estate agent means you have to pay a fee that ranges between 1-2 % of the purchase price. If the real estate agent you hire is a professional and have enough experience, the extra cost you spent is worthwhile.
Inquire About The Property
Once you choose a potential building to buy, engage an engineer or other qualified professionals to check whether the building is in good condition and there are no irregularities. Make sure that you measure the size of the building and record the correct specifications with the authorities.
Hire An Experienced Lawyer
You have to hire an experienced and competent lawyer to represent you and guide you through the buying process. An experienced lawyer will help you with the negotiation and with the transaction of money. You might have to pay a lawyer’s fee that usually comes around 1.5 % of the purchase price.
Financing And Contract Signing
You can pay the purchase price in cash or through a combination of cash and mortgage finance. Before you sign the contract, read the provisions of the contract carefully, and make sure that they are negotiable. You should do all the necessary legal checks on the property before signing the contract. Make sure that there are no existing mortgages that could affect the transaction. The non-residents have to pay 8% of the purchase price as purchase tax if the purchase price is up to NIS 4,896,15. The tax will be 10% if the purchase price is above NIS 4,896,15.