You may be spending a major part of your savings when you purchase a residential property. Unless you get all the important details regarding the property you are planning to buy, you may later be disappointed with the deal you made, for many reasons.
In this article, we discuss important tips for buying residential property in Israel.
Find Out The Right Property
To start with the whole purchase deal, you have to find the right property. You may search on different websites to find out a real estate property on your own, without having to pay any fee. Another way is to get in touch with a real estate agent that has a valid real estate license and proficiency in English. You should keep in mind that hiring a real estate agent will increase the overall cost of the purchase because the agent will charge a fee that is 1-2% of the purchase price. But the spending is worth it if the agent that you hire is an expert in the field and can help you get the best deals.
Property Enquiry
You have to get the help of an engineer or a qualified professional who can analyze the quality of construction and ensure that no building irregularities exist. If you are planning to buy a house, it is important to have its size measured so that you can match it with the specifications recorded in the Land registry.
Finding Out The Right Lawyer
Getting a competent lawyer to represent you is very important. If you are in the US, hire an expert Israeli attorney in the US. Your lawyer will assist you throughout the purchase process. The lawyer’s fee will be between 0.5 and 1.5 percentage of the purchase price.
Signing The Contract
Prior to signing the contract, you have to conduct all the necessary legal checks in respect of the property. For example, you have to check whether there is anything like foreclosures or existing property mortgages that could affect the transaction in some way.
Receipt Of Possession
The seller and buyer should agree upon a delivery protocol that stipulates any defects that are to be remedied by the seller. It is important to arrange for the transfer of all utilities and rates accounts into your name.
You may pay for the residential property either in full cash or through a combination of mortgage and cash.