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10 Milestones to Buying a Property in Israel

28th March, 2016

1. Identify, Choose and Evaluate the Property

You will want to consider Budget, neighbourhood, proximity to leisure facilities, landmarks and social and religious centres.

2. Negotiation

Be well prepared in advance! Know the market, the neighbourhood, and your negotiating limits.

3. Financing the Deal

Find out how much you need to borrow. Take advice on how much you can borrow and the type of mortgage that’s right for you.  The Israeli framework is different.  Before signing a contract, make sure you have pre-approval for the mortgage.

4. Sign a Contract with the Seller. 

This makes you legally bound to the deal and a schedule of payments up to the point that the property transfers.

5. Land Registry

Once the Contract is signed, a note must be added in the Land Registry that a sale is in progress.

6. Finalising the Financing.

Only once you have a signed sale contract can you finalise a bank  loan.

7. Tax Payments.

Purchase Tax and Capital Gains Tax become payable at this stage.

8. Registration.

The lawyer registers your property and transfers the deeds into your name. Several types of taxes and fees may be payable – including Acquisition Tax, City Tax, and (in a shared building) maintenance fees.

9. Internet/Telephone, Electricity, Gas.

The utilities must be registered in your name, and if relevant transferred from the previous owner.

10. Move in and enjoy your new property in Israel!!

More blog posts coming soon!

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