Selling Property In Israel

Author:Ms Caroline Walsh
Profession:CWalsh Law Offices
 
FREE EXCERPT

Proving your Ownership

The first thing you will need to check when selling a property is that you are registered as the owner of the property and that your identification details are correct. This may mean a simple search at the Land Registry or a slightly longer verification process if your property is not registered. Since everything in Israel is registered with an identification number as well as a name, if you have renewed your passport or other identification since the property was purchased, the number on your current document may not be the same and you will need to update this before you sell.

The Process

Unlike in other countries which may have a standard procedure for the sale of real estate, in Israel almost everything is up for negotiation. From the dates and amounts of the payments to the length of time between exchange and completion, all these issues need to be resolved in the sale agreement.

Once you have accepted an offer for the property, we will prepare a contract and supply the relevant documents needed to prove the legal status of the property. After all the details have been agreed and you are satisfied with the conditions of sale, a binding agreement will be signed. At the same time, you will also sign the documents required to transfer registration of the ownership and these will remain with our office until all payments on the purchase have been made.

The buyers will make the first payment on exchange of contracts (usually by way of a bank draft in your name) but this will be retained by our office for two to three days to enable the buyers to register their interest in the property at the Land Registry (or wherever the registration of the property is held). The balance of the purchase price will be paid in several installments, over several weeks or months, depending on the terms you have agreed with the buyers.

On completion, the final payment will be made and you will need to provide vacant possession of the property, unless agreed otherwise in the contract. You will also need to provide the buyers with the various documents needed to transfer ownership, as mentioned above, together with confirmation that you have complied with all your financial obligations in regard to the sale. In particular, you will need to provide confirmation from the local municipality that there are no outstanding rates or other levies owing in relation to the property and confirmation from the tax authorities to show that any tax due on...

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