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Property Purchasing Basics in Israel

Photo by Lielle Feder www.eyepicz.com

In Israel, real estate agents will charge a commission of 2% from the property price payable by the buyer and seller. If you are the one purchasing the property, then you have the option to go through your real estate agent, or you may forgo bringing your agent and deal with a single agent that represents the seller I. E The listing agent can represent the seller and buyer. Whatever choice that you decide to go with, all negotiations are carried out by the agent or agents.

If you need guidance in selecting a property, understanding the process length, and what is included in the purchase price, consult with your real estate agent. Ensure that you can determine what will be included in the purchase price because often, the property in Israel will be sold with only bare walls unless it has been agreed upon to be different. Once there is an agreement, lawyers will then handle the matter, and often both sellers and buyers will have their lawyers. The lawyers will do the research that is needed to determine the legality of the property. They will ensure that all construction improvements and upgrades have been completed and were made using proper permits. The financial terms and the final price will be incorporated into the agreement by the respective lawyers.
Once the contract has been signed for you to purchase your property, you will need to make your first payment as well as any lawyer and real estate agent fees. Additionally, you will also have to pay the purchase tax; however, there is a 50-day grace period for this. These payments will need to be processed through your lawyer.
Before you can view a property, the agent will ask for you to sign a request for real estate services. This is a simple contract required by Israeli Real Estate Law, and it will become the agreement which entitles the agents to the commission. Ensure that the exact address has been indicated on the contract, especially if you are looking at a property with multiple agents so that you will not be forced to pay two different agents a commission for showing you the same property.
For any additional information about the purchase process, please contact us at info@fedport-hs.com. If I am unable to answer your questions, then I will provide you with contact information for an attorney or real estate agent in Israel who can.