Buy Property In Israel Blog

Serving Foreign Buyers of Real Estate in Israel

Israeli Real Estate Agent gives 10 Commandments

to observe when buying a home or apartment in Israel.  In an interview with a jpost.com reporter, a Real Estate Agent from Anglo Saxon gives advice to people considering a real estate purchase. 

read the article

July 5, 2008 Posted by buypropertyinisrael | Basics of Buying in Israel, General Information, Israel Real Estate News | , , | No Comments

The Falling Dollar: New Trends in Israeli Real Estate Contracts

That’s the title of an Article appearing at the Israel National News website today.  The article, written by Israeli Attorney, Nicole Levin should be very helpful to those of you planning to buy a property in Israel anytime soon.  The article has some very good advice on how to limit your surprises when dealing with a Foreign Currency, in this case, specifically the U.S. Dollar.  The dollar’s recent decline has caused many Sellers in Israel to quote their prices in Shekels.  This is kind of a new type of negotiation that many foreign buyers are not accustomed to. 

Read the article

May 28, 2008 Posted by buypropertyinisrael | Basics of Buying in Israel, General Information, Israel Real Estate News | , | No Comments

Comparison: Israeli vs. U.S. Real Estate Transactions

by Nicole Levin Law Offices

(IsraelNN.com) Many people are nervous about entering into Real Estate transactions in Israel for many reasons. In Israel the real estate transactions are conducted in Hebrew a language they are not completely familiar with. They are not used to Israeli business mentality. Purchasers who are not native Israelis feel that the process is different in Israel than in their native countries, thereby exposing them to more risk. Below you will find a list of practical differences between U.S. real estate transactions and Israeli real estate transactions.

see chart and rest of article at haaretz.com

March 16, 2008 Posted by buypropertyinisrael | Basics of Buying in Israel, General Information | , , , | No Comments

Considering Aliyah? Undecided about where to live in Israel?

The Nefesh B’Nefesh website has a great new tool for olim: a (web-based) brochure providing comprehensive sketches of communities throughout Israel that may be appropriate destinations for North American olim.

check it out

February 7, 2008 Posted by buypropertyinisrael | Basics of Buying in Israel, General Information | , , | No Comments

Types of land in Israel

Mike Decker, the author of this article has a B.A. in law and is currently working at the law offices of Yehuda Raveh & Co. Mike also serves as senior legal activist at the Jerusalem Institute of Justice.

For further inquiries regarding the issues mentioned in this article, please do not hesitate to contact Mike Decker personally at decker@yraveh.co.il.

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The three different categories of land in Israel are: those which may not be purchased by foreign citizens; those which may be purchased by foreign citizens, yet are subject to various conditions; and those which may be purchased by foreign citizens not subject to any conditions.

The overwhelming majority of land is Israel is owned by the State and only a small minority is under private ownership. A negligible portion of land in Israel has not yet been categorized into either of these two areas.

Approximately 7% of the allocated land in Israel is privately owned. The rest, i.e. 93%, is owned by the State and is known as “Israeli Land”. Israel’s Basic Law on real estate states that Israel’s Land is jointly owned by the State (69%), the Development Authority (12%), and the Jewish National Fund (12%). While the law expressly forbids transferring of such land either by sale or other means, it does imply that a long term lease would be permitted. Read more »

February 5, 2008 Posted by buypropertyinisrael | Basics of Buying in Israel | , , | No Comments

The Basics of buying property in Israel

In Israel, both the Buyer and the Seller pay commissions to their respective Agents.  Real Estate Agents in Israel customarily charge up to 2 % of the price of the property.   As a Buyer, you can choose a Real Estate Agent first or just look for properties and deal with the individual Agent who is representing that particular property.  Whichever course you choose, negotiations are conducted between the Agents. Consult your Real Estate Agent for guidance in deciding on location, type of property, understanding what is included in the Purchase Price, the length of the process, etc.  Be sure and determine what is included in the purchase price because property in Israel is sold with just the bare walls unless otherwise agreed.  Once an agreement is reached, the matter is turned over to Lawyers. Typically, both the Buyer and the Seller have their own Lawyers. The Lawyers do all the necessary research to determine the legal status of the property, insure that improvements that were made, were done with the proper permits, etc.  Obviously, the price and all financial terms are incorporated into the Agreement by the Lawyers.  Upon signing the Contract to purchase your property, you must be prepared to make a first payment and your Lawyer and Real Estate Agent will present their bills-their fees are due at this point.  In addition, the purchase tax is also due, however you do have a 50 day grace period to pay the tax.  Coordinate this payment with your Lawyer.

Before an Agent will show you a property, they will ask you to sign a “Request for Real Estate Services”.  This form is required by Israeli Real Estate Law and becomes the Agreement which legally entitles the Agent to a commission.  Make sure that the exact address is indicated on the Agreement, especially if you are looking at property with more than one Agent, so you don’t get into a situation where you obligate yourself to pay 2 commissions for the same property.

For additional information about the buying process, write me at lyle@buypropertyinisrael.com .  If I can’t answer your questions for you, I will put you in touch with a Real Estate Agent or Attorney in Israel who can.

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January 15, 2008 Posted by buypropertyinisrael | Basics of Buying in Israel, General Information | | No Comments