Ask all the questions you can think of.
What is the "Tabu"?
The "Tabu is the Turkish name given to the national Land Registry, called in Hebrew the לשכת רישום מקרקעין. This is a unit of the Justice Ministry. Not all property in Israel is registered in the Tabu but this is the first place to look when reviewing any property purchase.
As an added service for my clients before submitting an offer on any property I pull the Tabu deed to review the type of holding (ownership or long term lease), size of the property and any extras attached to it. Having this information early can be very helpful when submitting an offer.
The earlier you get the knowledge the better placed you are to navigate the negotiation process.
Do you require a lawyer in every deal?
The simple answer is NO. Any transaction can be done without a lawyer involved, BUT for any purchase or sale and for most rental agreements you’ll want someone on your side to protect you your money and your property. There are an incredible number of complications that can arise and there is NO title insurance in Israel. Your insurance is to get a good attorney!
Can lawyers represent both sides in a deal?
Yes the Israel Bar Association ethics rules allow for a lawyer to represent both sides provided they agree to that in writing but that lawyer cannot represent them in litigation. I won’t agree to represent both sides because my mission is to fully protect my own clients’ interests the best way I can while getting the right deal done for them
Can a foreigner get a mortgage in Israel?
Yes, under the current regulations a foreigner can take up a mortgage of to 50% of the appraised Loan to Value, there are other restrictions that are relevant so get the best advice you can before choosing how to finance any purchase.
How much is the purchase tax on a property purchase?
This will depend on your status. If you’re defined as an “Israeli resident sole purchaser” your tax rates will be the lower beneficial tax rates. If you are a foreign resident or already own a property in Israel and are not selling it your rates will be higher. Contact me for more information