Buying & Selling Apartment in Israel

Buying & Selling Apartment in Israel
Buying, selling, and maintaining an apartment requires consideration of multiple different aspects and to ensure that you take the right steps, it is recommended to seek the legal services of an Israeli lawyer who is experienced in the field of real estate and taxation. Legal advice will prevent you from making mistakes before the sale of the apartment is a significant part of the success of the process of selling the apartment. Many apartment sellers make serious mistakes in the sale transaction process and as a result, lose significant sums of money and miss the opportunity to improve housing and realize their full investment potential. Here are some important and helpful tips for selling or buying an apartment, as well as for proper conduct in the maintenance of a real estate property in terms of professional inspections and financial responsibility.
Legal status checks before selling an apartment
Before selling an apartment, it is important to check the legal status of the apartment, accompanied by an experienced Israeli lawyer in the field of real estate and taxation. The legal status of the property is reflected, among other things, in the wording of the taboo. Of the apartment as it appears in the Land Registry - the Tabu.
Accompaniment and legal advice in the process of selling an apartment
Before signing a sale agreement, the lawyer will check the legal status of the apartment, on behalf of the buyer, to make sure he can get a mortgage and to ensure that at the end of the sale process, the registration of the apartment in the name of the buyer is completed successfully. There are cases where even though the seller has already completed the process of buying the apartment many years ago, he did not bother to register rights in his name as required at the end of the transaction and as a result of this mistake, the apartment was not registered in his name.
Funding
If in order to finance the purchase of an apartment you use a mortgage, it is recommended that you ask the bank in advance for a document called a mortgage balance report.
Taxes
In the process of selling an apartment, there are some major taxes that you may want to check before you sign the contract. High tax payments can significantly affect the economic viability of the transaction and sometimes make it unprofitable for you. Therefore, it is important to check in advance the amount of taxes and make your decision accordingly.
Appreciation Tax
The main tax that applies to the sale of an apartment is the praise tax. Appreciation tax is a tax paid to the tax authority and is imposed in accordance with the law on the seller of an apartment. The tax is calculated according to the difference between the purchase value and the sale value of the apartment and ranges at a rate of about 25%. For example, let's say you bought an apartment for a million shekels. After a few years, you decided to sell it for two million shekels.
Improvement levy
Another type of tax that applies to apartment sellers is called the improvement levy. An improvement levy will be paid to the local authority or municipality. This tax is imposed on an increase in the value of the property as a result of various plans approved by the local authority that allow for increased building rights. For example, if the local authority has approved plans that allow an addition of 20 square meters in your apartment, an improvement levy will be paid. The rate of the levy may reach 50% of the value of the improvement, that is, half the value of the added building rights.
Professional examination to examine the feasibility of the transaction
Apartment purchase
The process of buying an apartment is one that involves making many weighty decisions, especially for those who are buying an apartment for the first time. This is an extremely significant economic move to make and it involves large sums of money and includes dealing with a complicated, exhausting, and lengthy bureaucratic procedure. In order to complete a deal of buying an apartment successfully, it is important to plan every step, check every detail in advance, and prepare properly for the purchase of the apartment.
Economic examination
It is recommended to carry out a comprehensive financial examination of all the financial means available to you for the purpose of buying the apartment. These measures include: current accounts, deposits, study funds, loans, provident funds, and help from parents. These components constitute the initial equity available to you for the purchase of the apartment and the financial basis for the purchase transaction, but it is important to leave enough financial means aside for unforeseen expenses.
For more information click here www.hahn-law.c...

[@carlholloway2594]

p♥r♥o♥m♥o♥s♥m 😑