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The Purchasing Cycle in Jerusalem Real Estate

January 8, 2018

 For those of you who are trying to buy a home in Jerusalem, this guide lays out the stages for purchasing a property in Israel and should be understood prior to commencing the search process.

 

We hope this will help you go into your purchase with your eyes wide open. Here are the basic stages:

 

The location – Focus on being close to most of your contemporaries. Various peer groups have a tendency to cluster together in specific areas. Many services in these areas may cater to your requirements and your loved ones will possibly reside close by. Analyze local shopping, buses, schools, synagogues & parks to see to it that they are compatible with the life you want.

The property requirements – In order to save significant time, create a checklist of crucial features required by you and convey it to your real estate agent. Some important factors include number of steps, balcony, Shabbat elevator, noise in the local area, storage and parking among others. After zeroing in on the size, location and type of Jerusalem luxury real estate, talk to your agent about costs, mortgages and price.

Fact-finding – After finding your ideal home, your next step involves questioning your agent on the legal status of the house. Expert agents are able to single out and explain if there are occasional problems. Your lawyer needs to find out if the owner is in fact the registered owner and storerooms, parking spaces, roof and garden are registered legally to the chosen property. In addition your laywer will check if the land belongs to the Minhal, a church, Amidar or tabu and their ramifications.

Negotiations – This can be simple or complex based on the issues involved with a particular property. It may also depend on the personalities involved in the transaction process. A professional agent will facilitate the transaction and leave both parties satisfied with the deal terms. This can include overcoming certain problems, putting forth productive alternatives or acting as a mediator.

The contract- The time taken finalizing a contract varies from days to weeks. You must have a lawyer who can confirm the legality of the transaction as well as protecting your interests.

Finalizing the purchase – After signing the contract you should be geared to render the first payment against the price of the property, your agent’s commission and your lawyer’s fee. Also, all applicable purchase tax needs to be paid 50 days following the signing. Just co-ordinate with your lawyer regarding this payment and next thing you know you are living in your very own home in Jerusalem.

 

We hope this guides you to an efficient and effective purchase of your new home in Jerusalem.

 

Happy Buying!

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