The procedures associated with buying an apartment in Israel may have significant differences from that in other places. Unless you are educated enough in the legal procedures regarding buying property in Israel, it is possible that you will end up agreeing for a deal that isn’t worth the amount you invest.
In this article, we offer you some guidelines that will be helpful when it comes to buying an apartment or home in Israel.
Steps In Buying An Apartment In Israel
Here are the steps to buying an apartment in Israel.
Choosing And Evaluating The Apartment
There are various sites that offer new or second-hand apartments. You have to be careful about who you deal with. In case, you are dealing with brokers, it is important to ensure that they have a proper license.
Here are the key considerations while choosing an apartment:
- Facilities in the neighborhood
- Proximity to social and religious centers
- School district
The physical appearance and legal status of the apartment are important parameters that should be taken into account for arriving at a buying decision.
You have to prepare in advance by getting to know the market and the neighborhood. Analyze the pros and cons before deciding to buy the apartment. If you feel that the price is not right, just decline the deal. With that said, do not be too stubborn as well.
A Zichron Devarim is a one page document that mentions the terms of the agreement in a nutshell. Most lawyers now do not usually recommend signing the Zichron Devarim but it could be a requirement for reserving the apartment and taking it off the market.
Before applying for the mortgage, you should have a clear idea about how much you need. You can apply for Ishur Ekroni, a mortgage approval from the bank. Obtaining the approval will take about 3-10 days.
Signing Contract With The Seller
It is advisable to schedule the process in advance so that you can sign the contract soon after you receive the Ishur Ekroni. After signing the contract, a note has to be added to the deed in order to indicate your rights to the property.
Finalizing The Loan
After signing the contract, you have to return to the bank and open a file. If you are buying a new apartment, you will only need to submit a copy of the contract and approval from the seller. However, if you are buying a second hand apartment, you will have to submit proof of registration as well.
Your lawyer will deal with all the registration procedures and transfer the apartment to your name.
Following all apartment buying procedures in the right way will help you get a good deal that is totally worth the money you pay.