Tips For Buying An Apartment In Israel

Buying an apartment is probably one of the biggest financial decisions of your life.  It requires a lot of preparations and you need to save a lot of money. Buying an apartment in another country is very difficult than buying an apartment in your home town. You need to know about a lot of things before you go and buy an apartment in Israel. There are many Israeli law firms in the United States that will help you with the property laws in Israel and they will advise you about the necessary precaution that is to be taken before buying an apartment in Israel.

Here are some of the important tips for buying the right apartment in Israel.

Identifying The Right Apartment

You can look at several Israeli real estate websites to find many new and second-hand apartments. You will be able to find plenty of apartments through these websites but most people prefer to deal with a real estate agent who has better knowledge about the real estate market of Israel.

When you choose an apartment, you have to consider your budget, the location of the apartment, the safety of the neighborhood, and the proximity of social centers. You should evaluate the apartment before you decide to buy it. For that, you can hire an architect or an engineer to check whether there is structural damage to the apartment.

Negotiating The Price

You need to have a better knowledge of the real estate market of the region for negotiating a fair price for the apartment. In such situations, the expertise of a real estate agent will come in handy. A real estate agent will have a better knowledge about the market and he will be able to negotiate a fair price for the apartment.

Signing The Contract

You have to sign a contract with the seller after finalizing the price of the apartment. Sign the contract immediately after you get the approval of the general mortgage from the bank. Make sure to consult with an Israeli law firm that is specialized in property laws before you sign the contract.

Registration And Tax Payment

A lawyer can help you with the registration of the apartment and transferring the property deed under your name. The lawyer could also help you with the different forms of taxes associated with your new apartment. You have to pay the property acquisition tax within 50 days of signing the contract and the city tax that you need to pay will depend on the size and location of your apartment.