By: Eli Doron, Adv; Yaron Tikotzky, Adv, (C.P.A); Dr.Slomo Nass, Adv, (C.P.A)
Assisting Foreign Residents Seeking to Locate, Purchase and Rent
Real Estate in Israel
The State of Israel, notwithstanding its complexity, attracts investors from all over the world. The shekel is getting stronger, the economy is stable, prosperity is at a peak and, as a result, many residents choose to purchase an apartment in Israel, whether as a residence or an investment. Presently there is a real shortage of apartments and it is clear that in the coming years Israel must double its numbers of residential units; so it is hardly surprising that Israel attracts investors in real estate. To this must be added the fact that there is a constant flow of new immigrants primarily from Russia and France, who bring money with them and a significant demand for investments in apartments.
Of course, every new immigrant has his own requirements and every new immigrant has his preferences for the areas where he would like to live or invest. Location is a function of many parameters on the part of the buyer, whether budget or family or work location or other reasons. The point is it is important to examine the options, to see how and where it is possible to make a purchase, to examine the prices offered and accordingly determine the final location of the residence. When the location is found, the right area or neighborhood, then a suitable property must be located for the new immigrant and one for which the asking price is a reasonable price that reflects true market value, and so on. When the appropriate property is found, it is then necessary to move on to the legal issues, as the rights must be carefully examined to see how these are registered, whether there is potential for capital gain, what is the zoning of the land and what else is about to be built in the vicinity. At times, it is necessary to obtain an appraiser’s evaluation with regard to the property’s value in order to ensure that the price is appropriate; and at times it is also necessary to have an engineer examine the planning state of the property. Only after examining all the parameters and only after the client is convinced that he indeed wishes to purchase the apartment does it then become necessary to convene to prepare a binding agreement between buyer and seller and bring about the completion of the transaction as required. Of course, the work of preparing a contractual agreement is not necessarily simple either. The agreement must protect the buyer, the office’s client, and make certain that the price will be paid in full only against the transfer of the rights in Tabu (the Land Registry Office). When the work of purchasing is completed, a decision must be made as to what will be done with the property, whether to rent it out or to use it, and so on.
What is clearly evident is that a foreign resident has an actual difficulty in making all the said decisions on his own and it is even more difficult for him to implement them. Both Hebrew-speaking foreign residents and those who are not Hebrew speakers inevitably require an Israeli “anchor,” a reliable and professional lawyer who will provide them with personal attention, will understand their needs and limitations, and will further for them that which is required on Israeli land. This is exactly where our office knows how to assist a foreign resident who seeks to purchase a real estate property and/or a residential apartment in Israel. Our office is comprised of an attorney and an accountant, formerly of the Tax Authority and the Ministry of Justice, and experts in real estate who know how to cater to your personal needs reliably and with unlimited patience. Our office handles a wide variety of Israelis who purchase real estate in Israel and, in fact, we provide a foreign resident with “the whole legal package” required, starting with purchasing an apartment and on to managing the apartment.
We know how to attend to your needs with trust and dedication devoid of compromise; we know how to locate an appropriate property for you, to conduct negotiations for you, and to do everything necessary for the purchase of a high-standard property; and, if you wish, to manage it for you, as well, to rent it out, for example, or to do anything else required. We will learn precisely what your needs are and act accordingly!