The Things Involved In The Sale Of Israel-Based Property

Are you looking to sell property in Israel? If yes, you would first have to verify whether that property is still registered in your name. This would mean locating property in Israel Land Registry. In the event of finding that you are not registered as its owner, you would have a bit longer verification procedure.

One should register every asset with a name and identification number in Israel. Has your form of identification, such as passport, been renewed after buying the asset? If yes, you are unlikely to have the identification number the same as what is in the property ownership document. If this is the case, you would have to update the number to sell the property.

How The Trade Usually Happens In Israel

Negotiation is typically involved in almost every property sale in the nation. If you are no expert in negotiation, you would be better off hiring a law firm for it. This move would be essential also because every detail, including payment amounts and dates, should be put in the trade contract.

If you accept a proposal for the asset, your law office would create an agreement and would supply every pertinent document required to establish your legal possession of it. You and the other party would sign a binding contract, should you agree every detail and meet every trade condition. Simultaneously, you would sign every document needed for transferring property ownership registration. The documents would stay at that law office up to the time you are fully paid for the asset.

The purchaser would pay the first installment when exchanging contractual documents commonly through a draft created in the seller’s name. The law office would keep the bank draft for some days to enable registering the interest of the purchaser in the asset at Israel’s Land Registry. The purchaser would pay the rest of the property’s price to you in many installments, according to the terms that you agree with them.

On the trade completion day, they would pay the last installment, and then, you would have to vacate the property for them, unless the contractual terms say otherwise. You would also have to give the purchaser the different documents required for the ownership transfer then, alongside a confirmation of you not having monetary obligations associated with the trade. Should you fail to give them the confirmation, a portion of the last payment would go to the law office. This amount of money would remain in an escrow account until you give the buyer the confirmation document.

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