Purchasing a property in the beautiful town of Ashkelon is a sound investment. There are however a number of rules and regulations that come into play as you go through the process of buying an apartment, house or land in Israel.
First and foremost, it’s advisable to have a lawyer available to assist you during this process, especially if you are purchasing property that is still under construction.
You will need to consult with a real estate agent when searching for a property to purchase, whether you contact a real estate company directly or you deal with a specific agent that’s representing a property. Negotiations will need to take place between agents. You should note that all real estate agents charge 2% of the property price as their commission, so it’s best to keep this cost in mind.
Your agent will also ask you to sign a Request for Real Estate Services form, which is required by law. It basically just confirms that they are entitled to their commission. Make sure to double check the address on any forms that you sign though as you could end up paying different real estate agents a commission to view the same property.
Once you have decided on a property, your lawyer will examine whether the seller actually holds the rights to the property you’re interested in, check for ownership conditions, confirm the property with the land registry and ensure that there aren’t any additional details that might restrict the sale.
You will then be asked to sign a contract that outlines the details of the property purchase. It’s at this point that you will also need to make your first payment, pay your property tax and settle the real estate agent and legal fees. Payments can be coordinated with your lawyer.
The purchase will only be completed once the property has been registered in the buyer’s name. In order for this to happen, several documents will need to be submitted to the Land Registry along with proof that all relevant taxes have been paid.
If you have any further questions about the process of investing in a property in Asheklon, please feel free to email me.