Tips

Dear Buyer, When buying a property in Jerusalem, it is important to establish one’s list of priorities as to:

Budget– Calculating the budget for a purchase should include soft costs (which can add up to 8-10% of the purchase price), such as: purchase tax, lawyer’s fees, agent’s fees, renovation expenses, and if needed furniture and appliances. Number of rooms– In Israel a two bedroom flat is called a three room flat, a three bedroom flat is called a four room flat, etc.

Size of property– One should pay attention to the differences between the net and gross sqm. In old houses the differences could get up to 20%.

Location– Proximity to stores, schools, shuls, public transportation etc. Type of neighborhood- Central, residential only, religious, mixed.

Outside space– When purchasing a garden apartment one should check if the garden is a private one, and if it is registered with the flat in the land registration bureau (Tabu).

Old Construction– In old houses one should have the sewage system and the plumbing checked, as well as the electrical system, making sure there is enough power to run modern appliances and equipment.

Renovations– When purchasing a flat that needs renovation one should consider the expense and time element involved. Accessibility- Number of stairs, elevator, Shabbat elevator.

Parking– One should check if there is a private parking spot, (underground or covered), or if municipality parking arrangements are available (car sticker for parking).

Storage– Check if the apartment has a private storage room or a communal storage room for the building.

Balcony– If there is a covered balcony one should check whether it was built with a building permit.

Vacancy– Standard vacancy time is between three to six months.

Engineer’s report– It’s advisable to get a written engineer’s report in order to find out if there are any technical problems in the flat.

Building plans in the area– One should check in the municipality for future building plans in the area. Ownership type- Check with your lawyer regarding the ownership type (private land/ long term lease).

Mortgage possibilities– to be checked with relevant banks.

Payments – Figure out your preferences as to: mode of payment, currency, dates, and transfer location.

Dear Seller, When selling a property in Jerusalem, it is important to make a few preliminary enquiries and decisions:

Value estimation – First and foremost: make sure to get a reliable assessment from a competent surveyor or broker, who is thoroughly familiar with both the location and the type of property that you are selling.

Tax – Check out your tax situation with a tax expert.

Capital gain taxes (“Mass Shevach”) may turn a successful deal into disaster!

Exclusivity – It’s highly recommended that you choose a reliable agency and give it exclusivity for the sale of your property. Doing so will ensure an efficient sales campaign. Please note that, according to the Israeli law, the duration of exclusivity is limited up to to six months.

Payments – Figure out your preferences as to the mode of payment – currency, dates and location of transfer. Vacancy time – choose a preferred date to vacate the property. Additional expenses – broker’s commission – 2%+VAT, lawyer’s fees, movers cost.

 

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