Buying an Apartment on Paper in Israel: Steps to Finalize the Purchase

In our previous blog we discussed what your next steps would be once you decide to buy an apartment in Israel on paper.

In this blog we will talk about what to do after deciding to purchase an apartment,

 

What comes next?

So, your search for a property for sale in Jerusalem, Netanya or anywhere else in Israel has led you to buy an apartment “on paper”.

You have done your research and have consulted with the professionals. Is there anything else that needs to be done prior to review and signing?

Assuming you have already been quoted a price for the apartment, and have checked into the mortgage, the next step is to look over the contract. Better yet to have a lawyer you trust look over the contract. We recommend the services of highly professional expertise of the Lewenshon Raz law office. You can find their website: www.lawlr.co.il

Though lawyers’ fees are a percentage of the agreed price, this is not something that is suggested to do on your own. Contracts can be tiring and difficult to understand. You need an experienced lawyer to go over it with your best interests in mind. An experienced lawyer should know the important and relevant information to list in the contract, but for your reference, we have noted some points as well:

The final price after construction. Since the price can change when buying a property on paper, you want an agreed upon final price between you and the developer so there are no surprising expenses after the contract has been signed.

Any special or extra items that have been agreed upon such as parking, solar water panes, ac, etc. This should all be listed in the contract as well.

Whether you have found a property for sale in Jerusalem, Netanya or any other part of the country, the price outline should be listed as well: How many installments, how much each installment should be, and when they need to be paid by, when you will receive the key to the apartment, guarantees from the developer when the apartment will be completed, what happens if there are delays, etc. You want to make sure that any payments that you have made are protected if for some reason the developer doesn’t follow through with something.

These are just to name a few. Here at Alon Central we are committed to helping you find the perfect property for sale in Jerusalem or Netanya (whether on paper or second-hand) and are happy to advise and refer other professionals for you consult with prior to making your final decision.