MY GUIDE TO HELP YOU PURCHASE A PROPERTY IN JERUSALEM

Hopefully when you have identified a property of interest, you will want to make an offer to purchase that property. Let me outline for you the stages through to your successful purchase of your home in Jerusalem.

Bidding and Negotiating

This is how the bidding and negotiating process typically works:

  • I will submit an offer on your behalf to the seller’s real estate agent, along with the presentation of your qualifications.  This may be done orally or in writing.
  • The seller may accept or counter your offer as part of a price negotiation.
  • In the case of multiple bids, I will work with you to structure a “best and final” offer that you are comfortable with.
  • The conclusion of the process will result in agreement upon the price, terms and closing date.
  • You and the seller will need to engage capable and experienced Jerusalem based real estate attorneys to prepare and review a contract of sale.

Going to Contract

Once your offer has been accepted, you will now enter the contractual stage.

  • Your attorney will exercise “due diligence” by asking for certain key documents from the seller or their managing agent. These typically include:
    • Proprietary lease
    • The building’s by-laws
    • Statements of the property’s financial condition
    • Mazel Tov, following your attorney’s review and approval, you will sign the contract of sale and agree the schedule of stage payments.  At the signing, it is typical to present an initial payment of 15% – 30% of the sale price – the contract is now binding.
    • The contract and first payment are forwarded to the seller’s attorney, who will obtain the seller’s signature. At this point the Real Estate fees and Purchase Taxes become due.
    • Purchase Tax (your solicitor will advise you of the amounts according to a sliding scale)
    • Real Estate Agents fees generally 2% of purchase price.

 Closing

The final step is the closing, when the last payment is made. The exact date should be flexible to accommodate everyone (you, the seller, the attorneys and the banks).

My aim is to support and guide you through this process and make it as smooth as possible for you. I can assist you to identify competent professionals both before and after your purchase to meet all your property needs.