Even though buying an apartment is like a whole new world, certainly for a young couple, and is extremely important, let us reassure you – it does not have to be stressful and at least not that stressful.
Our firm supports its clients, hand in hand, with 20 years worth of knowledge, lending an attentive ear, with endless tenderness and patience, answering any question and providing solutions to any challenge.
Here is a small glimpse of some of the recommended actions to be performed before the process of purchasing an apartment (an existing apartment for sale), and we summarized the main ones:
• We must first understand what are the needs of the buyers, whether the property is for investment or residence. How to finance the purchase, mortgage, savings, sale of another property or use of funds (in that case, the selling and the buying should be coordinated).
• Now let us understand what are we buying and from whom – we will ask to see the ID card of the sellers, an up-to-date tabo registry (the ID card of the property), this document can reveal quite a few things…
• We will understand how come and since when the seller is the owner (inherited it, received it as a gift or just bought it). If, for example, it seems like they bought the property a few years ago, we will recommend customers to try and understand why they sell, understand the context, ask neighbors if there is anything unusual. Make sure that it is privately owned, whether with the Israel Land Authority or with a mortgage company (of course, each registry has its own meaning).
• We will understand if there is a mortgage and what is the current debt, which we will offset from the payment.
• We will understand whether the apartment is registered as required by the Land Registry, whether there are extensions, and whether those are registered (warehouse, parking).
• A joint home file must be taken out, including the blueprint, and should be corroborated with the customer. There should be a match between the blueprint and reality if everything is legally registered.
• For ground-level and penthouse apartments or private homes, we recommend property appraising to detect anomalies and to understand if there are any leaks or dampness.
• It must be understood whether the sellers sold some of their rights, for example the parking lot, or part of the common property, etc.
• It is necessary to understand what is going to remain in the apartment: air conditioners, cabinets, etc. Sometimes buyers will prefer to make sure nothing is left (in case of a house with old stuff).
• We recommend obtaining a tentative approval for a mortgage, at least from one bank. If some potential problems arise in the registration or condition of the property, it is recommended to get an appraiser report, and another one on behalf of the bank, so there will be no surprises with the property value after signing. It is important to emphasize that after signing a sell agreement, if you will not receive a mortgage approval, you might have to pay an agreed-upon compensation to the other party for breaching the agreement.
• Calculation of taxes, tolls and other related expenses – check if the seller is exposed in terms of taxes. Then, aspire to have a significant amount from the last payment at a third-party trust, to ensure that the seller will indeed pay it.
• Immediately after signing, we will write a warning note, in order to ensure our rights as the buyer as much as possible, and to avoid conflicting transactions.
• We will take care of reporting the transaction to the tax authorities and to receive purchase tax vouchers.
• We will insist to have the signature of the seller on all of the bank documents, to be able to get a mortgage loan for financing for the apartment, and we will make sure to write a warning note in favor of the bank as well.
• So long as the seller does not provide the full transfer documents by the time of delivery, we will make sure that the funds we left in trust will not be transferred to the seller, until all the necessary documents are provided.
• Once all documents are received, we will make sure to register full ownership of the apartment under the name of our clients.
• We will make sure the customers take care of transferring the ongoing accounts under their name and updating all ownerships in their local authority, the electricity company and the water corporation, at the first opportunity after receiving the property.
It is important to come from a respectful place. Not less than understanding the needs of the buyers, it is also important to understand the needs of the sellers, and to overcome challenges together, with a clear process to both parties. This will make the whole process easier and much more pleasant.
If you are in need of a well-experienced, wholehearted and supporting professional guidance, we are here for you.
You can contact us at: 054-4671703.
Good luck!
