Changes in Israel real estate tax law effective 2011
By Nicole Levin What to do about the Israeli real estate bubble? That has been the question asked by many Israeli real estate professionals and government officials. The prices of apartments have soared in the past few years making buying an apartment for many families a pipe dream. In steps the Israeli Ministry of Finance to save the day! I am being facetious of course. In mid February of this year the Ministry... Read more
Mortgage Israel was founded in 2003 to assist people in obtaining financing for Israeli real estate, both in the residential and commercial sectors. We were the first Mortgage company of its kind in Israel, catering exclusively to the international English speaking market. Through our extensive network and relationships with the Israeli banks we are able to secure for clients preferred rates and terms. Our consultants... Read more
Forex Israel is a specialist foreign exchange provider offering innovative solutions and service to a wide array of both corporate and individual private clients. We offer clients competitive exchange rates and sophisticated foreign currency tools normally reserved for large corporations and institutional investors. Our expert consultants offer planning and individual advice suited to the varied needs of our clients.... Read more
Veranda deals with property management and real estate brokerage. They provide top caliber service while maintaining open and discrete communication with the clients. With more than 15 years of experience in real estate, Veranda's goal is to ensure that property owners obtain maximum return for their investments with minimum bother. Who benefits from property management services? ALL property owners who wish to... Read more
Mike Decker, the author, has a B.A. in law and is a partner at the law offices of Yehuda Raveh & Co. For legal advice in purchasing real estate in Israel contact Mike at: mdecker@yrlegal.co.il The three different categories of land in Israel are: those which may not be purchased by foreign citizens; those which may be purchased by foreign citizens, yet are subject to various conditions; and those which may be... Read more
Types of Mortgages available in Israel
There are a wide range of mortgage options offered by the various lending institutions in Israel and it is important to select the loan that best fits your financial profile. Some of the most popular loan options available in Israel include: 1. Shekel Mortgages The shekel mortgage is the most common type of loan offered by Israeli banks. It is generally a variable rate mortgage, which means that your repayments... Read more
The first step in the Mortgage process
Get Pre-Approved The first step in taking a home loan for a property in Israel, is obtaining a letter of pre approval. Pre-approval letters are prepared even before you've picked out your home, based on what you can afford. With a Pre-approval letter in hand, buyers know exactly how much they can borrow -- and therefore how much house they can afford. This puts the buyer in a stronger position to make an offer,... Read more
The Request for Real Estate Brokerage Services
The Israel Real Estate Law established in 1996, requires that a Form with some basic information regarding the details of a Real Estate Transaction must be documented in writing and signed by the Client who is being represented by a Real Estate Agent in Israel, if the Agent wants to get paid for his services. The "Request For Real Estate Brokerage Services" is the form typically used by Real Estate Agents in Israel... Read more
The basics of buying property in Israel
In Israel, both the Buyer and the Seller pay commissions to their respective Agents. Real Estate Agents in Israel predominately charge 2 % of the price of the property. As a Buyer, you can choose a Real Estate Agent first or just look for properties and deal with the individual Agent who is representing that particular property. Whichever course you choose, negotiations are conducted between the Agents. Consult... Read more
Be sure to check the Va'ad Habayit
The Va'ad Habayit system was founded in 1968 in Israel. A va'ad habayit is basically a "committee of an apartment buildings owners" who take responsbility for managing funds that are contributed by each apartment owner for the upkeep of common areas and related services, such as elevator and garden maintenance, the costs of communal heating and hot water systems, cleaning, gardening, and National Insurance (Bituach... Read more
Extra costs in purchasing a home in Israel
Unlike in the United States, where the seller usually pays the real estate agent around five percent of the selling price, in Israel it is customary for the buyer to pay the Real Estate Agent a two percent commission. Add to that the Value Added Tax (VAT) which is 15.5% on top of the commission. In addition to VAT, there is also a Purchase Tax on property. To read about these considerations, plus more when buying... Read more
A great resource for those interested in buying property in Israel
Jerusalem based Real Estate Attorney, Dr. Haim Katz has provided some great resources for people who are interested in buying property in Israel. He has recently authored a book entitled “Buying Your Home in Israel”. Visit his website and see for yourself. The book can purchased on the website or an e-version can be downloaded for free. Dr. Katz’s website Read more
Use your IRA to buy Investment Real Estate in Israel
If you are a U.S. citizen and have a self-directed Individual Retirement Account, you may not be aware of the fact that you can actually purchase Investment Real Estate in the U.S. or internationally. This is information your Stockbroker may not want you to know because he or she would love to see your funds invested in stocks, bonds or mutual funds. There are obviously rules you must follow, but it is totally allowable... Read more
Eight questions to ask before you buy a home in Israel
That’s the title of an article at haaretz.com, written earlier this year by Guy Liberman. Although it’s difficult to tell when you read the article where one questions ends and the next begins, the article does have some very good information for those people who are considering buying an apartment in a “new” building in Israel. check out the article Read more
