Frequently Asked Questions

Israeli Real Estate Deals vs. U.S. Real Estate Deals - what is the difference?

Yes, it is recommended to engage the professional services of a qualified real estate agent. RE/MAX Momentum trained agents in particular engage in continuing education keeping them fully updated on changes within the industry that may affect your purchase. The commission fee you invest will certainly be well spent as the agents are trained to negotiate the best possible deal for their client and to look out for their best interests.

Sure you can sell a house “by owner” but why would you when the benefits you will get by hiring a real estate agent far outweigh the cost. Real estate agents engage in this business, all day every workday. The number of home sales they are involved in on a monthly basis will by far exceed the number you see in your entire life.

 

Since selling homes is our business, we know where to find the buyers. At RE/MAX Momentum our policy is to cooperate with all qualified agents which broadens our reach in getting your home out there and relevant on the market. Our global reach and the resources of being part of an international renown company exposes your home to the greatest number of potential buyers. The larger the net the higher result we will have in finding the right buyer for your property. We are experienced in vetting buyers to ensure that the potential buyers viewing your home are qualified to purchase it. 

 

The fact is the greater number of qualified potential buyers that know about your home, the higher the price you will eventually get for your property. So engaging the services of a real estate agent will not only net you a higher price for your property in a shorter amount of time it will also save you a lot of stress allowing for a smoother process.

Yes, in Israel the agent or broker will negotiate the purchase price but attorneys are required to draft the sales contracts.

Each party; buyer and seller, will need to be represented by legal counsel. In Israel if the parties agree the same attorney can represent both sides of the transaction

In other countries attorneys may charge a flat rate to represent you in a sale or purchase of a home. In Israel, attorneys set their own fees, and they can range from 0.5%  – 2% of the price of the property plus V.A.T.

Value added tax (VAT) is imposed on any transaction executed in Israel, on import of goods and on provision of service.

In Israel once a contract is signed by both sides there is generally no mortgage contingency. A closed contract means that both parties are bound to the agreements set forth in the contract.

For the most part all second hand home sales are considered “as is”. We highly recommend that all inspections be done prior to placing an offer and negotiations. Owner and buyer can agree to certain repairs or upgrades through their attorneys prior to signing the contracts.

Part of the negotiations when purchasing a home will be the terms including working out a mutually acceptable payment schedule.

Rarely if ever do we see property depreciating in value. Depreciation is the decline of value of an asset over time. The structure itself may depreciate in value if it is not adequately kept up or is in need of renovations, but the property value over time will only increase.

The biggest determining factor on house pricing and value is location. There are certainly pros and cons and personal preferences to be considered in purchasing either second hand and new built property. A good agent can help you determine which is a better fit for you and your family.

Every city, town will have a registered building guideline. This guideline sets out the rules and regulations regarding how large the houses can be, how tall they can be, how far away from the road or property line they have to be situated etc. It is important to find out whether the house or apartment you are considering has used all its building rights. If so, you will not be able to obtain a building permit to make additions to the home unless the town plan is changed, which can be a long and expensive process. You should also check to see if the property you are buying is built according to the building permit. If it isn’t, you run the risk of being forced to dismantle any illegal additions to the house. A qualified real estate agent will be knowledgeable in this area. They will have researched the property thoroughly and have the answers you need before making your decision.

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