Prosperity

I want to buy (or sell) some real property. What are my first steps?

What is the customary real estate broker's fee, and when is it due?

What is the benefit of having a real estate lawyer throughout the search for or sale of my property? And what is the customary lawyer's fee?

If I can pay all cash for the property, should I still explore available financing options and lineup a bank?

Before I sign a contract to purchase real property, should I have the property checked? By whom? And what is the customary service fee?

I want to buy (or sell) some real property. What are my first steps?

After you have taken the following 4 simple steps you will be on your way:

1.	Area(s) of search (location of property)
2.	Size of the property
3.	Price range

B. Select a real estate broker who will:

1.	Maintain open and fluid communication with you.
2.	Serve as your ‘personal agent’ and guide you through each and every step in the process of realizing your real estate transaction, and enable you to make an informed decision that is right for you.
3.	Employ their experience, knowledge and contacts to spare you trial-and-error and save you time and money.
4.	Demonstrate a proven track record of closing expertise, and clients’ lasting benefit and satisfaction. LINK TO TESTIMONIALS

C. Select a lawyer who specializes in real estate. LINK TO ASSOCIATES/LAWYERS

D. Explore your financing options and select a bank. LINK TO ASSOCIATES/BANKS

What is the customary real estate broker's fee, and when is it due?

A-2
		The customary real estate broker’s fee in Israel is payable by each side of the transaction (both seller and buyer). It is 2% of the inclusive price of the property. A Valued Added Tax/VAT of 17% of the broker’s fee is also added. The full payment of the broker’s fee is due upon the signing of a binding agreement to sell or buy the property.

What is the benefit of having a real estate lawyer throughout the search for or sale of my property? And what is the customary lawyer's fee?

A real estate lawyer can also spare you trial-and-error and save you time and money. The lawyer will:

A. Educate you about matters unique to Israel, legal aspects of each step in the process of making a real estate transaction.

B. Outline the local real estate tax laws as they apply to you so you can select the most advantageous legal way to purchase or sell your real property.

C.Inform you of the type and amount of the taxes you will be required to pay in addition to the property price, professional, broker and lawyer fees.

D. Draw up and/or examine all legal documents and satisfy all legal requirements associated with your real estate transaction.

E. Check the property’s title.

The customary lawyer’s fee ranges between ½%-2% depending upon the lawyer and the complexity of the transaction.

If I can pay all cash for the property, should I still explore available financing options and lineup a bank?

A-4
		Yes, you should become informed about your financing options. Some of our clients find that dollar loans in Israel can be less expensive than the cost of tying up cash that, otherwise, yields more than the loan’s cost. The decision you will make should be an informed one that takes into consideration your unique circumstances.

Before I sign a contract to purchase real property, should I have the property checked? By whom? And what is the customary service fee?

A-5
		It is recommended that the property be checked by a licensed and reputable engineer before you sign the contract. The customary engineer’s service fee ranges between $400 and $500, depending on the size of the property. Should you want to make changes to the property, you will need an architect to advise and inform you of the feasibility, time and financial cost of your desired change. Some changes require municipal permits and the architect can outline the process and estimate the additional costs that such change requires. There is no customary fee (it varies from one architect to another and depends upon the services you may have them perform).

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