LEGAL MISTAKES IN REAL ESTATE TRANSACTIONS
The Biggest Legal Mistakes You Could Make Without the Right Knowledge
There are several mistakes clients make before buying a home. Some buyers do not have proper guidance to avoid common pitfalls. Which is why a few of the more qualified lawyers from one of the top-notch real estate practices Israel has to offer agreed to sit down and explain a few facts.
1) You have to write a strong offer to the seller. Sellers do not generally respond to invalid and weak offers requests, according to one of the more prominent real estate law firm Israel has to offer.
According to an Israel real estate lawyer, your offer has to be something worth talking about. In other words, do you only have $,500,000 to spend on a home? Well, you cannot go talk to someone selling a $1 million home unless you leverage financing. The seller will disregard the offer,
You may only have $500,000 to spend, but that does not mean you cannot negotiate an asking price down to a price approaching your level. The listing is $1 million for a reason, so 50% will unlikely be an accept discount.
2) According to an Israel real estate lawyer, your offer has to be written in a deal before proceeding to the next level. In other words, you cannot offer value to the seller using just words. Words mean nothing without a contract backing it up.
Someone could offer more money on the property than what is being asked. The seller is going to take that offer over yours. You should be aware of this going in.
3) There is no way you can make an agreement without knowing information on the home, including mortgages, liens, the title, records associated with the title, and other legal documents. You need a very thorough search of the TABU or Israeli Land Registry entry before determining that a property is what it purports to be.
Does the seller still owe money on the home because that does happen at times? You will be responsible for paying down the debt for the home if you buy it. That debt is no longer the seller’s responsibility once he or she signs over the deed to the property. This is why you need to be clear on the property’s financial state, in particular regarding the existence of liens or notes of warning filed on the property. Ask the right questions before you buy.
4) Do you intend to register the property in TABU after escrow closes? Do you know how to fill a form out? You can always ask one of the more experienced real estate lawyers Israel has to offer, including David Page if you are unsure. The last thing you want is to file your property listing incorrectly.
5) Is the house undergoing inspection contingencies or other legal situations that may effect your ability to obtain a Tofes 4 or other government approvals regarding habitability? This is something you should know because it could delay the timeline of when you intend to move in.
One Final Note Worth Mentioning
Signing a contract makes everything official. Make sure you know when that happens. In other words, you cannot back out once it is legal, unless there are contingencies allowing you to do so built into your purchase contract. So be careful in advance of putting a property into contract.
David Page Law
You can get in touch with David Page Law using these methods of communication:
From the US: +1.917.728.1682
From the UK: +44 203 734 7850
When you visit David Page Law you can fill out the online inquiry form. Experienced Israel real estate lawyers will be put in touch with you.
July 16, 2019
July 23, 2019