Buying a Property on Paper in Israel - What you must ask!
November 07, 2019
In our previous blog we discussed purchase of an apartment in Israel on paper vr second hand.
You have been searching for a property for sale in Jerusalem in Netanya or other parts of the country and you have decided that an apartment on paper is the right thing for you. In this blog post we will discuss the important aspects of the deal and property you must examine when doing so.
When looking into purchasing an apartment in Israel on paper, below are some suggested steps to take before making your final decision:
What will it look like? You want to get an idea of what you will be buying. Is it an existing project? Is it brand new? What does/ will the complex look like? Will your view be blocked after being completed? Say for example you found a property for sale in Jerusalem Netanya or other part of the country with a potentially breathtaking view for your apartment its important to know what the future plans for the ground will be to insure your beautiful view will last once the project is completed. So Try and get all the information regarding the final product so you can get a better picture and understanding of what the apartment will look like in the end.
Liability? The Developer is the manager over the entire project. He will and should be able to answers any and all your questions., He is responsible for obtaining all necessary permits when building, and of course he is financially responsible to complete the project. It is highly suggested to do some research on this developer and the contractor and learn about previous projects they have built (either separately or together). You may also want to understand worst-case-scenario situations in what may happen if a permit is denied or can't financially complete the project. You want to know that you are covered on all sides.
Land Ownership? It may be in your best interest to do your own research on who really owns the land they are building. You want to be certain that developer does, in-fact, own the said land, so any problems regarding ownership don’t arise in the future.
All-in-all, when taking the step to purchase an apartment on a paper, it is best to do your own research and ask all questions (big or small) prior to signing the contract. Consult with a lawyer and other experts in the field to be sure you are protected, and all is going the way it is legally meant to.
Here at Alon Central we will gladly assist and guide you through the process of fining you the right property for sale in Jerusalem Netanya or any other parts on the country.