Inherited An Apartment?
May 22, 2019
Due to unfortunate circumstances, you may have inherited an apartment in Israel. It is important to remember, that even though you did not purchase the property in Israel, there are certain tasks that need to be tended to in order to make it official. To our dismay, these tasks must be done, and it is important they are taken care of as soon as possible.
The first task you must tackle to is to take care of the change of registration of the apartment. Meaning: You need to change the name on the property in Israel in the Tabo. This should be done prior to selling the property in Israel, and with the assistance of an experienced lawyer in the field. If this is not done prior to the sale, then problems will arise throughout the sale process, and it can affect the completion of the sale.
The next there is the task and question of taxes. Normally, when you transfer a property title into someone else's name, there is a tax that needs to be paid. However, in the circumstance of inheriting an apartment, all inheritors are exempt from this specific tax.
Furthermore, when the inheritors do eventually sell the apartment in Israel, they very well may be entitled to an exemption from the sales tax, although not guaranteed. It will be best to consult with a lawyer when at this stage to see if you qualify for an exemption in this case.
Moshe Raz at Levinson and Raz Law Firm, is an exceptional lawyer who can assist you in any such cases.
Here at Alon Central we are happy and dedicated to helping our clients find their apartment and walking them through the entire process.
We have a variety of apartments for sale in Israel, but can help you find whatever is you may be looking for.