4 More Things You Should Know Before Signing The Closing Agreement On A Jerusalem Property
If you’re reading this, you’ve followed our (helpful) list, and are likely further in your Jerusalem real estate journey. Congrats! You’re one step closer to making your dreams a reality. While the idea of buying real estate in Jerusalem is exciting, it’ll be, as you know, a life-changing decision. One that’ll need to be made after much consideration and a nice amount of research. You’ll want to discover any property issues so you can decide whether or not you wish to go ahead and buy it. In this post, we’ll discuss 4 last things to know before closing on a Jerusalem home.
- Receive Professional Assistance
Make sure you have the right team of specialists to guide you during the closing process. (We touched upon this in our last blog post, but if you’re new to the blog, it’s a must!) Once you’ve connected with the experts in the field (such as real estate agents and appraisers, engineers, and lawyers), ask them your questions regarding your Jerusalem real-estate purchase.
- Establishing the Property’s Ownership and Status
You’ll want to determine who the owner of the real estate listing is. Even if you’ve already met with the seller, it’s recommended that you ask for written proof of property ownership. (You’ll need to request a copy of the owner’s ID to determine that it matches the ID number listed on the Land registry Extract, explained below.) The Land Registry Extract or “Tabu” details the owners of the apartment. It can be ordered on the Ministry of Justice’s website. The extract will list whether there are foreclosures or debts on the property that may prevent the transferring of ownership of the property (this information is visible at the bottom of the extract in the debts and warning notes section).
- Home Inspection
Once you’ve established the home’s ownership and status, you’ll want to find out what issues there are with the space.
Especially when considering buying a previously owned property, it’s highly recommended that you hire a professional engineer to inspect the property before buying it. If you are still unsure whether or not to hire a qualified engineer, Here are a few key things to note:
Firstly, only a professional engineer can observe issues that are less obvious to the eye. A written report provided by the engineer gives you, the potential buyer, an objective evaluation (and the ability to know beforehand what repairs will be needed). Additionally, the report can provide you with the information that may be necessary to determine whether or not you’ll be able to negotiate a lower price on the Jerusalem property.
- Closing Agreement
Before drafting the closing agreement, you and the seller must establish the terms. The amount of the consideration deposit, the terms of the pay, the possession date, and what items are included in the apartment sale (furniture, etc.). Upon signing the agreement, a portion of the consideration will be paid to the seller. Then a cautionary note will be registered at the Land Registration Office to show that you are interested in the property. You and the seller must then file the appropriate taxation documentation with the Land Tax Authorities within 40 days of signing.
Afterward, you can obtain a mortgage if you wish to acquire one (if you followed our previous tip, you’d have already researched mortgage options).
We hope your Jerusalem real estate journey has been as smooth as possible. By remembering to surround yourself with the top real estate professionals, obtaining the property information, establishing the apartment’s condition, and reviewing your closing agreement, you’ll be better prepared for the closing process.
After you’ve made your real estate purchase, we’re sure you’ll relish Jerusalem’s exceptional charm. We wish you many happy years in your new home!
