BASICS OF BUYING A HOME IN ISRAEL

  • Contact Nadlan City
We work with realtors all over Israel.  No matter where you decide to purchase, we will help you and stay with you through the entire process.  You will have the assurance that experienced professionals are taking care of your best interests.  Our knowledge, contacts, and commitment to caring for your personal needs will enable you to experience a smooth real estate transaction.
  • Decide on an Area you want to Live In
  • Know your Budget
Check with a bank or mortgage broker to see what you can afford.
  • Find a Home you Like
  • Make an Offer
Make a binding offer contingent upon appropriate property and construction inspections and a thorough title search.
  • Hire a Lawer
There are no escrow companies in Israel, therefore you need to hire a very experienced well skilled real estate lawyer to search the title and take care of all the legal aspects of the purchase.
  • Schedule a Closing
People who should be present at the closing:  Buyer, Buyer's Lawyer and Realtor & Seller, Seller's Lawyer and Realtor
WORDS TO BE FAMILIAR WITH

  • Types of Houses
Villa - Single Home
Semi Detached - Two houses attached by one wall
Cottage - Similar to a townhouse where approx. 4-6 houses are attached to one another          Apartment - Apartment      Garden Apartment - Ground floor apartment       Duplex - Apartment with two floors
Penthouse - Top floor apartment

  • Real Estate Terminology
Metavech:Real Estate Agent
Shiran:     Multiple Listing Service (MLS)
Mas Rechisha: Purchase Tax
Minhal Mekarkei:     Government Lands Authority
Mas Shevach:  Capital Gains Tax
Ma'am:     VAT (value added tax), like a sales tax
Arnona:    Monthly Municipality Tax (property tax)
Va'ad Bayit:     Monthly House Association Fees for Apartment Buildings
APPROXIMATE FEES, COMMISSIONS & TAXES

  • Lawyer
Accepted legal fees are 0.5% - 1% of purchase price + VAT (currently 15.5%)
  • Real Estate
To Purchase:  2% of the Sales Price + VAT (both buyer and seller pay 2%)
To Rent: Rental commission is normally one month's rent + VAT (both buyer and seller pay this amount)
  • Inspections
These fees vary depending on the amount of work done ($70-$700 paid by buyer)
  • Purchase Tax
Most sales are in US Dollars but ALL taxes are based on the New Israeli Shekels (NIS).  This tax is paid by the buyer, payable within 50 days of closing.  This payment is subject to change from time to time/

Ongoing Fees
Ongoing monthly payments, such as Municipality taxes (Arnona) and Association fees (Vaad HaBayit) for apartment buildings.  Arnona is paid by the person living on the property, whether it be the owner or the rentor.
Nadlan City is committed to being an avenue of information for anyone looking to purchase or rent property in Israel.  Real Estate is handled very differently than in America and requires the expertise of capable and trustworthy professionals to research, negotiate, and close transactions.  We have put together some Tips & Information that should be helpful for you in the intitial stages of your search.  Please contact us with any questions or comments and we will get right back with you.
PROFESSIONAL RESOURCES
Upon Request, we will be more than happy to give you a list of professional resources, such as; lawyers, title insurance companies, mortgage brokers, building inspectors, architects, etc.  We work with several professionals in different areas of Israel, and want to give you resources that will help your individual circumstances and needs.
TIPS & INFORMATION
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