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Land Registration Extract: Uses and Importance When Buying or Selling
What is a land registration extract and why does it matter when buying or selling?
The land registration extract, known as the Tabu extract, reflects Israel’s system for registering rights and obligations in land. When buying or selling an apartment, it shows the apartment’s legal status: the identity of the owner, mortgages on the property and caveats (warning notes).
You do not need a lawyer to obtain an extract; anyone can do so, online by address or by block and parcel, or at a Land Registry office. It is advisable to obtain the extract during negotiations, to check whether there are caveats or attachments on the property. Your lawyer handling the transaction can of course obtain it for you.
Registering at the Tabu requires authentication of signatures by an authorised person, usually a lawyer or a Land Registry official. In practice the entire registration process can be handled by your lawyer, so make sure they are familiar with working with the Land Registry. Registration involves a fee ranging from tens to a few hundred shekels.
Obtaining an extract is not complicated, but buying or selling an apartment involves many bureaucratic requirements from the mortgage bank, the state and the authorities, and a lawyer can make the process much easier. Paz Israel & Co. has many years of experience in real estate transactions. Contact us.
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