Many sellers think the legal work is mainly the buyer’s. In fact, the seller has quite a few obligations, and an unprepared step can delay payments or lead to claims of breach.
Before listing
- An up-to-date land registry extract, to make sure the registration matches what you are selling, including attachments such as parking and storage.
- A check of building permits and violations, so they do not surface mid-deal. See building violations.
- An estimate of capital gains tax and the betterment levy, to know how much you will actually keep.
In negotiation and the contract
- A payment schedule that fits paying off your mortgage and when you need money for your next home.
- A realistic handover date.
- A clear definition of what stays: air conditioners, kitchen, furniture.
- Accurate statements about the apartment’s condition. Concealing a known defect may lead to a claim.
After signing
- A letter of intent from the bank to pay off the mortgage. See apartment deals with a mortgage.
- Reporting to the Tax Authority and capital gains tax approval.
- A municipal certificate of no debts, including property tax and betterment levy.
- House committee confirmation, if the contract requires it.
- Handover, meter readings and transfer of accounts.
Who represents the seller?
Your own lawyer, not the buyer’s. Each side needs someone looking after its interests only.
Where do you go from here?
Every deal and every property is different, and a small detail in a contract or registration can be worth a lot of money. At Paz Israel & Co. Law Office we support buyers, sellers, landlords and property owners, from the first check to registration at the Land Registry. For more information see our real estate lawyer page, or contact us to schedule a meeting in Tel Aviv, Jerusalem or Modi’in.
This article provides general information, is correct as of the time of writing, and does not constitute legal or tax advice or a substitute for reviewing your specific circumstances.