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Unless specified differently, the apartment size does not include the balconies.
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Yes. Currently there are a number of banks that offer loans to foreigners. Each of these banks has its own individual products and terms of loan. The rates and service can vary greatly between different lenders.
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Yes. However, since a fixed rate mortgage is relatively new to the Israeli mortgage market, not all banks are offering this product.
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It is possible to get up to 70% financing for an Israeli. For foreign residents 50%-60% is usually the maximum. On luxury properties (approx $350,000 and up) the percentage offered is usually less. If you require higher percentage financing(above 60%) we recommend getting pre-approved and having your property appraised before buying.
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Almost always it is the lower of the two. That means that if you paid $300,000 and the property is appraised for $270,000 your percentage is calculated againt the $270,000.
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In most cases yes. However, it is very important to note that the appraisal can be lower. This is due to the fact that most banks are interested in the value of a property if it had to be resold quickly or if the market takes a turn for the worse. Luxury properties are most susceptible to lower than market evaluations. If you are interested in a high percentage finance (over 60%) it is wise to do an appraisal before purchasing so you know where you stand. It is also important to choose an appraiser that is knowledgeable about the area you are buying in, especially if prices have changed recently.
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Most banks require the borrower to put in the majority of their equity before the bank will pay out even a portion of the loan. This is especially true when the property value is on the higher end of the scale or the percentage of financing is high. Usually underthese conditions the banks become less flexible paying out until the down payment is fully paid. This is important to keep in mind so as not to run into cash flow problems.
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Purchase tax must be paid up to 50 days after the contract has been signed.
The purchase tax should be paid before the banks start their payments.
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At present it is not possible for an Israeli citizen to deduct interest charges from their personal income tax. There has been talk about this becoming possible in the future. For foreign residents, deducting the interest charges from personal income abroad depends on your local tax laws. It is advisable to check with your personal accountant. It is possible to get a statement in English from most banks detailing the exact costs, which can be submitted to the tax authorities.
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The Israel taboo is the Israeli land registry. It is part of the Ministry of Justice.
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Ordering the taboo documents on the internet is very simple. There are several internet websites that offer assistance on the matter, however it is important that you first find out the block and lot details of the property (use a real estate lawyer if needed).
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A common mistake among many is that whether a warning remark was added in their favour to the taboo documents, they are protected from all harm and there rights are registered in the taboo. A warning remark does not imply ownership nor leasing, and we recommend that you seek legal counseling with a real estate lawyer, in order to register your rights in the taboo thus maintaining your rights over your property.
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We recommend that the lawyer you choose will be a specialis real estate lawyer
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A real estate lawyer is a lawyer whos expertise is representing buyers and sellers of real estate properties.
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Yes, however we do not recommend that your lawyer represent the other party while purchasing or selling a property.
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There is a great importance to hiring a real estate lawyer while buying from a contractor.
Doing so can protect you from any contract breaches by the contractor and/or contractor going into bankruptcy.
The contracor's lawyers usually look after their own interest before the custumer's, all the more reason to hire a real estate lawyer.
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Most real estate experts will suggest that buyers should be represented by an agent, the reason for which is:
The real estate commission is basically paid by the seller & the commission amount is already mentioned in the listing contract. When the buyer doesn't have his own agent, the same agent can represent both the seller and the buyer,working as what is known as a "dual agent".