Buying or selling any piece of property, whether it be commercial or residential, can be a very stressful process. There is a lot of paperwork to sift through and other details that need to be taken care of, such as staging the property or wading through ads to find the right one, making and receiving offers, and securing financing. One thing that is often overlooked is the legality of the transaction, particularly in residential transactions. Many people firmly believe that they can buy or sell a home without the use of a lawyer. While the law does not require you to have a real estate lawyer in Tel Aviv, there are numerous advantages to hiring one.
In some cases, people who only deal with real estate agents do not sign agreements that are all-encompassing. Instead of signing an agreement of purchase and sale, which contains all the legal terms required to avoid problems down the road, some individuals without attorneys sign brokerage agreements. While these forms seem standard, and are legally binding, they do not provide you with enough information. Lawyers can give you advice about the terms of the brokerage agreement, the benefits of multiple listings, and may even be able to negotiate a more favorable agreement of purchase and sale.
Even in cases where both the seller and the buyer agree on all terms, you should still hire a lawyer that specializes in real estate. These individuals can provide you with advice and guidance on a number of practical issues. One big one is tax consequences. Depending on your situation, buying or selling property can have big implications with respect to taxation. An experienced real estate lawyer can help you determine the best way to buy or sell the property you have in mind while minimizing the tax consequences for you. Additionally, lawyers can certify title. This means that they can guarantee that the property you are about to buy is exactly as described on the deed.
Asking the Right Questions
In every transaction, there is bound to be some information that is required. When it comes to buying or selling a home, there are a few questions that should be posed. Unfortunately, it isn’t until something goes wrong that most people think about these questions. Real estate lawyers can give you advice ahead of time, letting you know what to be cautious about. For example, if there have been changes made to the property, you need to be sure they were done lawfully to avoid fines or taxes or even criminal indictment. Consequences for failing to close the sale, either because of the buyer’s actions or those of the seller, should also be discussed.
Whether you are buying or selling a property in Israel, or whether this is your first purchase or your tenth, you should always take the time to look for and hire a reputable real estate lawyer in Tel Aviv. Searching for a person who has a few years of experience in the real estate business and who is familiar with Israeli property law and with real estate business in the Tel Aviv area can put you on the right path. Remember to never make or sign any type of agreement without first consulting with a legal professional.