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28
the purchaser from any
leans, debts or other legal
problems that might arise.
In Israel, there is no title
insurance.
A: I think that the bot-
tom line is that all Jews
want to own a home in
Q: If there is no title
the Jewish country, even
insurance, how can one
if they don't plan on liv-
be sure that there are no
ing here at the moment.
legal problems with the
Israel has come a very long
Debbie
property?
way in the very short time
Rosen-Solow
A: In Israel, it is the
it's been around. Not that
Columnist
responsibility of the lawyer
many years ago, investing
for the purchaser to check
in Israel was like invest-
all legal issues that are relat-
ing in a third world country, whereas
ed to the property, i.e., problems, liens,
today, Israel has as much to offer as
conflicting rights in title.
most western countries.
On a spiritual level, Israel has always
Q: What are the three most prac-
had a lot to offer, and on a materi-
tical tips you can give someone?
alistic level, moving to Israel is no
A: There are many things a pur-
longer a major sacrifice. Of course, all
chaser can do to make the process
this doesn't detract from an investors
smoother and to save money:
desire to make profitable investments.
• Get familiar with the purchasing
process before you sign. Information
Q: Where is the best place in
is the key to a successful real estate
Israel to invest?
transaction. Lack of information or
A: What might be the best for one
proper representation may cause
person may not be right for the next.
you unnecessary grief, aggravation,
It is important to find a property loca- expenses, and unnecessary legal pro-
tion that is right for the investor. Some ceedings.
people are willing to take a greater
• I often recommend people have
risk by investing in less developed or
a separate will regarding their assets
lower-priced areas that are expected
in Israel since there is generally no
to become the next up and coming
inheritance tax in Israel. Having said
location.
that, whether or not the inheritance
For others, a place that they or their of that property will be taxed in the
children might want to move to some
country of residence depends on the
day could be the right investment.
laws of that country.
Prices in these areas might be higher
•Although it is legal in Israel for a
and may not necessarily be expected
lawyer to represent both parties in a
to go up in the next few years, but this
real estate transaction, I believe that
still may be the right choice for them.
it is almost impossible for a lawyer
to represent the purchaser's interest
Q: How is the purchasing process while protecting the seller's interests at
the same time.
different than in the U.S.?
A: In Israel, the signing of a contract
I advise you never to take the same
is the most crucial and significant
lawyer your seller is using, even in
stage in the procedure. At contract or
what may seem to be a simple deal.
immediately after, all deeds are signed Any minor complication may place
by both parties and money is paid
the lawyer in a conflict of interests and
(usually around 15 percent) to the
jeopardize the quality of representa-
seller. Once a contract is signed, both
tion you should demand.
sides are bound by it and any breach
or change may cause significant impli- Debbie Rosen-So/ow is a real estate attorney
cations and monetary consequences.
in Israel focusing on assisting North American
For this reason, all title checks and
investors in securing properties in Israel.
She has worked with Israel's Ministry of the
constructional inspections must be
Interior as well as in private practice. Her e-
done before signing the contract. In
many states in the U.S., it is custom-
mail address is: debbie@rosensolowlaw.com .
ary to obtain title insurance to insure