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Buying

Your Home in Ir Yamim

Purchasing a property in Ir Yamim, Israel, can be a great investment and a wonderful place to call home. However, the process requires careful planning, research, and understanding of local legal requirements. This guide provides a step-by-step overview to help make the process smooth and straightforward.

Understand the Market and Budget

Before diving into property listings, it’s important to set a realistic budget and understand the local market dynamics.

  1. Set Your Budget:
    • Determine how much you can afford, taking into account your savings, down payment, monthly payments, and additional expenses.
    • Consider additional costs such as purchase tax (Mas Rechisha), agent commissions, legal fees, notary fees, and moving costs.
  2. Financing Your Purchase:
    • Mortgage Options: Israeli banks offer mortgages to both residents and non-residents. Check with local banks for mortgage terms and eligibility. Non-residents may face more stringent requirements.
    • Down Payment: Typically, you will need at least 25%-30% of the property’s value as a down payment.
    • Loan Terms: Understand the interest rates and loan term length (often 20-30 years in Israel).
  3. Research the Market:
    • Familiarize yourself with property prices in Ir Yamim by browsing online listings on sites like Seaview.
    • Since Seaview Properties have a deep understanding of the Israeli rules and regulations, pleae feel free to contact us directly. We are glad to help!
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Search for Properties

Once you have a budget and financing in place, you can begin looking for properties.

  1. Online Listings and Real Estate Agencies:
    • Online Platforms: Websites such as Seaview will guide you to properties in Ir Yamim that meet your criteria.
    • Seaview: If you prefer personalized service and want to work with a real estate agent who specializes in Ir Yamim, offering local insights and assistance with negotiations, please call or WhatsApp us.
  2. Visit Multiple Properties:
    • Let us schedule viewings to get a feel for the area and inspect the condition of the homes you’re interested in.
    • If you live far away, we will do the virtual tours for you and send you the video.
  3. Evaluate Property Features:
    • Location: Ir Yamim is a small, residential area, so consider its proximity to schools, shops, public transport, and other amenities.
    • Condition of the Property: Assess the condition of the house, including the structural integrity, plumbing, electrical systems, and overall maintenance.
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Make an Offer

Once you’ve found the right property, the next step is making an offer.

  1. Negotiation:
    • In Israel, it’s common to negotiate the asking price. Work with Seaview to help formulate a fair offer based on comparable sales in the area.
    • Be prepared for counteroffers, especially in competitive markets.
  2. Formal Offer Letter:
    • If you and the seller agree on the price, you will submit a formal offer letter (הצעת רכישה). This document outlines the terms of the agreement, including the purchase price and conditions.
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Legal Due Diligence

Before moving forward, you must ensure there are no legal issues with the property.

  1. Verify Ownership and Encumbrances:
    • Seaview Properties will check the property’s ownership at the Israeli Land Registry (Tabu) to confirm that the seller is the rightful owner.
    • We will ensure that there are no liens, debts, or legal disputes associated with the property.
  2. Title Deed (Tabu):
    • We will request a copy of the property’s title deed (tabu) to ensure the property is clear of any claims or encumbrances.
    • Your lawyer that we can recommend will handle the necessary checks with the local land registry.
  3. Check for Zoning or Construction Violations:
    • We will ensure that any modifications or extensions to the property comply with local zoning laws and building codes.
    • We will confirm that the property is not subject to pending legal or zoning issues.
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Signing the Contract of Sale

Once we’ve helped you complete the due diligence and are satisfied with the property, you can proceed to sign the contract of sale.

  1. Contract of Sale:
    • The contract of sale (חוזה מכר) should be prepared by your lawyer and signed by both you and the seller.
    • The contract includes essential details, such as:
      • Purchase price
      • Payment terms (deposit, installments, final payment)
      • Transfer of ownership date
      • Any conditions for the sale (e.g., repairs, move-in dates)
  2. Initial Payment:
    • A deposit is usually required when signing the contract, often 10%-15% of the purchase price. This amount is usually non-refundable if you back out of the deal.
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Pay Purchase Tax (Mas Rechisha)

In Israel, the buyer is responsible for paying the purchase tax (Mas Rechisha).

  1. How Much is the Tax?
    • The purchase tax is calculated based on the purchase price of the property.
      • For a primary residence, the first NIS 1,749,000 (as of 2025) is taxed at a reduced rate.
      • The tax rates increase for properties purchased at higher prices.
    • First-Time Buyers: There are tax exemptions and reduced rates available for first-time homebuyers, but specific conditions must be met. We will help you navigate these waters.
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Finalizing the Sale and Transferring Ownership

The final stage involves paying the remaining balance, and transferring the property’s ownership.

  1. Final Payment:
    • Once the contract has been signed and conditions met, the remaining payment (minus any deposit) is made.
    • Ensure the seller clears any outstanding debts or mortgages on the property before transferring ownership.
  2. Transfer of Ownership at Tabu:
    • The final step is transferring the property ownership at the Israeli Land Registry (Tabu).
    • Both parties must visit the Tabu office with the signed contract and relevant documents.
    • The property will be officially registered in your name, and you will receive the title deed.
  3. Handover of Keys:
    • Once the legal transfer is complete, the seller will hand over the keys to the property.
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Post-Purchase Considerations

After closing the deal, there are a few important things to take care of.

  1. Notify Utility Companies:
    • Inform the utility providers (water, electricity, gas, etc.) of the change in ownership and set up your account. This is a service that we offer our clients.
  2. Property Taxes:
    • Ensure that all property taxes (Arnona) are up to date.
    • Notify the local municipality about your new address.
  3. Insurance:
    • Consider purchasing homeowner’s insurance to protect your new property.
  4. Introduce yourself to the Va’ad:
    • After purchase of your apartment, you introduce yourself to the Building president who gives you a set of bylaws and helps set up the monthly building fees.
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Conclusion

Buying a home in Ir Yamim, Israel, can be a rewarding experience if you follow the proper steps and ensure all legal requirements are met. Whether you’re a first-time buyer or experienced in the process, having the right team of professionals, including a real estate agent such as Seaview Properties and a lawyer you can trust, will make the transaction smoother.

By conducting thorough research, ensuring proper financing, and carefully reviewing all legal documents, you’ll be well on your way to securing your new home in Ir Yamim. We can’t wait to help put you into your dream residence.