- Buying an apartment in Israel
- Contract Structure
It is important to ensure that there is building insurance for the apartment in order to ensure compensation if significant damage was caused to the apartment in the period from the date of signing the contract until the date of delivery of the possession.
As long as the seller has a mortgage on the apartment, the mortgage bank obliges him to insure the apartment with building insurance.
The same goes for the buyer, as soon as she takes out her mortgage. At the same time the insurance exists to maintain the interest of the bank giving the mortgage.
It is therefore important to make sure that the insurance covers the summaries of the seller and the buyer. If an insurance event occurs, the insurance money should be transferred to the injured party.