- Buying an apartment in Israel
- The Sales Contract
It is not recommended to sign a memorandum. After all, if it is a binding contract, there is no need to sign a contract afterward, and if it is not binding, it cannot be enforced, and there is no point in it.
The popularity of the memorandum rose, especially at a time when real estate prices were rising. Buyers wanted to ensure their right to the apartment for fear “lest others will beat him to it.”
So, in the years 2008-2006, many clients came to me to represent them, having already signed a memorandum.
In these cases, the buyers press to sign a memorandum, and they are on the weak side because they do not know the nature of the sale well enough.
Here it is worth noting that among the ultra-Orthodox religious public, it is much more common to sign memoranda and even hire the services of one lawyer who represented both buyers and sellers, thinking that the lawyer’s work is technical and in case of dispute, the parties will turn to a rabbinical arbitrator’ who will rule immediately.