Set up rights transfer
- Buying an apartment in Israel
- Contract Structure
There is no contract of sale without specific reference as to the exact definition of the transfer of rights. It must be defined and specified how the seller fulfills his obligation regarding the transfer of rights.
It is accepted that the seller has performed his duty in presenting the documents required of him under the agreement for the purpose of transferring the rights, to the buyer.
When it is agreed that the buyer will attach to the same confirmation certificates required of him, such as a purchase tax certificate and, if necessary, also the mortgage notes.
The buyer will physically hand over the documents to the registry office and register the apartment in his name. It is important to qualify and state in the contract that the seller undertakes to continue to cooperate and produce any document required of him and perform any action required of him in order to complete the transfer of rights and register the apartment in the name of the buyer.
It is also important to note that the seller will do so within a few days of being asked to do so, and even impose a financial sanction on him if he did not do so. In addition, a sum of money can be left in trust until the transfer of rights is completed.
Some attorneys formulate in the contract of sale the transfer of rights by the seller in an evasive manner, and one should not agree to it.
The wording is that “the seller has done his absolute duty by producing a closed list of documents as specified in the contract, and that the buyer is solely responsible for the actual transfer of rights and registration of the apartment in his name in the “Tabu.”
The wording of the transfer of rights in this way may lead to the buyer having greater difficulty in completing the transfer of rights.
The best method regarding the transfer of rights is to make an appointment in advance physically with the Land Registry for the purpose of making the transfer of rights, and at the same time, the buyer gives the seller a bank check for the balance of the debt. It is not always possible to do this if for practical reasons, suppose it is not possible to make an appointment for the appropriate date, or a third party is supposed to give the payment and he transfers the payment by bank deposit.
Sometimes it is not possible to do so because documents are missing, such as tax certificates.
However, as far as can be done, this method should be preferred over any other method. Make an appointment in advance and arrive at the “Tabu.”
at the time of the transfer of rights. The buyer arrives with a bank check under the buyers’ order, and thus, at the same time, the rights can be transferred from the seller to the buyer on the one hand, and the balance of the proceeds from the buyer to the seller on the other.