Transfer of rights
- Buying an apartment in Israel
- Contract Structure
The issue of transfer of rights, manner of transfer, and date of transfer is an important issue in the contract. The buyer has two main needs; to get possession of the apartment and register the apartment in his name in the registry.
At the legal level, the registration of the apartment is even more important than getting possession. The financial and legal consequences of non-transfer of rights may be more far-reaching than non-transfer of possession of an apartment. It is therefore important to properly formulate the provisions regarding the transfer of rights.
A sensitive issue concerns the exact date of registration of the apartment in the name of the buyer in the registry, as well as regarding the party who will be responsible for making the actual transfer of rights.
The buyer transfers the rest of the money to purchase the apartment and in fact may lose out both ways, while having paid the full price he is left without the actual registration of rights, even for a short time.
According to section 7 of the Sale Law, 5728 (1968): “The seller must hand over the sale to the buyer and transfer ownership of it to him.”. “. That is, the seller must transfer the rights and register the apartment in the name of the buyer in the registry unless otherwise indicated in the contract.