Assembling a Team for Purchasing Real Estate in Israel to Make the Process Efficient & Stress-free
Finding the property of your dreams is hard work, and in Israel this process can be significantly more challenging based on factors like the language, foreign currency, and laws and regulations. With the help of a fantastic team, the process can be efficient and stress-free.
One of the main responsibilities that we take on as real estate brokers is to assemble a team of necessary, skilled professionals to help our clients navigate the purchase process as smoothly as possible.
The team we build for our clients is a service that sets us apart from other brokers. The team and their roles consist of:
Real Estate Agent
The real estate agent you choose should have knowledge of the current market and know what has been selling recently. They should be able to advise you on whether or not asking prices are appropriate for the properties you are considering.
The agent should have good relationships with other brokers, lawyers, and specialists, and should be able to provide references and customer feedback. The agent should be able to give information about an area or neighborhood you are interested in, and offer their professional opinions based on what you are looking for.
A good agent should be available to meet with you frequently and maintain excellent communication throughout the process.
Real Estate Attorney/ Lawyer
Their role is to examine all of the paperwork, go over and comment on the contracts (remember that no contract is standard here in Israel, and it is absolutely necessary to have a qualified lawyer look over any contracts you may sign).
They also act as your title insurance. All lawyers have liability insurance and in Israel there is no title insurance like there is in the U.S. (hopefully the liability insurance is never needed).
Most importantly, they are there to explain different situations that arise throughout the process and suggest different options and approaches to handling them. Your lawyer will advise you on what decisions to make that will be in your best interest.
The mortgage broker will help you understand your budget and what you can realistically afford, how much money you can borrow and what the terms will be, and help you in getting pre-approved for a mortgage.
The mortgage broker should be met at the same time as the real estate agent and real estate attorney, as early on in the process as possible, so that you don’t find the home of your dreams and later realize that you cannot afford it.
The inspector’s role is to visit and inspect the property for any damage before signing the contract, as there are zero contingencies. If you buy a property and only after bring in an inspector, unless you can prove that a defect existed before purchase and was deliberately hidden by the seller, it will be impossible to do anything about it, and will inevitably cost you a lot of money to fix.
Interior Designer/ Builder
If you are purchasing a property off-plan or with the intention of renovating it, you should speak with a builder or interior designer before purchasing to get their advice on the layout and what will be possible to execute. If you are buying off-plan, you need a builder to explain the floorplans, specs, and sizes offered by the developer, and what your options are for customizing the unit.
If you are renovating, they will give their opinions on what will and will not be possible, which is important to know before the purchase takes place, in case it wasn’t what you had in mind and you decide the unit is not right for you.
Money transfer companies help you get the money from your current location to Israel, clearing the government’s regulations. Money transfer companies often offer way better rates than the banks do, and can manage all of your transactions without needing an Israeli bank account, offering a very convenient way to purchase from abroad or with foreign currency.
If you will not be living in your new home full-time, you might want to consider hiring a property management company to visit and inspect your property regularly and ensure everything is running smoothly. Property management companies can also assist you in renting out your property either short or long term, even finding tenants and maintaining the property as problems arise.
The CapitIL Real Estate team prides itself on the high quality, professional connections we have, with each member able to serve an integral role on your team to close a deal successfully.
We strongly advise you to assemble a team of qualified professionals to aid in your purchase process, and are happy to give recommendations. As always, you should meet with each member to make sure it is a good fit, and ask to speak to references.