Commercial Sale
Commercial sale
In Israel, the real estate sector is one of the most flourishing, especially for investors. New construction of buildings can be found all over the country, but especially in the center around Tel Aviv.
This is where countless Israelis prefer to live, even though the cost of living is higher. It is also where many companies, corporations, start-ups and other businesses prefer to establish their offices.
Real estate is a real paradise for investors, the best being to invest in the purchase/sale of commercial property. This is where the investment is most profitable, especially in the rental of the property. However, the sale can also bring in a nice profit.
Sell your property
Selling a commercial property is no different than selling any other property. However, it is all the more important to be accompanied by a real estate agent in order to complete all the steps. The regulation of real estate sales is strict and you have to know it inside out to comply with it. It is the agent who will check if everything is in order in the land registry and elsewhere. He will also visit the to make an estimate and highlight its most important aspects.
The reasons for selling a property are varied, from a death to a simple question of investment. This is one of the reasons why the legislation on sale is so strict.
Important steps
Just like buying a property, commercial or not, its sale must be done by following certain steps. These steps will subsequently allow the sales contract to be established much more quickly and easily.
- Checking the land registry to ensure that the property is registered under the name of the owner or other beneficiaries if there are any.
- Check that there is no mortgage or other on the property.
- Check if the property is rented and if the tenants are still there.
- Check if there is any repair or renovation work to be done.
- Estimate the amount that will need to be paid for capital gains tax.
- Estimate the cost of attorney fees and real estate agent commission.
- Estimate other additional costs such as taxes and work.
- Publish the sale announcements.
Establish the sales contract
After following all the steps and finding a buyer, it is necessary to establish the sales contract. It is advisable for both the seller and the buyer to be accompanied by a lawyer. These lawyers will guarantee the legality of the contract and witness its signature.
The contract must include some of the most important clauses, such as cancellation if payments are not made. The method of payment and the date of transfer of the property to the buyer will also be indicated.
If the property is mortgaged or otherwise, the legal procedure to transfer the mortgage must be established. The Ministry of Housing is responsible for these cases. In the case where there are tenants, it must be indicated whether they will continue the rental and under what conditions.
The contract drawn up before lawyers with all the clauses and details must be approved by both parties. Once approved it is signed and the seller hands over the keys to the buyer.
