We often see an ad promoting investing in property in Israel. The ad appears sound, however the process is tedious and may lead to failure.
A mother and son, both living on the east coast of the United States, owned a luxury apartment near the beach front of Tel Aviv, Israel.
The two approached a law firm in Israel to represent them in order to sell their apartment – ostensibly a simple deal.
However, as it turned out, the apartment was not registered in the name of the client at the Israel Land Registry. Therefore, it was impossible to sell it. (The Land Registry Office is the office where all real estate properties are legally registered in Israel).
In an investigation the law firm conducted for their client, they found that the contractor who built the apartment building in which their apartment was located went bankrupt about 20 years ago and he neglected to register the property in the name of the owner – the law firm’s clients.
The law office began the proper registration “operation” process of the apartment so that it can be sold. The process involved overcoming exhausting bureaucracy, countless authorizations and signing documents, and the use of all the persuasive talent vis-à-vis all the governmental bodies that appeared to have been working to complicate the matter instead of solving it.
A few months passed and the almost unbelievable happened and the law firm managed to duly register the apartment in the name of their client.
With the completion of the legal registration of the apartment, the lawyers accompanied their client in the search for a buyer for it, recommended a reliable real estate brokerage firm for the client, and the client indeed found a “perfect” buyer at a price that was 10% higher than the market price!
In the United States, in all likelihood there are numerous Americans Jews and expat-Israelis who are permanent residents in the US and they either have property or assets in the Holy Land, Israel, or wish to have such. While we all agree that owning assets in Israel, if the opportunity arises, is simply a fantastic idea, it could also turn to be a risky business. It could also be a headache generated from a great endeavor due to the distance, Israeli legal peculiarities, and improper or insufficient supervision of the assets. Too much to worry about, they say.
Peace of mind is a desirable commodity these days. But being allured to purchase and the reality of having assets in Israel is just too great.
I am often asked: how can we bridge the gap between this investment desire and peace of mind?
Entering into an ideal solution
While I have been confronted with this question often, during several lengthy trips to Israel, I took time to research the answer.
Recently I was introduced to a ’boutique law firm’ specializing in just that type of investment, that can shine a light on this subject.
The firm’s name is Soref & Co. Law Offices, headquartered in Haifa, Israel, a ‘one stop shop’ for any non-resident of Israel, be it expat or a foreigner.
This law firm is very much service-oriented, providing very professional legal and administrative fluent services, in English and Hebrew, regardless of the time zones between Israel and the US. The firm is attentive, providing swift service with consideration to one’s budget.
For a non-resident of Israel who wants to sell a real estate property there is a very special procedure in the State of Israel. Soref & Co. is experienced in this type transactions, accompany their clients closely and are making sure to execute a quick and smooth transaction.
The firm handles, quickly and efficiently, all aspects of the apartment’s taxation, and also ensures that its clients find the optimal tax track at which they will pay the minimum tax.
Recently, Soref & Co. Law Offices received a formal notice from the tax authorities saying their clients will not be left with any unexpected additional balance to pay, which proves that the firm does very professional work with the Israeli tax authorities and the tax authorities will have no additional claim or demand from clients.
Soref & Co. facilitates a variety of needs for its international clients. Some of the firm’s other recent clients and cases include representing a US resident in a dispute with an Israeli entity over a real estate venture near Jerusalem; ensuring that a Canadian resident receives his pension, and the like. Some of the international matters the firm handles include a giant Chinese real estate project which is building a subway system in Tel Aviv.
Each completed transaction gives a sense of victory and pride to the clients and the law firm that represented them. Although at first the deal may have seemed to be impossible, there is no doubt that this exemplary case attests the law firm Soref & Co. have outdone themselves and achieved the best result for their client.
For more information and contact, visit www.soreflaw.com.