What You Need to Know About Buying an Apartment in Tel Aviv: Part 3

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After careful research, you finally found an apartment that you are seriously considering. Next step will be to put down an offer. Now, before you begin throwing in numbers and making calculations, make sure to hire an inspector to inspect the home for any hidden faults prior to moving on to the next step.

Before passing on your offer, discuss this with your agent and see what he has to say. He should know how to navigate the negotiation process, and should advise you on what is the right offer. Your agent should advise you based on how long the apartment has been on the market, its’ condition, previous offers, and how the asking price is compared to similar recently sold properties. Needless to say that if you’re budget is much lower than the asking price/closing price, then you should avoid presenting your agent with an offer at all cost! Putting down ridiculously low offers just to see whether it will be accepted or not, is a complete waste of yours, your agent’s and the seller’s time, and working respectfully is a big part of the game.

So long an offer hasn’t been presented and agreed upon by the seller, anything can happen. Other potential buyers might be putting down offers as well, so if you’ve done your homework and you’re serious about this particular apartment, you should act fast.

If you want to hire an inspector before your offer but afraid you’ll might lose to someone else, then you may want to consider putting down a minor deposit too secure the home to show the seller you mean business.

A deposit will give you the upper hand, but mainly give you the time you need to properly inspect the apartment without being under any pressure. Make sure to put down a deposit that you are comfortable with, and consult with your attorney the amount and terms if the deal falls through.

The most delicate part of the process is taking it to the next level. This is the money-time moment for your agent and no mistakes should be made here! Being the mediator, your agent needs to know exactly how to lead both parties in sealing the deal, whilst keeping both sides content. Like everything in life, real estate is all about give and take, and be prepared for backwards and forwards, but most importantly, know your limits, make some ground rules and be realistic and fair when negotiating; this is precisely where your agent is most needed – it is their job to guide you, watch your back and get the deal done for you.

Preparation is key! By this time you should be informing your attorney about your decision and presenting your attorney with preliminary details of the home. If you don’t have an attorney, then this is the time to hire one.

The real estate laws in Tel Aviv are different from anywhere in the world, and your attorney’s job is to be your all encompassing legal advisor and it is your attorney’s responsibility to encounter any legal obstacles.

When hiring an attorney, look for an attorney that masters in the Tel Aviv real estate!

Hiring just the right attorney to seal the deal for you, is the fine line between a smooth transaction to a devastating one.

Next –> Sealing the deal and moving in