Welcome to the latest issue of the Israel Real Estate Law Insights, published by Nicole Levin Law Offices, experts in all aspects of real estate law in Israel. You are receiving this newsletter because you signed up for it on our website or because you filled out a form at a housing fair. Our newsletter focuses on the legal aspects of buying, selling and renting property in Israel.
Israel is not an island unto itself although it may seem so at times. In the past few years we have seen a booming real estate market in Israel, with prices in major cities such as Jerusalem and Tel Aviv, and the periphery, such as Modiin and Beit Shemesh, skyrocketing.
Jews from North America, England, and the rest of Europe who wanted to have a foothold in Israel invested in real estate, and many did so with the help of Israeli mortgage banks. Real estate investments were buoyed by the high rate of exchange for the dollar. At the beginning of 2006 the exchange rate reached 4.7 NIS to the dollar. The rate of exchange for the British pound and the Euro were also at record highs.
As a result of the high exchange rate, much of the real estate market (whether for second hand or new apartments) was priced in dollars, and simply paid for in shekels at the representative rate of the dollar on the date of payment. This allowed foreigners with strong currencies to purchase real estate in Israel without...
Read the complete article on our website.
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Legal Vocabulary
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'Yipui Koach' (Power of Attorney)
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A power of attorney is a document which legally allows another person to act on your behalf.
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Tip of the Month
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If you do not live in Israel and wish to purchase or sell property or take a mortgage you can do this by giving someone a Power of Attorney to act on your behalf. This person can sign any documents necessary and represent you at all the government offices. When drawing up a Power of Attorney it should worded in the correct way with a view to the requirements of the various government agencies and banks so that the person to you are empowering to act on your behalf can accomplish the things you want him or her to do.
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