The Israeli law, especially the Land statute of 1970, considers land ownership in Israel, including vacant land, buildings and apartments, a premier property right that requires strict registration and preservation.
For this reason, Israel has developed a registration system of land rights, which is constitutive. The registry is the creator of ownership.
Each parcel of land is defined by its position. It is a part of a large block that has a unique number. The parcel itself also has a unique number of its own. In the case of a tenement, the house is defined as a condominium and each apartment receives it's unique number, a sub-parcel number. The combination of the block, parcel and sub-parcel number creates a unique identifier for each real estate property in Israel.
The department of Justice operates a Registration Office in which all ownerships are registered. The registration is public record and everyone can apply for a statement for a small fee.
In Israel, real estate property transactions require a binding document – an agreement - in writing.
In a real estate contract, you will find an exact identifier for the property. That allows a peace of mind from a buyer's side since at least identifying the land and its owner is not an issue.
After the conclusion of the transaction, the new owner's rights are registered under his name at the land registration office.
The whole process can take a few months to complete since it involves receiving consents from the Tax Authority.
In recent years there has been a significant increase in housing prices in Israel.
As much as it may seem illogical, this increase in prices caused an increase in the number of annual acquisitions of apartments, new and second hand.
In order to increase supply, as well as to allow for urban regeneration and to give tools to strengthening buildings against earthquakes, the government promotes nationwide programs regarding those tasks.
At the same time, and in a look for ways to reduce the cost of acquisition of apartments, new purchasing mechanisms, such as purchasing groups, raised.
None the less, "Build in exchange for Land" Acquisitions remain a major way of acquiring land for building.
Our firm handles all sorts of those transactions and offers these services, among others: