ATTORNEY SPECIALIZING IN REAL ESTATE

THE VAST IMPORTANCE OF CLOSE ACCOMPANIMENT BY A LEGAL ADVISOR WHEN IN CARRYING OUT REAL ESTATE TRANSACTIONS BY AN ATTORNEY SPECIALIZING IN REAL ESTATE

The complexity of a real estate transaction demands vast expertise, skill and knowledge. In order to ensure that the transaction is carried out properly and accurately, many legal examinations must be performed within various areas, places and registries. In light of the intricacy and constant development of the real estate field, it is absolutely clear that only an attorney who specializes in this field and deals with it on a continuous, daily basis has the expertise required in the entire possessor, contractual, planning, taxation, and other aspects of the transaction. Such an attorney is also familiar with the frequent court rulings which are being created and are evolving in this field. He/she is aware of the mishaps which may occur, beginning with the negotiation stage of the transaction, up to the moment the property rights are registered in the Lands Registry office.

The major role of an attorney in a real estate transaction is to ensure the rights of both sides during the entire process, beginning with the negotiation stage and all the way through to registration in the Lands Registry office. Guaranteeing the rights of both sides involved in the transaction involves, among other things, the examination of the quality and type of rights being sold or leased in the real estate in question, in order to prevent a situation in which “fake” real estate is purchased/sold by swindlers and fraudsters. The attorney will examine the existence and utilization of building rights. He/she will handle obtainment of suitable collateral and/or guarantees which will provide a response, among others, in the event of bankruptcy, liquidation, forgery and fraud; receipt of appropriate power of attorney which will provide an appropriate response in instances in which various circumstances could influence the rights of the sides to the transaction; examination of attachments/mortgages/seizures on the land/apartment; clarification if any caveat warning exists on behalf of any authority designating the land for expropriation/preservation/antiquities etc.; and if any third parties have rights to the property. The planning status of the land must be examined. The attorney will examine liabilities of tax and/or fees and/or levies, factors which not infrequently determine the fate of the feasibility of real estate transactions. He/she will also investigate the possibility of partially or completely reducing taxes and/or levies, utilizing various types of tax planning and/or by familiarity with the relevant clauses in the various laws granting exemptions and/or dispensations and/or alleviations in taxation.

In conclusion, anyone – be it an individual or a legal entity - carrying out a real estate transaction without legal representation by an attorney specializing in this field, are jeopardizing themselves, and are liable to find themselves facing severe and irrevocable legal and economic consequences. This is even more so when the sale/purchase of residential apartment is involved, since for most people this is the most significant transaction they will undertake in their lifetime. Carrying out such a transaction in an illogical way and without proper legal representation by an attorney who specializes in real estate means taking an unreasonable risk which could lead to, G-d forbid, unpleasant “surprises” as mentioned above.