CLOSING A REAL ESTATE SALE
After making an offer on a real estate property and getting it accepted, prospective buyers have waited several weeks to finally be in a position to move into the new house. However, there is one more step that remains, and that is the closing. In the end, a buyer will need to provide several documents so that they can finalize the sale. A buyer who is looking to provide these documents at the end will benefit by attending it with one or more wills and probate lawyers.
The first document that you will need at the closing is the deed. This is a document that allows you to be put into the chain of ownership records with the Israeli Land Registry (TABU). It is significant because it will enable you to have a formal record of ownership of the property. Therefore, anyone looking up current and past owners will be able to refer to the deed to find your record of the purchase.
A BILL OF SALE
You will need to bring a bill of sale which transfers all other personal property such as furnaces, air conditioners, and appliances. Having this document is significant because it will enable you to have legitimate proof that you will be receiving other property along with the house itself.
PAYMENT OF APPLICABLE TAXES
Calculating the applicable Israeli taxes, including tax on the acquisition (Mas Rechisha), appreciation tax (Hashbacha), and application of various discounts including TAMA 38 incentives and Aliyah benefits are key elements of a real estate sale.
The mortgage is the agreement that you have with the lender to buy the property. It also states that the property is collateral for the loan. A mortgage is recorded with the deed and becomes a lien against the property that the buyer plans on purchasing.
SHOWING THE MORTGAGE APPLICATION
It is essential to show the mortgage application whenever you are at the closing. This is a document that shows the assets and liabilities of the borrowers as well as the loan amount that the buyer was looking to receive. Having the mortgage application is a supporting document for the mortgage.
DISCLOSURE OF CLOSING AND LOAN ESTIMATE & THE TITLE
A Disclosure of Closing and Loan Estimate provides you with documentation which will help you better understand the terms of a mortgage and the overall transaction. You will also need to have the title so that you can prove that the property is yours to move into as well.
WHY WORK WITH DAVID PAGE LAW FIRM
If you are looking to complete a real estate sale, you benefit by using the services of attorney David Page. He has many years of experience assisting those who are looking to finalize contracts of property. With his practice, you will be able to take advantage of many benefits. These include working with someone who has expertise and integrity. The page also offers a fixed price for the services rendered so you will never have to worry about hourly billing. David Page also provides onsite visits so he can be present with you when you are looking to finalize a real estate sale at the closing.