Registering a condominium in Israel
Condominium registration is a process in which a building is registered in the land registrar as a condominium in a way that regulates the ownership of the various parts of the building. As part of this procedure, each apartment in the building is registered as a separate subdivision with separate individual ownership so that the rights of the apartment owners are registered in the most proper manner. The registration also increases the value of the apartments significantly and makes it easier to sell them
Adv. Asaf Arazi-Bitton
According to the Sale (Apartments) Law, registration of a condominium is an obligation of the developer (entrepreneur) who built the building. However, the main interest in completing the registration is of the apartment owners in the building, because without a complete registration of a condominium, the ownership will be registered as non-specific ownership - a method of ownership which has various problems.
According to the law, the developer must complete the registration of the condominium within one year from the date the apartment is delivered to the buyer (or from the date of registration and division of the land on which the building was built). In many cases, due to complicated legal processes, delays in completing the sale of the apartments or their construction, or delays in regulatory processes with the authorities, the registration of the condominium is delayed beyond one year.
Furthermore, in many old buildings, especially in the old city centers, there has not been a registered condominium for many years, even though the building was built several decades ago. In these cases, it is in the best interest of the apartment owners to register a condominium, since individual registration of the apartments as separate sub-plots increases the value of the apartment and makes it easier to sell. Also, when registering the condominium, the extra attachments to the apartment - the parking, the yard, the roof and/or storage room are being registered as well as privately owned by the owner of the apartment.
Another advantage of registering a condominium is the registration of the regulations file of the building and the regulation of ownership in the common areas. In new buildings where regulated regulations were registered, it was possible to determine the rules for the management of the common property and the tenants rights to use it.
Without registration of a condominium, the registration of individual ownership is not regulated, therefore there will be buyers who will be afraid to purchase apartments that are not registered as a separate subdivision in a condominium. In some cases, failure to register a condominium will even make it difficult for buyers to take out a mortgage from the bank.
After the registration of a condominium, it will be possible to issue a consolidated registration slip containing a list of all subdivisions in the building and the individual ownership of each subdivision, or alternatively a separate individual draft for the subdivision detailing the size, attachments, type of right (ownership, lease), mortgages, cautionary notes and other rights.
The condominium registration procedure is a complicated bureaucratic procedure, which is carried out by a lawyer specializing in real estate in front of the Office of the Supervisor of Condominiums and includes the submission of many documents, including a plot deed prepared by a certified surveyor, tax and municipality approvals, an order for the registration of a condominium, agreed regulation file of the apartment owners , registration of the building representative and payment of a fee.
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