The first step in purchasing an apartment is an examination in the Land Registry (taboo) of the status of the rights in the apartment (for example, whether a mortgage is registered or a warning note). However, many apartments in the country have not yet been registered, either because they were only recently built or because the contractor's lawyer (who received his salary in advance) is less than in a hurry to finish the registration. In such a case, the wording of the taboo will not list the apartments and their attachments (parking, yard, warehouse, etc.), the owners of the rights of each and every apartment or the restrictions that apply to each apartment. What do you do in such a case?
Usually, in the purchase agreement of the apartment, the contractor undertakes to complete the registration of the condominium and the uniqueness of the apartments (registration in the taboo of specific apartments in the name of specific apartment owners) within a certain period from the date of signing the above agreement. In the agreement (and sometimes many years later) the building is not yet registered as a condominium, the buyers are not registered as owners of the apartments but at most only a warning note is registered in their favor and all this when they are sometimes not aware of it until they want to sell the apartment.
A potential buyer of an apartment in a building that has not yet been registered as a condominium and has not yet been registered in the tax register, not only should one be careful and make sure that the apartment does belong to the person claiming ownership, In addition, the procedure for transferring the rights in such an apartment is expensive and longer and may also have an effect on the price of the apartment.
For this reason, it is worthwhile for apartment owners who have passed years of purchase and have not yet been registered as a condominium to act for the appointment of a functionary who will complete the registration (thus repairing the damage caused by the contractor and his attorney). A recent ruling by the Supreme Court, for example, deals with a case in which there was an undertaking by the contractor to register the building as a condominium within 4 years, but even 15 years later the registration has not yet been completed. Accordingly, the court ordered the appointment of a receiver on behalf of the apartment owners who would register the building as a condominium.
Thus, on the part of the buyer, before purchasing an apartment, check the status of the registration of rights in the apartment and as long as a condominium and the uniqueness of the apartments are not registered, the reasons for this must be clarified ) And what is expected of the completion of such registration both in terms of the date and in terms of the costs involved. You should also receive a letter from the attorney handling the registration to clarify the situation and approvals from the contractor and his attorney who manages the registration of the rights in the building to verify the status of the rights.
On the part of the apartment owners, it is important to check why the condominium has not yet been registered and as the registration date has passed, it is worth considering applying to the courts for both compensation for the damages and the actual execution of the registration.
It is important to emphasize again that buying and selling an apartment is not a simple transaction and it is important to be accompanied by an attorney who specializes in the field and has appropriate professional insurance.