What Must Be Included in an Apartment Sale Agreement (707)
Selling an apartment is a complex transaction, and the purchase agreement is a key document that protects the rights of both the seller and the buyer.
An incorrectly drafted agreement can lead to delays, disputes, and financial losses.
This article explains what must be included in the agreement to ensure a safe and smooth sale.
Key Elements of the Agreement
- Parties to the Transaction
- Full details of the seller and buyer: full name, ID/passport numbers, address, and contact information.
- Property Description
- Address, floor, area, number of rooms, layout, and cadastral number (Tabu / Misrad HaBituach).
- Price and Payment Terms
- Total transaction amount
- Payment conditions: deposit, installments, final payment
- Timing and method of payment confirmation
- Status of Encumbrances and Debts
- Information on existing mortgages, rental rights, restrictions, and other encumbrances on the property
- Procedure for removing encumbrances on closing day
- Transfer Dates
- Actual handover date and delivery of keys
- Conditions and responsibilities in case of delays
- Warranties and Obligations of the Parties
- Seller’s confirmation of ownership and absence of legal issues
- Buyer’s obligations regarding payment and compliance with the agreement
- Liability for Breach of Agreement
- Penalties and compensation in case of non-compliance
- Dispute resolution procedures
- Signatures of Parties and Witnesses
- Signatures of seller and buyer
- Signature of a notary or attorney (for legal validity of the transaction)
Safety Recommendations
- Always use a legally verified template or an agreement drafted by a qualified attorney.
- Do not sign the agreement before verifying all property documents.
- Include terms that protect your profit and interests in unforeseen situations.
- Check mortgage repayment terms if the apartment has encumbrances.
Tips from Unehasim
- Consult an experienced attorney before signing the agreement
- Verify the legal status of the apartment and absence of debts
- Include all critical conditions in the agreement
- Plan the transaction in advance to avoid mistakes and financial losses
Contact Unehasim Specialists
If you plan to sell an apartment in Haifa and want to ensure that your sale agreement is drafted correctly, Unehasim specialists can help:
- Prepare or review the agreement
- Ensure all key points are included
- Draft terms that protect your interests
- Oversee the transaction until the final transfer of the apartment
A safe and transparent transaction begins with a properly drafted agreement.
