Our office specializes in providing legal services that address all aspects of real estate transactions. Whether you are a seller or buyer, renting or hiring a property, or simply encountering registry challenges – we have the necessary expertise to help you bring the matter to a successful conclusion.
The extract specifies the block, parcel and sub-parcel of the apartment. It states the size of the apartment at the time that the apartment was registered, the attachments to the apartment (such as a roof, storeroom, parking, etc.) and the share of the apartment in the apartment building.
The extract specifies the owners / holders of rights in the apartment, as well as the holders of other rights in the apartment (mortgage holder, easement holder, etc.) as well as various notes relating to the apartment, such as a caveat in favor of any third party or a lien imposed by a creditor, etc.
It is, of course, desirable to prepare a clear and detailed agreement containing most of the terms that are acceptable at the time of preparing the sale agreement.
The accepted approvals consist of confirmation of payment of purchase tax and betterment tax.
A caveat is a note registered on the seller’s rights in the apartment and constitutes a warning regarding the purchaser’s rights in the apartment. Any third party can easily learn of the purchaser’s rights in the apartment by reviewing the land extract of the apartment.
The “municipality approval for the Land Registry Office” is an approval issued by the municipality / local authority, in which the municipality confirms that it does not oppose the apartment being registered in the name of the purchaser. The municipality usually issues this approval only after all of the debts on the apartment have been paid to it and, in many cases, the municipality demands that also property tax is paid to it in advance.
The purchaser needs to provide the Land Registry Office with all of the said approvals, together with a bill of sale (number of copies).
The Land Registrar will review the transaction and the approvals and will then sign the bill of sale and thus approve execution of the transaction and registration of ownership in the name of the purchaser.