Chapter 2: Important Israeli Real Estate Terms to Remember

Israel Land Authority (ILA):

The government body that maps, regulates, and manages all lands of the State of Israel. Established to directly administer Israeli State and Jewish National Fund-owned lands, which together constitute 93% of the land of the state of Israel.

Privately Owned Land:

The other 7% of the land of the state of Israel, owned by neither the State nor the Jewish National Fund.

Registry:

The association of an individual’s name with rights to a specific property or apartment which constitutes final, legal proof of ownership of the rights to the property in question.

Land Registration Bureau:

The local physical registry (offices) of the ILA at which registry is performed by an attorney. Registration at the LRB is the only legally guaranteed form of registration.

Warning Mark:

A note at the LRB indicating a commitment by a current individual registered owner of the rights to a property to make a change in their relationship to the property, or to refrain from making such a change, and often registered in favor of another person.

Escrow:

The period of time between agreeing to the terms of an apartment sale and signing a contract to buy the apartment, during which many important investigations usually happen.

Purchase Tax:

Tax owed to the government for buying an apartment, marginal relative to the value of the apartment.

Arnona:

Local municipal tax relative to the size and location of an apartment which must be paid monthly on an ongoing basis.

Block:

The largest categorization parameter in the land registry, equivalent to the size of a city block, made up of parcels.

Parcel:

The second-largest categorization parameter in the land registry, typically the size of an apartment building, is made up of sub-parcels.

Subparcel:

The smallest categorization parameter in the land registry, an apartment.