Saar signed.

From now on, will it really be easier to implement evacuation-construction plans?

The Minister of Justice has signed regulations that are supposed to make life easier for apartment owners in evacuation-construction projects.

What are the meanings and is it really going to be like this?

Interpretation

Walla!

Real Estate

15/02/2022

Tuesday, 15 February 2022, 10:57 Updated: 11:52

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An entrepreneur will be considered to have met the obligation to convene only if at least 40% of the apartment owners participated in the condominium, and will be required to hold another assembly if not.

The Minister of Justice, Gideon Saar, yesterday (Monday) signed regulations that require developers of evacuation-construction projects to provide comprehensive information in a simple and easy-to-understand way for future apartment owners, thus making it easier for them to understand the cost and benefit of the project. One of the most significant decisions they will ever make.

Among other things, the new regulations stipulate that in the joint meeting that the developer must convene before signing an eviction-construction deal, he will be required to provide comprehensive and complete information to apartment owners regarding the type of deal offered, tenants' rights in general and seniors and people with disabilities in particular.

In addition, an entrepreneur will be considered to have met the obligation to convene only if at least 40% of the apartment owners participated in the condominium, and will be required to hold another convention if not.

The regulations further stipulate that the main document of the developer's proposal that he must submit for review to all apartment owners, must include all the most important and significant details for apartment owners in a conspicuous, legible and clear manner.

Regulations also require the developer to comply with a format approved by the Department of Justice designed to facilitate apartment owners.

Among other things, the regulations determine what is required to be specified in the document, including an approximate timetable for the promotion of the project or its main stages;

The principles of consideration and detail of the collateral and guarantees offered to apartment owners;

The expected cost of maintenance and the expected increase in property tax payments in the new condominium and more.

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Evacuation of construction in Or Yehuda (Photo: Yachz)

Adv. Jasmine Tzach (Photo: Sharon Levin)

Everything is good and beautiful, but to check the meanings we turned to Adv. Jasmine Tzach, who specializes in real estate taxation, real estate and estates.

"Currently, there is a huge gap between developers in the evacuation-construction project, who are naturally polished real estate people, and the apartment owners who are often older people whose only apartment is theirs, and are required to make a fateful decision that will affect them and their children," says Adv. , "The new regulations take into account the power and knowledge gaps between developers and homeowners, and should help the latter to bridge them a bit."

Tzach further explains that "apartment owners sometimes tend to be very suspicious of developers and are very afraid to make decisions, which may also affect the fate of the entire project, which requires a large majority of apartment owners in order to be implemented. It is also to be expected that they will contribute to strengthening the relationship of trust between them and allow more projects to be launched. "

Another significant line that can be found in the new regulations is the addition of the possibility of holding a meeting of the apartment owners with the developer also by way of video conference such as in zoom software, in addition to physical convergence.

"This option will allow apartment owners who are not interested in a physical encounter due to fear of the corona virus or any other reason, as well as those who do not live in the common house environment, such as investors, to attend the conference," concludes Adv. Tzach.

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