There are about thousands of real estates in Israel that are abandoned or unclaimed. All these abandoned assets worth about 15 billion Israeli Shekels and some of these assets are owned by the victims of the Jewish Holocaust. These abandoned assets include real estate, land, stocks, bonds, and bank accounts.
It is a very complex process to locate unclaimed or abandoned properties in Israel. There are several steps involved in locating abandoned estate in Israel and buying it and you also need an experienced lawyer who knows the abandoned property laws of Israel well. Keep on reading the article to find out how to find an abandoned estate in Israel.
Proving The Ownership
Most often the heirs/beneficiaries known about their abandoned inherited estate or property in Israel when they receive a letter from the state. According to Israeli law, abandoned property or estate is an asset that has an unknown owner or an assent that is not entitled to anyone.
You need an Israeli attorney who has deep knowledge about the inheritance and probate law for determining the ownership of abandoned real estate. For proving your relationship with the original owner of the abandoned property, you have to start by drawing up the family tree.
You have to submit several supportive documents for all the heirs who have passed away to reclaim abandoned real estates in Israel. These documents include death certificates, birth certificates, naturalization documentation, passport information, identification documentation, Brit Milah documentation, wills, trusts, and probate court.
Estimating The Value Of the Abandoned Property
Most often locating and reclaiming the abandoned property in Israel will result in great benefits for the heirs. However, there are some cases that do not become successful. An experienced Israeli attorney will inform you in advance about the issues that could complicate the reclaiming of the abandoned real estate. If you have a good understanding of the real estate market in Israel, you will get an idea about the potential value of the abandoned property.
Transferring The Ownership
The probate process will begin once all the documentation is prepared. The probate process seeks the release of dormant properties or assets in Israel and transfers the ownership to the heirs. After verifying the documentation, the probate petitions will be prepared to serve the legal heirs. The probate will be submitted in the registrar and then goes to the family court to get a succession order. An experienced attorney will make all these processes easier.