ARTICLE · 07 JUNE 2017

Urban Renewal Law (Transaction Organization Agreements)

Barnea & Co

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The main objective of the law is to protect homeowners who sign pre-engagement agreements (organization agreements) that include a clause that prevents them from engaging with another organizer.

IsraelReal Estate and Construction

The Urban Renewal Law, which was promulgated at the beginning of April 2017, is attempting to regulate the phenomenon of obtaining apartment-owners' signatures on undertakings towards developers and/or various entities (organizers) that are supposedly promoting urban renewal projects. The main objective of the law is to protect homeowners who sign pre-engagement agreements (organization agreements) that include a clause that prevents them from engaging with another organizer.

The homeowner protection is reflected in a number of conditions that the organizer must fulfill in its engagement with and between the apartment-owners.

Convening a meeting of the apartment owners:

The organizer must convene a meeting of the apartment-owners in order to present the following:

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