I met him on a flight when he happened to sit next to me. I was planning to sleep, but he wouldn't stay quiet...
“I'm flying to buy an apartment,” he announced.
“How nice,” I replied. “What's your connection to this country? Do you even know the city?” I asked.
“A friend of mine from work bought an apartment here and connected me with his Israeli acquaintance, who brokered the apartment for him and also manages it for him.”
“Good. Good luck. Just make sure you check the apartment and the deal well,” I said, and we parted at the airport.
I didn't hear from him for a few years, until he called a few days ago and asked to meet urgently.
“Listen, I don't understand what he wants from me. Nothing of what he promised has materialized. Every few months he demands more money from me. I'm in despair. I don't know what to do anymore.”
After a few questions and an attempt to put things in order, I managed to extract the picture - the apartment was purchased and then the broker suggested carrying out a renovation to upgrade it. The renovation turned into splitting the apartment into 2 small apartments, and the total cost of the deal jumped by 50%. It turns out the renovation was not done professionally and there were problems with the electrical work that constantly required repairs. In addition, the broker's management was not professional; tenants abandoned the apartment at a rapid pace and also left behind debts that the client had to pay. The broker who managed the apartment worked in a disorganized and non-transparent way.
The first advice I gave him was to replace the broker's management with a professional management company.
A preliminary check we carried out found that the broker apparently did not have much experience in property management and, until just before the client bought the apartment with his help, had worked as a tour guide in the country.
Yesterday morning the client called almost in tears. The broker is not willing to let go. He shouted at him that the management agreement runs until May and that if he wants to stop at the beginning of January he must pay him for the entire period.
Sometimes what looks shiny and right, especially when we are dealing with a foreign country, tends to get complicated.
Stories are based on real situations, with identifying details changed. Not legal advice.
Translated from the Hebrew original. עברית