Quote:
Originally Posted by jenniann
Hi,
I was wondering if anyone could shed any light on the costs and implications of registering / not registering an off plan property on completion? I am aware that there is a 3% fee along with some small survey fees but how do we go about this? Presumably, we also need someone to confirm that there are no charges outstanding against the property from the developers finance - is this something a lawyer should do automatically? I've also seen comment that you are not permitted to sell the property for 5 years if you register, is this true?
Any information greatly appreciated.
Many thanks.
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Please note that Egypt has changed its policy regarding registering properties fees. It USED TO BE 3% as you said, but now there is a fixed sum of money to be paid instead, which does not exceed (2000 EGP) regardless of the value of the property subject of sale and registration. This change purposes to encourage purchasers to register their properties, since the old system (3%) was a barrier for a lot of purchasers to register their properties, in order to avoid paying the previous huge sum of funds (3%).
In Sinai peninsula the situation is different, since there is no freehold right granted to foreigners in the first place, but only usufruct right for 99 years, the situation, and consequently the procedures, are different. Please read my other posts on the forum to get full knowledge of these procedures.
All the best,
Zeiad Yehia
Head of Legal Department
City and Urban International
Gendy Mall, King of Bahrain St., 2nd Floor,
Neama Bay, Sharm el Sheikh,
South Sinai, Egypt.
Telephone: +20 69 3601515
Fax: +20 69 3601520
Cellular: +20 12 3344988
email:
legaladvisor@cui-egypt.com