Quote:
Originally Posted by dave99
Thanks for your help - sounds like a risk thats worked out well.
Do you get any guarantee, or anything at all that would help if things went wrong at sometime in the future.
As you say, this is how it is done for Egyptian nationals which is not really what I am concerned about.
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With the Power of Attorney you can Register it with the Government as usual and pay the fees at anytime, or you can sell on to another buyer who has the option to do the same.
Guarantee I guess is for the building work? Yes it is guaranteed and we also know the person who was the contractor as a friend. His family is one of the major contractors and is working on another hotel in hurghada. They are not cowboys. I worked in the Legal Sector in England so I look into things carefully before I leap.
All I wished to point out is that if people are worried about having a property registered and then cannot sell for 5 years maybe the power of attorney way is an option. As I said you can always register it at anytime in the future.
I guess this is easier buying privately than with Developers from other countries.
I must admit that I didnt like the idea of power of attorney but did get legal advice from lawyers that deal with english and egyptian.
All you have to do if not buying a newly built property is to make sure that there are no debts registered on the property. The seller should list anything that is owing and you either deduct from the price and you pay, or you pay full price with it stated that he is paying all debts registered up to the date that it becomes yours. Believe me, you take them to court and if they don't pay those debts they will be put in jail until the debt is paid off. Any kind of fraud is not kindly looked upon, and the courts give them a chance to pay or they spend time in jail until paid, which no one wants to do.
It is a very different system to the English, and with doing conveyancing work, as well as litigation, I was very apprehensive.
Wish everyone good luck and good wishes and hope that if they do buy any kind of property, they will get many years of enjoyment and good holidays with their investment.