Quote:
Originally Posted by Mark .Y.
"You are NOT really buying a property with a contract, you are buying from someone that you trust, or not"
In that case Nigel, nobody should really be buying property in Egypt (or anywhere else for that matter) without a full legal contract that your solicitor confirms is enforceable in UK law. No buyer should be completely trusting of their realtor/developer/agent.
Of course even if you have the contract and have met the "main men", there are plenty of cases in Florida that prove that even when the buyer has met the agent, the developer and even the company owner you can lose your money.
The last recourse of many of those has been the court but if the money was paid to a limited company (whether in the UK or elsewhere) and that has ceased to exist there is nobody to get your money back from.
Mark .Y.
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Mark
The following has already been stated by me on this forum, but to put in context.
If ever anyone feels the need for a legal written contract the level of trust has already been decided in that neither party is happy to continue unless there is additional legal enforcement of the terms and conditions.
The big difference is often seen in the words themselves and the effort that both parties make to ensure a fair contract. In my experience in Hurghada with a large developer and like wise with the recent case on this forum there are people in the market who ae not willing to make fair contracts, or to change them, and if they do seem fair do not adhere to them.
In most cases it will not need a laywer to determine an unfair contract and when a potential buyer chooses to enter into an unfair contract then you have to wounder why it happened, with or without advice.
The legal system in Egypt, in my opinion, leaves non-Egyptians at a disadvantge to those who buy propery in the UK. Therefore the risk reward ratio is very different - all buyers need to be aware of this and must not let themselves be led by the potential rewards from investment in Egypt without considering the risks.
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