Buying Process
To start the ball rolling
We have bought a 1 bedroom apartment with small garden in Nabq Bay in Sharm. It is a quiet resort but is up and coming. It 2nd line from the beach, 10 mins from the airport and 20 mins drive into Naama Bay.
It is on the Sierra resort which is next door to Sharm Bride. Currently the handover date is 28th Feb 08. The whole complex has a completion date of Oct 08.
The buying process is different here and it is on a 99 year lease. This may put some people off buying but the lease is renewable. My daughter is on the contract so if anything happens to hubby or I then the lease will automatically go to her at no cost. If you sell the property then the new owner gets a new 99 year lease at a cost of £1000.
I have been to El Tor to get my residents and multi entry visa along with the Power of Attorney. Cost was 83LE for the residents visa and 61LE for the multi entry visa which you get from the passport office in El Tor and the POA was 40LE which you get from the government building which is 2 mins drive away from the passport office. The return taxi drive will cost £15 ( if you need contact that knows where these offices are for this please let me know )
This is an easy process and it is an hours drive from Sharm. ( Any ? on this please ask )
One tip is to ensure you get a good English speaking Egyptian lawyer.
Ensure that you read through your contract that has to be in both English and Arabic.
If you do not understand anything in the contract ask your lawyer.
If you do not like anything in your contract ask your lawyer to discuss it with the developer. I have had a few things changed on mine without any problems.
Once you have signed every page of the contract it is then handed to the developer who in turn signs every page and then your lawyer will do the registration at the courts in Cairo.
Typical cost for a lawyer is £500.
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