Quote:
Originally Posted by Roger
According to Zeiad in another thread, resale of freehold property is not legally allowed for 5 years. The only way around it is to revoke the contract with the developer, meaning that you can only sell to them. Unless the fact that it is shared freehold alters things. I will ask in the apropriate thread.
The Due Dilligence also states that you have to offer the developer the option to buy first in the first 5 years. But then the Due Dilligence also says it's leasehold  |
Hi Roger.
Again these are all points you are going to have to clarify with the developer or agent that you are dealing with. Hopefully all these points will be cleared up on launch night.
I'm sure it's not a major issue as there are many freehold developments in Hurghada and if this was a real issue or problem I'm sure it would have been raised on all the other developments that are being offered in this area.
Again I am led to believe it is the norm with due dilligence reports in Egypt and just conforms with the local administration rules.
Regards
Red