Quote:
Originally Posted by wayne_harris
Hi Lyndsay,
I read what Janoulaki had said, and just thought I will have a go and check out the developer thats dealing with Regency Towers. But didn't get any where. But you have done it all through them and they have been ok haven't they? We have just got our reservation form through. The estate agents in egypt are having trouble with there emails at the moment. So its a bit frustrating for us at the moment.
Wayne
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Never forget that selling property is a business. Everyone involved is hoping to take some advantage from their involvement, whether that be direct or indirect.
As a potential buyer who probably has no personal knowledge of any agent or deveoper or lawyer or anyone else in Egypt, t
his forum is a very good place to start your journey, however NEVER assume that because other people have bought into a particular development that "they" must have done anything to prove "stuff" that you need to know.
Many people can help to get you information but you still need to know what to look for and how to read it.
Many Agents do their own due diligence and if it is genuinely independant it's probably the best you're going to get. If it's a copy from the developers lawyer maybe not so re-assuring.
One problem is that we asume that we can use a reliable firm of lawyer to do everything as in the UK but that seems somewhat difficult and potentially quite costly.
No simple method that will solve all problems but there are things that should make you more concerned about some companies than others.
For example:
- if you cannot get a copy of anything that proves the land ownership BEFORE you sign
- if you cannot get the name of the developer (may be different to the land owner)
- if you cannot get the name of the construction company
- if you cannot get a sample contract - ALWAYS in English & Arabic
- if there are bad experiences noted on this forum about agents or developers
- if you cannot get anything to prove that the land does not have a mortgage on it
- if you cannot get a copy of the Building License
All of the above should be freely available to genuine buyers whether direct from the developer or an agent.
If you need to resort to using a lawyer to get this stuff then I'd be a bit concerned !
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