Quote:
Originally Posted by alx
My opinion - even in case due diligence is OK - it is not a big deal. The land in this area costs nothing - governement sells it for 2$/sq.m. I even can assume that Zafa and Marsa will be completed. However i have no doubts what will happen to private investors - they will suffer a lot. It is just a question of how much they will loose.
P.S. just got this by mail: (do you feel how easy launch date is shifted, now there is complete vagueness - where is the true? The true is that your commitment to pay in 14 days is still in force  ) :
The official launch will be on Wednesday 26th March 2008, just after the Easter weekend.
Please also note, due to a hold up with the notarising of documentation in Egypt, we do not expect to have the due diligence ready by the launch date. Developer will now be asking reservation clients to choose apartments, however, they will not be required to pay further monies nor sign contracts until the due diligence has been supplied by the developer. This is now expected around the mid April 2008. This is obviously good news for some clients as it allows them an extra couple of weeks to organize funds. |
Surely the due diligence should be in place months before a product launch? We don't even take properties on to market unless the due diligence is in place as no doubt do other agents.
I also believe there is a 10% rental guarantee? Can i just give a bit of advice to anyone buying one of these, make sure the guaranteed rental is written in your preliminary contract.
We have heard of similar guarantees in Bulgaria and once the developments were sold and completed the rental guarantees disappeared and no one had it in their contracts.
So please do not sign anything unless it is in black & white and do not fall for any nonsense about it will be added later.
Just a word of caution, not trying to put anyone off, i have just seen people stung by this and don't want to see anymore.