Hi Tony good luck with your purchase and welcome. Its lovely to hear from yet another Sierra Investor.
We have bought in block 40 so more or less opposite your block. Zeiad is based in Naama bay at El-Gendy Mall, King of Bahrain St., 2nd floor. It is the side road that is more or less opposite Camel Bar.
Zeiad has already checked the land ownership. He wll check your contract and advise you on it. Answer any questions you have about the contract and liase with the developer to change anything if necessary. Once you have signed the contract the developer then signs ( you keep a copy and it is in English and Arabic ). You need to go to El Tor to get a resident and multi entry visa at the passport office then go to the government office nearby and get the POA for Zeiad to act on your behalf.
Here is an extract from this link by Zeiad
http://www.propertycommunity.com/forum/egypt...rty-egypt.html
Purchasers should take the following procedures into their consideration while purchasing a property in Sharm el Sheikh:
A) Obtaining a real estate certificate and a tax certificate for the property:
Purchaser's lawyer should obtain a "NEGATIVE" certificate for the property from the government, stating that there are no mortgages, pledges, or any other sort of rights arranged to any other party on the desired property. The certificate must be governmental and stamped with the official stamp of the state. Also a certificate must be obtained from the tax authorities determining the exact due taxes on the desired property. There has been a wide-spread myth stating that there are no taxes due on Sharm el Sheikh's properties. The truth, however, is that THERE ARE taxes estimated on each property in Sharm el Sheikh. Those taxes vary in value according to the original usage of the property. Purchasers are requested to consult their lawyer in order to handle the taxes issue. Taxes can be reduced to almost 60 EGP in case if the property is used for the sole purpose of residence, while these taxes would be higher in case if the property was used for the purpose of renting out.
B) Articulating a precise and bilingual sale / usufruct contract:
Sale / Usufruct is actually all about the contract, and therefore it is imperative for a purchaser to have a precise and detailed contract, defining the property boundaries in a definitive manner, purchase price, how did the property evolved to the previous owner, method of payment…etc.
This contract should be articulated in both Arabic and English languages, and it must be taken into consideration that the only authenticated and recognized language in courts is the Arabic language, and consequently English is used for the mere purpose of guidance. Here is a golden advice: NEVER sign a contract which was articulated only in English or any other languages than Arabic when it comes to purchase a property in Egypt, or you will be in serious risk.
C) Authenticating Sale / Usufruct Contract:
Prior to the point of authenticating Sale / Usufruct contract, purchasers are required to issue a power of attorney to their lawyer, in order to be able to act on their behalf in courts. Power of attorney, however, requires the purchaser "Principal" to obtain a multi-entry visa from El Tur city, which is located not far from Sharm el Sheikh, and where all the governmental utilities for Sharm el Sheikh's area are located. After obtaining the power of attorney from the notary office, the lawyer is responsible for establishing the signature validity legal suit. This legal suit takes between 6-8 months before obtaining the final verdict from the court.
These were simply the imperative steps needed to purchase a real estate property in Sharm el Sheikh, which in practice are not any different between Egyptians and foreigners, Except for the fact that Egyptians are entitled to choose between having a sale or usufruct contract, while foreigners have the sole choice of having a usufruct contract.
Have you been out to see the site yet?
Any questions please feel free to ask. There are lots of interesting threads on the forum that may help you.
Regards
Alison