Good points Chris, to simplify matters, I shall start making a list underneath here of all the things we want added into the contract (then we can send one instruction to zeiad (he will have been sent all contracts individually by each of us).
I will just do a numbered list and those of you that can think of any others, cut and paste my list and add to it with a new posting (so that the latest posting always shows the whole list) hope everyone doesnt mind doing it like this:
The List
1. purchase agreement should have an appendix with the inventory of items that comprise of the relevant furniture pack - The two bed apartments should also say "with fully fitted kitchen and bathroom" - I have also been told that the two bedroom end apartments have dearer furniture packs because they come with sun loungers and an umbrella for the balcony - so make sure this is in your contract too
2) The maintenance charge per month/per annum. Irrespective of whether the rental guarantee covers this.
3) The maintenance charge should state the period for which the cost is fixed, in addition indicate any exclusions and an indication of future price increases - I also think it should list what is included - maintenance of grounds and facilities, electricity?? Gas?? insurance?? water rates??? there is nothing to say these will not be payable by us if we opt out of the rental agreement. I also think it should say something about the hotel replacing any goods damaged in our apartment whilst being rented out will be replaced by the hotel/developer
4) the bank guarantee charges for the rental agreement. This is referred to in the investment guide and should be included within the agreement (for those that are opting for the bank guarantee).
5) The timescales for completion are within 28 days of the reservation document. Bearing in mind that many of us completed the reservation document some months back, shouldn't this read within 28 days of the date of the purchase agreement?
6. Article 3 should quote what months the rent is paid (we know its quarterly but when)
7. (and this one is only for me
- able to have a bird in a cage)
8. Contract needs to also be in arabic
9. Date of commencement of building works
10. actualy date of completion of full resort and full facilities
11. We should have a snagging time limit entered on the contract to allow us to get out there and confirm we are happy with the apartment and finishing and to make any complaints of bad workmanship in our apartment
12. Use of Free Shuttle Service from the airport
13. I am going to try and get a clause in to say our apartment is rented out as a non smoking room (but I am not sure if they will go for this!!)
Just a few points I looked at on the contract myself that I also want to query
with you are as follows:
14. With regard to Article 3d should we have entered in there that we are
under no obligation to accept the Developer's offer
15. Article 3e - if we give the full three months notice, we definitely get
our own individual apartment rather than just an "available one".
16. With regards to the first page "Agree" - the developer sells to the buyer
the right to acquire. I feel this should say something along the lines of the
developer sells to the buyer the freehold ownership of apartment no. ^^^^^ - I feel we are not purchasing a right to buy, we are actually purchasing a freehold.
17. Article 4.4 - DOES ANYONE KNOW WHAT THIS MEANS
18. for those that have not opted for the bank guarantee for the rental (and have just opted for the developer guarantee we should have a note in there saying "failure of the developer making rental payments to the buyer, will result in the buyer retaining the keys and early termination of the rental contract" to cover us in case the developer does not pay.
THANKS FOR BEARING WITH ME!!!! Please all feel free to cut and paste the above list and make it longer in another posting if you wish to add to it. Oh and by the way zeiad will not review the contracts until he has seen the full due diligence and is happy with it. He has asked for certain information so far and I have forwarded his requests to IPI so hopefully they will answer this soon.
Lou