Quote:
Originally Posted by Riccal
I cant agree with you there Dave. The significant part of the contract is the Arabic version. We recommend an Egyptian solicitor to our clients who is hell on wheels with developers contracts. On quite a few occasions we have had the private purchase contract redone because the developers terms were not in accordance with Egyptian law. He hasnt yet come across any differences between the Arabic and the English translation but I am far more comfortable knowing he reads both and checks.
In general terms I cant see recommending not using a solicitor to check a private purchase contract which commits you to paying a large amount of money now and a large amount in the future as being a sensible thing.
I have no axe to grind about this. In fact, as a real estate marketing group, solicitors have very often made our job difficult with detail but if you get it right at the start then the solicitor can only be an aid to the client.
Cheers
Rick
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Hi
I have to say that the point about not being in accordance with Egyptian law does worry me, and it was maybe an invalid assumption on my part based on my contract.
If the contract is with an English company, or any company where they agree that the English version will be used to resolve disputes then I'd be happier with that.
There is another point to my reply, not made clear, in that , assuming the same contract is used for all buyers it only needs to be "verified" ONCE", not 100 times for 100 buyers, which is what I meant to add but didn't.
We have an owners Club and the first buyer had it legally checked and then has made this information available to other buyers for free.
My main point is that the contract should be readable and the terms acceptable for which you do not need a lawyer.
Example:
- if the termination clause means you lose 50% of the price - you DO NOT SIGN
- if a late payment triggers an automatic termination - you DO NOT SIGN
- if there is no penalty on the developer for a late finish - do not sign
- if there is no term covering annual increases in maint charge, be very wary
etc
.
.