Escrow Accounts

[realestatemart]

Originally Posted by Sveta and Sergio

thank you mr peter. i am happy for all advise. the lawyer did not ask for money from us. they just warned us about developments asking for our reservatuion fees or payments sent to another country other then egypt. i talked to one developer who said we would have to send the money to united kingdom. that is when the lawyer said this is against egypt laws. can you recomend good deveopers?
Thank you agaim peter

svetlana and sergio

who said sending money to an escrew account in UK is against Egyptian Law?????????????????
most trusted developers have an escrew account in UK or Germany Like Resort Aliance to I think they give you wrong information

[Riccal]

Originally Posted by Sveta and Sergio

hello,
we are new here. we are looking at buying a holiday home in hurghada we met with a couple developers about two moths ago. one asked of the companies asked us to send the deposit to the united kingdom. we asked a attourney that we met with in hurghada about this, and he said this is against egyptian law for a developer have money sent out of the country for a property being biult in egypt, and that the egyptian govermnent is starting to investigate anyone doping this, and to take all there property. has anyone else been asked to send any of there payments out of egypt. can anyone recomend a good honest develper company?
Thank you.
svetlana and sergio and two cats

Hi Sveta and Sergio

When I read your post I decided to double check. There is no Egyptian regulation regarding money needing to be paid into Egypt in regards to projects being built in Egypt (at least according to my legal guy) and I am sure there are enough seasoned hands in the Egyptian property game on this website to confirm. Hopefully Zeiad will see this comment and reply.

Cheers

Rick

[Emu49]

I think that it is wrong to compare the Escrow accounts in the UK and Germany to anything in Egypt. In Europe the purchaser has legal protection if the lawyer makes off with the money. In Egypt what insurance do you have if something goes wrong with the escrow account? What insurance system is in place? Can the lawyer confirm that the bank checks and confirms that money is released as set out in the purchase agreement? The lawyer should say clearly what protection the purchaser has if something goes wrong in the management of the account.

Just to say if you put your money in an escrow account you are protected, is wrong. Tell us what protection is offered against something going wrong. We all know that estate agents and lawyers make off with people's money. In Europe you have protection but what protection do you have in Egypt?