Marsa Alam

[samui13]

Thanks Neil/Alison

This was my first thought - I feel they wouldnt care if they had nothing to hide. Turns out the escrow account is not "actually an escrow account" since the bank they have gone with do not hold this facility (and the bank will give no guarantee that the money is safe). Three people have to sign to release funds from the escrow account (one being the developer) and two others - who knows who they are (probably the developers wives!!!)

I questioned this with the developer and they said the three people were fully responsible for the funds and did not have limited liability, they had full liability - but look how easy it is to spend shed loads of money now adays and they just say woops sorry suppose I better go bankrupt now (i see it all the time). Not to say I think this will happen because I do not but in this day and age you have to always be prepared for the worst!

Now has anyone found me a resale instead??? god that would be so much easier (neil DP1 looks lovely but is not close enough to the beach for us unfortunately) - got anything else?

[thepupp1e]

Originally Posted by samui13

We have recently received an email from IPI "telling us off" for checking up on documents for the due diligence.

There are a group of us using Zeiad and we have all received the same email.

We were wondering if anyone else (not using zeiad) but using an independent solicitors has got the same email.

Zeiad has requested certain documents from the developer (as yet they have not provided these documents).

I have written back to the developer to voice my opinion that surely we are entitled to check up certain information within the due diligence pack (otherwise they could just make it up if noone is allowed to check!!)

Would be interesting to see if anyone else got this, or if the developer is picking on the zeiad group since he is doing his homework. I am confused as to why this would upset IPI and the other parties since surely they want us all to proceed with piece of mind and confidence.

cheers

lou

We received the same email - but as we have not had any contact from Zeiad at all we no longer consider ourselves to be part of the group and will not be using him now.

[samui13]

Hi the pupple,have you let zeiad know?? - did you officially instruct him separately?? He did send a report on Friday - did you not get this?? also are you on our group emails? If so, please can you let me know your email and I will take you off the list - if you are not on the list then I do apologise, have been trying to keep things together but the whole thing has proved rather time consuming - would you like to use zeiad? He now has all the information he needs to produce a report and would still consider you as part of the group (or have you made other plans)



Thanks.

Lou

[kc67]

Originally Posted by Rivermead Global Property

Kc67, don't forget what i have mentioned to you and definitely keep your money in the bank until happy. On the contract it needs to be in English and Arabic, when clients first purchased on DP they only had English contracts and are now having to pay to get them translated into Arabic, so make sure it is done for you initially.

It is ludicrous that some of you have been "told off" for checking out the DD, this should raise alarm bells

Hi Neil,
Yes I remember what you mentioned - the due diligence leaves a lot of questions unanswered and we are not happy. As for the letter telling us off - I resent being treated like a naughty schoolchild - I feel that if the developer had been up front in the first instance i.e. about the escrow account being held by the developer, not an independent body - and the due diligence looked even half reasonable, then unknown persons would not feel the need to check out the details for themselves and I for one can't blame them for doing so. This is a lot of money the developer is asking us to part with up front (and then also charging us an escrow fee on top while we give them an interest free loan !!) so why smack our hands when we feel the need to check out the details which are not contained in their due diligence. The fact that the due diligence has not even verified the financial status of the developer makes me extremely cautious. For all we know they may be up to their eyes in debt. I am about a miniscule away from pulling out of this charade and looking elsewhere.
Karen.

[cin7166]

I'm getting fed up of this too. However if Zeiad is happy with the investigation, and amends the contract to reflect what he feels is needed and we get the arabic contract to read the same, then I'm happy. If not I will pull out. I will find somewhere else to buy.

[bombers]

hi all
just to let you you all know i will be pulling out aswell sooner rather than later if all is not fixed ,thank god for people who give a sh..t about our money and as we wait for further info we lose other possibilities!!!!
brian.

[Lsab]

Hi Brian

Just to reassure you that though you may be missing out on some new developments, there's lots more following. The downside of course is that prices seem to be rising but maybe not as much as you would think.

Sorry to hear that things aren't going well for you here. I know how you feel having now pulled out of 3 developments in Hurghada. It's disappointing and annoying all at the same time. Even worse when you lose money on deposits and solicitor's fees. At least if you went with Zeiad you won't lose too much of the latter.

Of course I've been following this thread and all that I can add is that I hope it turns out well for you all.

All the best
Linda

[kc67]

Originally Posted by Lsab

Hi Brian

Just to reassure you that though you may be missing out on some new developments, there's lots more following. The downside of course is that prices seem to be rising but maybe not as much as you would think.

Sorry to hear that things aren't going well for you here. I know how you feel having now pulled out of 3 developments in Hurghada. It's disappointing and annoying all at the same time. Even worse when you lose money on deposits and solicitor's fees. At least if you went with Zeiad you won't lose too much of the latter.

Of course I've been following this thread and all that I can add is that I hope it turns out well for you all.

All the best
Linda

Hi Linda, thanks for that. Hopefully if we pull out we will not lose our deposits as we have not been provided with the full due diligence documents that were promised.
Karen.

[chriscross34]

Hi Louise, and all, I am not happy with the Due Dilligence nor the purchasing agreement. I am really disappointed as this was going to be a place where Mom and Dad could go as they get older. I haven't given up yet though. I think we need to stand together united as we have more power that way.

Chris (Sunny Birmingham)

[samui13]

Hiya

I just got a shirty reply from the developer about my response to their email that we were not allowed to check up on due diligence, if you would like a copy PM me your email address and I am also waiting to get permission to post it on the forum. I also asked the question of amendments to the arabic contract and the reply I got was ....

"IF any changes to your contract are approved, then the arabic contract will reflect this. All contracts are a standard version and individual changes are not allowed. So if any changes are made to your contract they will be amended for all future contracts as well. Obviously we cannot have 1434 different contracts."

Thats obviously a big IF then!!

I am slightly gutted since my heart has been telling me to go ahead all the way through and now ive got this shirty email it has totally made me question again the whole thing. It was very defensive