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The process of buying property in Egypt

To buy property in Egypt alone from the developer or through the Agency, but in any case it is necessary to use the services of a qualified lawyer.
29.05.2012
Homesoverseas.ru editorial office
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In Egypt, foreign buyers can acquire full ownership and long-term leases for 99 years. When registering housing in unconditional ownership, foreigners can purchase up to two real estate objects, and the maximum area of each should not exceed 4000 sq. m, housing can be sold only after five years of ownership. On the Sinai Peninsula, where the resort of Sharm el-Sheikh, popular among Russian buyers of real estate, is located, foreigners are granted the right only to a long-term lease for 99 years with the right to extend it for another 99 years. This decree was issued in 2005 by the Prime Minister of Egypt. This method of buying is common not only in Sharm el-Sheikh , but also in other regions of Egypt, because the number of objects acquired in this case is not limited, and the owner has the right to rent out the purchased housing, inherit and sell at any time. Buying process You can buy real estate in Egypt on your own from a developer or through an agency, while it is recommended that a lawyer leads the transaction. A lawyer, as a rule, must have a license to work in this country, he must necessarily know the laws of this country and the Arabic language in order to check the contracts and the content of taukil from the Arab side, as well as all the developer's licenses. After choosing a property, it must be reserved by making a deposit, which is usually $ 1000-2000. In this case, the seller signs a reservation form, which indicates the data of the buyer, the total cost of the object, the amount of the deposit and the date of the next installment. A receipt confirming the payment of the reservation fee is attached to this document. Another option is a preliminary sale and purchase agreement, which records all the data of the buyer and seller or developer, the total cost of the object, the amount of the deposit, as well as the timing of subsequent payments. The preliminary contract is signed by the buyer and the seller. Sales documents are drawn up in Russian and Arabic, or in English and Arabic. Before signing any documents, a lawyer must check the property for encumbrances and all housing documents. You can buy real estate by entering the country on a tourist visa, and after the acquisition, together with the sale and purchase agreement, you can apply for the extension of a regular visa on the basis of ownership of real estate. If the purchase is paid in full, then the main contract of sale is signed, which indicates the same data as in the preliminary contract. The main contract is also signed by two parties - the seller and the buyer. After full payment, the future owner receives a document transferring ownership - taukil, which is signed by the seller. Taukil is drawn up in Arabic and certified by the Egyptian state notary office. The procedure for buying a primary and secondary property in Egypt is no different. When buying a home on the secondary market, it is important to clarify how many property owners there were, since the future owner must receive taukil from all owners, otherwise the one who still has taukil can claim ownership of the home. Property registration is handled by a lawyer, for whom a power of attorney must be drawn up in advance. You can register ownership of real estate in a local court. To do this, you must provide two documents - a sales contract and a taukil. As a result, the owner is returned to the sales contract, certified by the signatures and seals of the court, and the court's verdict confirming the signature of the seller. The processing time takes up to 4 months. You can also register the contract in the state register of real estate in Cairo, after which the owner receives a Green Contract (certificate of ownership). In this case, the registration process can take up to six months. On the Sinai Peninsula, foreigners can only issue the right to a long-term lease for 99 years with the possibility of extension. A lawyer is also involved in this, the processing time will take 3-4 months. The right to a long-term lease is registered in the local court with or without lease extension, depending on how the developer is selling the property. The right to a long-term lease, subject to renewal, is equivalent to the right of ownership. Some developers are buying from the state the right to lease land for 99 years without the right to renew. Therefore, when choosing an object, the future owner needs to clarify whether the developer has the right to extend a long-term lease. The construction of the project could take five years and thus the lease term will be reduced to 94 years. There are few such projects in Sharm el-Sheikh. Services of a lawyer in Hurghada cost $ 500, including all real estate registration fees, in Sharm el-Sheikh - $ 700. Payments, mortgages Purchase payments can be made by bank transfer to the seller's account, but it is not necessary to open an account with a bank in Egypt. You can also pay for the object in cash. Foreigners generally do not take out mortgages in Egypt. The installment payment scheme is more common. The initial payment will be from 30-40% of the purchase amount, an interest-free installment plan is provided for a period of one to five years, depending on the project. HomesOverseas.ru Maria Bondar The HomesOverseas.ru portal would like to thank the “Place in the Sun” company for their help in preparing this article.
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I am interested in apartment "Egypt - Alexandria" Please contact: Golovanov2711@mail.ru
21 of Dec 2012 23:40:02
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