Green contract
Julia Julia asks:
Hello! How important is a Green contract when buying an apartment in Hurghada? What exactly does it give to non-Egyptian citizens? What will happen if there is no Green contract for a house, land or apartment? If you buy without it - are there any risks, for example, to lose real estate?
Expert answers (1)
(My Real Estate)
Julia, good afternoon!
If you want to purchase real estate in Hurghada, please contact a competent lawyer who knows well the legislation and procedures for registration of real estate, as well as some nuances on different projects. The lawyer will check the documents for the apartment and, if the documents are in order, will issue you a contract of sale.
A green contract is not a mandatory document here, so you will hardly find options for apartments with a green contract. He does not give any privileges to anyone. Basically, such options are needed by Egyptians who want to take out a loan from a bank to buy an apartment.
According to the laws of Egypt, a contract of sale signed by both parties is a legal document. Additionally, you must have a power of attorney from the seller, according to which he transfers ownership of the apartment to you and according to which you will be able to sell it in the future, as well as the originals of previous contracts and powers of attorney. Further, as a rule, the contract of sale is registered in Court - this is the certification of signatures on the contract.
Without having a green contract, you can register an electric meter in your name, issue a resident visa, and you will also pay taxes to the state, which means that the state recognizes you as the owner of an apartment under such an agreement.
Sincerely,
Maria Chernikova
My Real Estate
If you want to purchase real estate in Hurghada, please contact a competent lawyer who knows well the legislation and procedures for registration of real estate, as well as some nuances on different projects. The lawyer will check the documents for the apartment and, if the documents are in order, will issue you a contract of sale.
A green contract is not a mandatory document here, so you will hardly find options for apartments with a green contract. He does not give any privileges to anyone. Basically, such options are needed by Egyptians who want to take out a loan from a bank to buy an apartment.
According to the laws of Egypt, a contract of sale signed by both parties is a legal document. Additionally, you must have a power of attorney from the seller, according to which he transfers ownership of the apartment to you and according to which you will be able to sell it in the future, as well as the originals of previous contracts and powers of attorney. Further, as a rule, the contract of sale is registered in Court - this is the certification of signatures on the contract.
Without having a green contract, you can register an electric meter in your name, issue a resident visa, and you will also pay taxes to the state, which means that the state recognizes you as the owner of an apartment under such an agreement.
Sincerely,
Maria Chernikova
My Real Estate
6.05.2022
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