 |
 |
 |
||
 |
||
 |
||
|
||
 |
||
|
||
 |
||
|
||
 |
||
|
||
 |
||
|
||
 |
||
|
||
 |
||
|
||
 |
||
|
||
 |
||
|
||
 |
||
 |
 |
 |
|
||||
| Once you have identified a property you wish to purchase in Egypt, you will need to agree the price of the property. If buying a new development or off plan project, prices are determined in advance and there is little room to negotiate. Nevertheless these prices are competitive and recognise the selling power at final stage. Additionally credit terms are often available on these developments and are frequently 0% interest making new development and off plan very attractive investment opportunities in Egypt for overseas buyers. When buying an established property in Egypt you will need to haggle! A 10% saving is considered fair and acceptable. Stories of higher savings in Egypt are often exaggerated. When the price is agreed the seller will require you to agree a contract. At this stage it is imperative that you have a professional bi-lingual lawyer acting on your behalf. Crescent Homes have a number of professional lawyers that we work closely with for this specific purpose. We are able to assist as we work for the buyer and not the seller. The seller's lawyer runs the process and will check that you are a suitable person to purchase property in Egypt. Your lawyer will check that the property is registered to the individual that is selling it, that the land is registered for the purpose it is being used and that there are no loans against the land or property. Often at this stage a deposit will be required. The size of deposit varies from property to property andCrescent Homes will negotiate this on your behalf. Be aware that if you proceed and the contract is fair and legal, you will lose your deposit if you then withdraw from the deal. Most property in Sharm El Sheikh is sold on long term lease. This is not a problem but your lawyer will check that the lease is acceptable. When everything is agreed the deeds will be assigned to you at the land registry office based in El Tour where you also receive residency.Crescent Homes is experienced in this process and will assist you at all times. We can even take the documents for you for a small fee and register on your behalf. El Tour is 1 hour outside Sharm El Sheikh and houses the formal government offices. At this stage payment will be made with a further amount on off plan projects or as full amount on established properties. Terms of credit and payment dates where appropriate are written into the contract. It should be noted that overseas investors are not permitted to own more than 4000sq m of land or property in Egypt. Crescent Homes will help you with all your buying needs in Egypt and even if you are not in the country will make sure that the process moves forward keeping you involved at all times. |
||||