Marsa Alam

[ricardothered]

Contracts and Due Dillegence

Hi,

Just read on another thread that Zeiad is on holiday. I've just received my contract, haven't sent it to him yet though, will do that tomorrow. However, I'm going on holiday on 28th June for 3 weeks! Does anyone know if the due diligence has been sent to Zeiad yet? Do you think we will have our contracts sorted out within 2 weeks with all questions answered, or amendments made, arabic version received etc? I'm hoping we won't have to pay the money until I'm back.

Regards,

Cheryl

Hi - when you say 'has due dillegence been sent to Zeiad?' does that mean that we should have some documentation relating to due dillegence? Because we only have a contract. I'm probably being stupid but if someone could clear this up for me! Also if Zeiad is on holiday does that mean payments will be late and how have you got the contracts to him? Did you send them in the post or did you have Sue from IPI email the cotracts as well?
Thanks!!

 

[Cliff277]

Hi to all
I have been a member of this forum for some time but have not posted, so I think
it is time I introduced myself. My name is Cliff and my wifes name is Lyn, we reserved a 2 bed apartment at MABR early in January and got our first choice of end apartment 1FF020 and received our agreement on 2nd June. I have been communicating with Samuie 13 for some time and joined the group that have sent our agreements to Zeiad.

Cliff

 

[Peter Mitry]

Welcome!

Hi

As from today i have become a new member and would like to join in on this forum. My partner and i have reserved at pre-launch stage of the Marsa Alam beach development a 2 bed apartment and we have received our contracts (03.06.08) from IPI.

Looking to talk to other members abd share their views

Shikira

Hi Shakira welcome to the forum; there is plenty of good advice available from members so please don't ever hesitate to ask.

 

[realestatemart]

welcome

Welcome on Board our new members and we all here to help and ask any questions in your minds

 

[Shakira]

Hi to all
I have been a member of this forum for some time but have not posted, so I think
it is time I introduced myself. My name is Cliff and my wifes name is Lyn, we reserved a 2 bed apartment at MABR early in January and got our first choice of end apartment 1FF020 and received our agreement on 2nd June. I have been communicating with Samuie 13 for some time and joined the group that have sent our agreements to Zeiad.

Cliff

HI Cliff

We have reserved apartment IFF15D, glad that i have started posting so that we can share other members issues and experiences when buying in Marsa Alam

Regards

Shakira

 

[samui13]

Due Diligence

Hi Richardo....

As far as I am aware, the due diligence has not been sent out yet. The two week term for paying the month is on receipt of the due diligence.

I scanned and PDF sent my contract to zeiad.

You could ask IPI to send you a PDF of your contract.

Hope this helps.

Lou

Anyone using zeiad - if the due diligence comes in over the weekend, can someone forward it straight to zeiad and PM him on here to check he has got it???? i am away in Amsterdam

Thanks

Lou

 

[kc67]

Hi Lou,
No problem, I can send it on if it comes through - enjoy your break in Amsterdam!
I haven't posted for a while due to my ever increasing workload, so want to say HI to all new members of the forum!
Karen.

 

[Lsab]

Hi Karen

I'm packing up to spend the summer back in the UK so have been really busy and like you, haven't had time to say hello and welcome to all the new members.

If you need any help finding your way around the forum just give one of the mods a shout and you'll find that any questions you have will be answered by one (or many) of the other members. It's a great place to meet others buying on the same development as yourself or to get and share advice and information.

great to have you all on board.

Best wishes
Linda

 

[samui13]

Thanks Karen, great stuff.

Lou

 

[samui13]

Contracts

Just got the following reply regarding arabic contracts - how do people feel about this - I am not sure!!!!!!!! I have forwarded this to zeiad to see what he thinks.

"
There is no reason why the contract would need to be in Arabic. The contract
is a contract no matter what the language. The contract is an agreement
between the buyer and the developer. In this case, the developer who owns
land in Egypt is dutch, with the client being English, therefore, the
contract is in English. This is also of benefit as the agreement is governed
by dutch law.The title deed Sue refers to, is in Arabic with the client
receiving an English translation of this at handover."

 

[queenie40something]

Hi you should always have the contract in both Arabic and English. The courts in Cairo however will only recognise the Arabic version so it is essential that the Arabic contract is translated word for word in English.

 

[Cliff277]

To Samui13
Hi Lou, thats just as I thought that IPI being a Dutch company and the owner of the land and the developer is who we have the agreement with and should come under Dutch Law.Until our individual apartments are complete all we own is the right to acquire that apartment and then we shall receive title deeds in Arabic with an English translation. The rest of the agreement such as rental agreement,facilities,furniture etc shall still come under Dutch Law.
As for the Du Diligence I still think that either We or Zeiad should see a copy of the original transfer of land ownership to IPI and also all permits and authorizations given by the Egyptian Authorities in Arabic.

Cliff

 

[Cliff277]

Hi to All
To everyone who is concerned about the contracts being in Arabic. I have been making enquiries everywhere I can and here is a copy of a letter I recieved from an investor at Zafarana and also MABR. I hope this helps all who are worried

Dear Cliff, The Due Diligence from Zafarana has all of the title deeds, planning permissions etc in Arabic with translations provided in English and the same will be the case with the Due Diligence for MABR. This is paramount because title deeds etc in English would not be legal in Egypt. The contract itself is between IPI and the buyer and relates to the sale of a property on land which the developer owns. Therefore, Egyptian law does not apply in any way to the details of the contract. This is one of the main reasons why I have dealt with IPI, as the contracts are governed under Dutch law. If the developer was Egyptian then the contracts would be in Arabic and whilst an English translation may be provided, it holds no legal value. Also, in matters where I had to seek restitution then I would need to bring about these actions in an Egyptian court under a legal system I know little about and does not provide the same levels of protections as in Europe. Therefore I think this is one of the biggest advantages of this development and IPI. I am not sure where Samui has got her information from because it doesn't actually make any sense why the contracts would need to be in Arabic. All of the documentation pertaining to Egyptian law, ie title deeds, planning permission, etc is in Arabic with English translations and therefore under Egyptian law it is a totally legal. This is my understanding after extensive investment experience and under advice of both my personal lawyer, and Anthony Seddon & Co and quite frankly common sense. In summary I am 100% happy with this arrangement and can see no legal basis on which concern should be issued. I hope that this helps to clarify the situation from my end. Thanks Tony

 

[kitty]

hi all
after reading previous posts ,thanks to all investigating and making it known on here there findings.as a novice sometimes it hard to get info if you dont know who to ask!
thanks
brian

 

[ricardothered]

Zeid

Thanks Lou, could you please pm me letting me know how much Zeiad is charging and what is included in the service? Does it include doing the registration etc after completion? I dont think i can pm you because I'm still a Junior Member!!

Hi Richardo....

As far as I am aware, the due diligence has not been sent out yet. The two week term for paying the month is on receipt of the due diligence.

I scanned and PDF sent my contract to zeiad.

You could ask IPI to send you a PDF of your contract.

Hope this helps.

Lou

Anyone using zeiad - if the due diligence comes in over the weekend, can someone forward it straight to zeiad and PM him on here to check he has got it???? i am away in Amsterdam

Thanks

Lou

 

[queenie40something]

Hi you should be able to send and receive pm's now as you are an active member.

 

[kc67]

Hi, there is another thread somewhere for agents wishing to sell property.

 

[kia11]

Zeiad contact number pls?

Hello everyone, could pls tell me how much Zeiad charges?

I need is contact number pls....anyone

 

[queenie40something]

Hi peronally for me buying in Sharm it was £500 last year. His new contact details are here http://www.totallyproperty.com/egypt-property/7560-email-change.html

 

[samui13]

Hi all, we have been advised by our solicitor that we should proceed unless we have arabic contracts. The developer has assured us that an English contract will be fine since its all governed under dutch law, but one of us has noticed that in the investment guide is says something like "disputes out of this contract will be dealt with by the Egyptian Court".

Please can we all try to stick together on this one and insist that IPI give us an arabic contract.

The greater the number of us, the more chance we have in them listening to us.

lou