Marsa Alam

[optom39]

Hi All, We have just received a reply regarding the contract being in arabic. It says that the contract will be amended so that it is under Dutch law. Has anyone else been told this as I was under the impression that IPI were going to have an arabic version drawn up??

 

[samui13]

I have been told I am getting an arabic contract but that this will take time. I wasnt sure if they were doing this for everyone or individuals who requested it. I did tell IPI I was going to pull out without an arabic contract since I saw it as a necessity.

Not sure how many others were too worried about this but it was a concern of mine.

If you are unhappy with the present sitution, speak to Sue at IPI she is really very helpful.

Lou

 

[kia11]

Any news DD?

Hi all; has anyone have any news of DD?
By the way I still not be able to get in touch with Zeiad...

 

[kc67]

I have been told I am getting an arabic contract but that this will take time. I wasnt sure if they were doing this for everyone or individuals who requested it. I did tell IPI I was going to pull out without an arabic contract since I saw it as a necessity.

Not sure how many others were too worried about this but it was a concern of mine.

If you are unhappy with the present sitution, speak to Sue at IPI she is really very helpful.

Lou

Hi, I was also told by Sue that I will be getting an Arabic contract, but it may take a little time to prepare it. I won't be happy to proceed without it.
Kia, Zeiad has just emailed me so try him again now.

Karen.

 

[optom39]

Hi all, received an email yesterday from Zeiad which was forwarded from IPI stating that they will not deal with him. What does this mean exactly?! Zeiad didn't seem to be worried.

 

[kc67]

Hi, they would not deal with him as they did not know who he was acting on behalf of. He has now supplied them with that information and hopefully things will now be different, although I haven't heard any more. Karen.

Hi all, received an email yesterday from Zeiad which was forwarded from IPI stating that they will not deal with him. What does this mean exactly?! Zeiad didn't seem to be worried.

 

[Riccal]

What a bunch of ....

Hi all, received an email yesterday from Zeiad which was forwarded from IPI stating that they will not deal with him. What does this mean exactly?! Zeiad didn't seem to be worried.

Astonishing. I can see why they may think that logically as people are dealing with a Dutch company and the agreement is between client and the company that an Arabic contract is not required. Sadly the asset involved here, real estate, is resident in Egypt. Any dispute regarding this asset will have to be dealt with in Egypt and both parties will find themselves with a contract that doesnt apply in the local jurisdiction. How do they think that Dutch legislation will be able to enforce legal decisions in a foreign environment.

Refusing to deal with a clients independently appointed lawyer is sheer madness and arrogance.

Until these guys get to grips with the reality of building in a country outside their own I would avoid them like the plague. Who is giving them legal advise for gods sake??

Rick

 

[samui13]

They are getting their advice from Anthony Seddons in the UK - governed by the UK Law Society!!!!!!!!!!!! Shocking.

They have promised me an arabic contract because I said would not proceed with out it and told them I would pull out last week.

What I think the problem here is, they have an appointed solicitor (seddons) who they recommended us to use (WHICH THEY WOULD BECAUSE ITS THEIR LAWYER!!!!) so basically I think what they are saying is, if we do not use their solicitor, all the information has to go through us (the individual) and we then pass to our lawyer who then passes back to us, and then we go back to IPI!!! I suspect they try and make it difficult so that you use Seddons (who are their lawyer (with THEIR interests at heart) and charge us £1000 for the priviledge - no thank you.

Lou

 

[Riccal]

Shooting themselves

They are getting their advice from Anthony Seddons in the UK - governed by the UK Law Society!!!!!!!!!!!! Shocking.

They have promised me an arabic contract because I said would not proceed with out it and told them I would pull out last week.

What I think the problem here is, they have an appointed solicitor (seddons) who they recommended us to use (WHICH THEY WOULD BECAUSE ITS THEIR LAWYER!!!!) so basically I think what they are saying is, if we do not use their solicitor, all the information has to go through us (the individual) and we then pass to our lawyer who then passes back to us, and then we go back to IPI!!! I suspect they try and make it difficult so that you use Seddons (who are their lawyer (with THEIR interests at heart) and charge us £1000 for the priviledge - no thank you.

Lou

Hi Lou

As a PR exercise they aint making any friends. Stoopid really cos the development sounds nice and life is complicated enough in Egypt. I cant believe that AS (who have an Egyptian lawyer on staff as I believe) would allow a Private Purchase Contract not in Arabic.

Perhaps we have all, who have all been advised that the only legal agreement to secure ownership of a real estate asset must be in Arabic, have been badly advised.

Just to play devils advocate - as the agreement doesnt actually deal with an asset (cos it aint built yet) perhaps it is sufficient to have the contract in English/Dutch/Spanish whatever as the only legal issue at stake is that of the agreement between 2 parties and if they fail in their obligations then recourse is taken outside of Egypt.

Its funny how when you sit and type this stuff, other stuff occurs to you. Reading back on this post I seem to have given logical reasons for either situation.

Ah well ...

Anybody legal out there who can comment finally on this'

Rick

 

[samui13]

haha I know what you mean, we could convince ourselves either way. I feel I am lessening the risk by having arabic and English that way I can either go to Dutch court or Egyptian if I need to. Hopefully hopefully it wont come to that!!!!!!! I couldnt handle the stress. I keep looking at resales and thinking christ how much easier would that be!!! at least we know it is built.

arghhhh I hate risks......

 

[thepupp1e]

Just to let you know the latest on the meeting that was held last week re the Due Diligence. From IPI:

'One final document verification was requested at the meeting on the 8th and Jurgen has flown to Egypt to get this from the Ministry of Tourism. He will arrive in London on Friday and a meeting is scheduled with Anthony Seddon & Co and we hope that the report will be released very soon after this. Unfortunately this is the problem with providing a third party report, is that all of the information has to be checked and verified which not only takes time but also leaves at the mercy of the solicitors.'

It seems we will have to wait a little longer!

 

[Cliff277]

Hi everybody
Has anyone heard anything about the due diligence I have tried phoning Sue Lovett but keep getting the answer phone and I am getting no reply to requests for her to phone me back. I have also heard that people from Zafarana have also had problems contacting her, does anyone know if she is at work? I have just sent an e-mail and I am awaiting a reply.

Cliff

 

[Cliff277]

Hi everybody
Has anyone heard anything about the due diligence I have tried phoning Sue Lovett but keep getting the answer phone and I am getting no reply to requests for her to phone me back. I have also heard that people from Zafarana have also had problems contacting her, does anyone know if she is at work? I have just sent an e-mail and I am awaiting a reply.

Cliff

Hi again
Just received a reply from Sue. Jurgen met withe Anthony Seddon and Co last Friday and they have promised to get the Due Diligence out to clients this week.

Cliff

 

[optom39]

Hi all, does anyone know if Zaeid is able to work on our behalf or not? Has anyone had a solicitor look over their contract? If so, what did they think?

 

[samui13]

Hi there, zeiad has sent me his report so I imagine he will be dealing with everyone's shortly. It will be worth sending him a reminder requesting his report.

He didnt amend a lot (just a few things important in Egyptian Law) so I am going to add my comments to the contract myself and then add his extra comments in.

Lou

 

[chriscross34]

thanks Louise, was it money well spent?

 

[samui13]

Hi Chris,

I am just about to email my report to everyone. I also urge everyone to chase him up for their report.

Lou

 

[alex63]

Hi all,I have just reserved a 2bed apartment in Marsa Alam Beach Resort. Sue have sent me the

contract. What about the report of Zeiad? When will the due diligence be avavilable?

Thank you everyone

 

[samui13]

Hi Alex

Congratulations and welcome.

We have heard the due diligence will be this week but we are not holding our breath! Hopefully it will be soon.

If you would like to join zeiads group, we are all paying a fixed price.

If you are interested in this please let me know and you can instruct him for the same fee. We are all paying separately. He email address is at the top of the egypt page or you can contact me and I will email his address to you.

Thanks.

Louise

 

[Lsab]

Hi Louise - Alex won't be able to contact you yet. All new members need to make around 6 posts before they can send or receive private messages.