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This does look interesting but on reading it carefully it looks more like an application for a loan on property. The term of the loan must be paid off between 3 -15 years. I noticed that it says that the property must be valued, so this suggest that it can not apply to off plan property...

So what happened to the mortgages being offer by WWD for DP1 & 2? Has any been processed? Surely no company can afford to lose 60% of the purchase price. What happens if the mortgage doesn't exist?:eek:

Have you got any news on the mortgages that you tried? Can you tell us if any of your customers managed to get a mortgage for an off plan project in Egypt?

I think that it is wrong to compare the Escrow accounts in the UK and Germany to anything in Egypt. In Europe the purchaser has legal protection if the lawyer makes off with the money. In Egypt what insurance do you have if something goes wrong with the escrow account? What insurance system...

Lovequadsue is clearly thinking of the best way forward. My real concern in the situation is that this agent is probably well known and still selling El Riad properties. It will be a shame that given the choice of agents selling, people may use someone who refuses to return commissionwhen they...

Peter, I hope that you are right. As the man was not in fact a british lawyer, as not member of the Law Society and also not an estate agent, I think it will be hard to make him liable for releasing the money. Trying to hold him accountable to professional standards may be asking too much. A...

Yours is a srange tell. We know that El Riad paid up, but the agent, has not. I just don't think its so simple as not signing the contract. I think that they can argue that by paying the 40%, you wanted to proceed. Verbal agreement followed by the action of paying the deposit. It looks...

If you are really worried, just buy ready made. Check out the link below. Really nice apartment and I think the price is similar to an off plan one. http://www.totallyproperty.com/egypt-property-sale-egypt/6587-oasis-1-apartment-sale.html It was posted just today. I think that what you must...

Has everyone seem the pictures for the Oasis 1 apartment for sale? It looks really good. I think that its a real good buy. As its built, furnished and ready to move in, I think its a better bet than that Coral one which is Interconitental area.

I am surprised about the price of this rent. Is it a block of mainly locals? I only ask because over 2 years ago I rented a 1 bedroom apartment in Hadaba, nice block no pool a for a week for 1,000le. The long term rent monthly rent was 2,300le. If you are paying 1500 now, I think you should...

I have been following your story and I am glad you got most of your money back. I just do not understand why you did not tell us the name of the UK Agent. It may be information that could prevent a similar story.

Chris, I am glad that you understand what I am saying about this developer. I just find his comments so strange to compare the penalty clauses with that of England. England's penalty for failing to meet a payment on a purchase is 100% worse. I know of someone who lost over 40K because he was...

This thread is really informative to read. I found the comments about not being able to trust any Egyptian lawyer very interesting and at the same time worrying. The Egyptian law is so different from Uk and Europe. Also the contracts must be in Arabic. So you must have an Egyptian Lawyer. I...

Dave99, I was really concerned about your last posting on the contract terms. So I asked my friend who bought in Oasis Resort and Marina to find out if the contract terms were as you said. The information she got back from Iraida was that the maximum penalty was 10% and not your 50%. Also...

Dave99 I did not mean it as a personal attack. You said that people should be aware and I agree with you. I am not great at maths but your maximum discount is 6% for 6 weeks and Iraida's is 25% for 8 weeks. Even if the late penalty thing is put in action, and they are charged 10%, they are...

I don't understand why Lyndsay you just don't ask the company. Surely they must know by now. I understand what you say about the late payment charges. But I believe that as they give up to 25% discount, you must expect tight rules. With all due respect Dave99, you give a 6% discount if...

Who was your agent? It would be nice to know so that if someone is thinking of buying with the same agent they get something in writing to protect themselves.

Dear Awaheel123, I agree with you. I do not understand the interest in Bulgaria! The place looks very cold. Egypt is a much better bet. It seems to me that Hurghada will be as expensive as Spain within the next 15-20 years. I would advise Steveigo1 to try Iraida Estates. My friend bought...

I hope the veiwing goes well. When I went with my friend we were amazed. We did not expect it to be so big. It was better that the graphic pictures. I read the article written by one of the members about breach of contract. My friend was really concerned but after contacting the company...

I have a friend who bought in the Oasis Resort. She had a 25% discount. My experience with Iraida Estates is that they are really reliable and helpful. Saw Oasis Resort with my friend. Really impressed, it was big and had lots of workers. The swimming pools are massive. Never seen pools so...