off plan hurghada

[breakcorepanda]

hi im looking at buying offplan in hurghada, not sure what the development is called but the company offering it are called a world overseas.

Ive read about there being a lot of delays and shoddy finish in hurghada, is this still the case, what do people reckon?

 

[danny]

hi im looking at buying offplan in hurghada, not sure what the development is called but the company offering it are called a world overseas.

Ive read about there being a lot of delays and shoddy finish in hurghada, is this still the case, what do people reckon?

Do your homework on your agents, do they specialise in Egypt, or are they selling everything and anything all over the place.

If you can get out to Hurghada and deal direct with local agents or developers you may well get a better price and service.

It is just as important to know who is building your property and what their track record is for finishing standards and completion dates.

I have bought and sold two apartments in Hurghada and am now onto my third, the first was 18 months late, but worth the wait, the others were virtually on time.

A handover date for your apartment and completion of full amenities are usually two entirely different dates and maybe months apart.

Use this site as a reference you will find many different developments and many different experiences .

If you are looking for immediate returns do not discount buying something already built.

 

[NeilHollingsworth]

Do your homework on your agents, do they specialise in Egypt, or are they selling everything and anything all over the place.

If you can get out to Hurghada and deal direct with local agents or developers you may well get a better price and service.

It is just as important to know who is building your property and what their track record is for finishing standards and completion dates.

I have bought and sold two apartments in Hurghada and am now onto my third, the first was 18 months late, but worth the wait, the others were virtually on time.

A handover date for your apartment and completion of full amenities are usually two entirely different dates and maybe months apart.

Use this site as a reference you will find many different developments and many different experiences .

If you are looking for immediate returns do not discount buying something already built.

Danny is right do your homework and there are some completed projects still at the same price as they were off plan. However even when you buy completed please check all paperwork, the main issue in Hurghada seems to be land ownership, the government/military sold off lots of land in around 1993 and since it has been sold to many different people via POA's. You need to see all the original POA's and ensure the current owner signs any contracts.

 

[Alan Cockayne]

Update

Friends of ours had a contract with a developer, all very professional and there were late penalty clauses in it etc ; and yes they are late, but no money has been recieved for late delivery. Apart from taking this company to the courts in egypt, which can be costly, how do buyers get this late payment? It would appear a contract means nothing.
Any advice please?

Hi. How are things?

As you know by now the developer's contract and signiture validity on handover is only as good as the lawyer who signs it. For their £300 to £500 fee you could do that for yourself for free with a trip to the registry office.

If owners want full protection and power to claim penalties once written into the contract, an independent lawyer has this ability.... But it costs. We charge similar to UK and European prices for conveyancing but this is strong enough to push for standards and correspondence, payment proceedures including escrow accounts, tax forms and valuation reports, compensation, default sums, management and maintenance issues.... and full judicial deeds of ownership if required.

Probably for cheapness or to flip the property for profit, you find most buyers won't pay it.... So they reap the consequenses.

Post this on the thread if you wish.

Kind regards.
Alan

 

[ERG Experts]

As you know by now the developer's contract and signiture validity on handover is only as good as the lawyer who signs it. For their £300 to £500 fee you could do that for yourself for free with a trip to the registry office.

Signature validation is a court case. Unless the person in question is an Egyptian lawyer I very much doubt they could write the petition which accompanies the contract when presented in court, and certainly couldn't represent themselves in court. Also given there are court fees for starters, there is no way the case could be done for free.

 

[Alan Cockayne]

self representation

Signature validation is a court case. Validation is the document that is proof that the buyer has paid in full all that is required of him and the developer has received it for the unit and services supplied under the contract of sale.
If the developer requires full and final payment for handover, his own lawyer can raise the petition and authorise it at no cost.... Surely?

Unless the person in question is an Egyptian lawyer I very much doubt they could write the petition which accompanies the contract when presented in court, and certainly couldn't represent themselves in court. If they were represented by an Egyptian speaking advisor/friend, the official from the developer is sufficient.

Also given there are court fees for starters, there is no way the case could be done for free.
Of course there are notary fees..... I'm insisting that it should be in the interest of developers to validate this for the sake of completing a sale. Laws are made by Lawyers for lawyers and that generally rules are made to incur costs. Truthfully, I advise each buyer to go through an independent lawyer as validating a contract on handover is only the beginning of what problems may lie ahead.

Kind regards.
Alan Cockayne.

 

[ERG Experts]

Quote:
Originally Posted by ERG Experts
Signature validation is a court case. Validation is the document that is proof that the buyer has paid in full all that is required of him and the developer has received it for the unit and services supplied under the contract of sale.
If the developer requires full and final payment for handover, his own lawyer can raise the petition and authorise it at no cost.... Surely?

Unless the person in question is an Egyptian lawyer I very much doubt they could write the petition which accompanies the contract when presented in court, and certainly couldn't represent themselves in court. If they were represented by an Egyptian speaking advisor/friend, the official from the developer is sufficient.

Also given there are court fees for starters, there is no way the case could be done for free.
Of course there are notary fees..... I'm insisting that it should be in the interest of developers to validate this for the sake of completing a sale. Laws are made by Lawyers for lawyers and that generally rules are made to incur costs. Truthfully, I advise each buyer to go through an independent lawyer as validating a contract on handover is only the beginning of what problems may lie ahead.
Kind regards.
Alan Cockayne.

Mr. Cockayne,

With all due respect you should seriously check all of your facts before posting such misleading information. The signature validation case is nothing to do with proving what a purchaser has paid. If it was then why have so many of my clients, and even myself, successfully received signature validation when the property has been bought under developers finance and not completely paid off?? In fact the judge of this case probably does not even read any of the clauses contained in the contract seeing as it is totally unnecessary for the case.

Signature validity is, surprising, exactly that. It confirms the signature on the contract is valid. It looks at the signature of the developer, and using the petition presented by the lawyer it proves that the named developer who should sign the contract did indeed sign the contract. It has no bearing whatsoever on what the client receives, services, deadlines etc. It is simply the strongest form of legal protection currently presented for a usufruct contract, so should there be any problem and the developer is taken to court he can be held liable for the clauses contained within because it have been officially proven that he signed the contract and therefore that he agreed to all clauses.

"If the developer requires full and final payment for handover, his own lawyer can raise the petition and authorise it at no cost.... Surely?"

Again the fact the property is paid in full is totally irrelevant to the topic in hand. About whether his own lawyer can raise the petition and authorise it... fine. Any lawyer holding a bar number in the Egyptian lawyer's bar can undertake such case.

"If they were represented by an Egyptian speaking advisor/friend, the official from the developer is sufficient."

The petition that is presented has a set format. Even if one word is wrong or out of place the case will be rejected. I do not think an advisor or friend who isn't a lawyer could know the exact wording and format. And as far as using an official from the developer, if he is an Egyptian lawyer, then yes he can be used.

"I'm insisting that it should be in the interest of developers to validate this for the sake of completing a sale."

I know of at least one case where the developer offers free signature validation through their own lawyer as part of the package when buying through them - so yes it already happens. Some people still prefer to use their own lawyer though, which is also fine.

"Truthfully, I advise each buyer to go through an independent lawyer as validating a contract on handover is only the beginning of what problems may lie ahead."

I totally agree with you and everybody has the right to choose their own lawyer whom they trust. Personally I have used and will continue to use the forum's lawyer Zeiad Yehia. He has proven time and again his skills and knowledge second to none and has never let me down. His prices may not be cheap in comparison to other Egyptian lawyers, but as you have said in another thread, you get what you pay for. I wouldn't hesitate to recommend him to a friend or client.

 

[Alan Cockayne]

Clarity

Dear ERG.

I accept your responses and with similar respect, I'm glad to see comments that are clear and benifit the investors, finally. A little critiscm and things get aired....

My main contention is that under the present economic climate and recent bad publicity, developers should be bending over backwards to please our valuable clients. When units stay unsold, added values convince investors, not added costs. Good communication and less promises is a start.

We Europeans and our overseas clientelle do not wish for conflict and extra legal costs, just plain genuine services. Before, during and after....

I thank you for your imput on these matters.
Kind regards.

Alan. Coralife-Style Consultants.