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Registering a Re-Sale property

Discussion in 'Egypt property' started by VICKIG, Jul 15, 2008.

  1. VICKIG

    VICKIG New Member

    Hi Zeiad,

    I am hoping that you or someone else on the forum may be able to shed light on a particular situation.

    We have purchased a property via a sales contract which has been stamped by the Notary. The developer still has the previous owners (egyptian) names on their contract which will mean that the water and electric will be in the old owners name.

    I was recently advised that this contract is only valid in life and if the original owner dies the property will transfer to the previous owners family.

    Can you just clarify the situation for me please.

    We have been told in order to solve this problem we have 2 options 1 is the signature validity and the other would be the pay the developer to change the original contract to our names the later being very expensive. Can you please advise which is correct and 100% safe.

    Thanks
    Victoria
     
  2. Lsab

    Lsab New Member

    Hi Victoria,

    Zeiad rarely seems to come on the forum now. I believe he's extremly busy with clients these days. Maybe another member could advise you.
     
  3. Zeiad Yehia

    Zeiad Yehia New Member

    Hi Linda,

    In fact I am doing my best to find time for the forum too. :) I love this place after all.

    Hello Victoria,

    Please tell me whether you've purchased in Hurghada or in Sharm. Your post gives me the feeling that you've purchased a 99 years usufruct right in Sharm.

    Assuming this is the case, then the contract has been verified for signature by court "Signature Validity" since the notary does not stamp contracts for registration except in few cases which, however, are very unlikely not to be your case, but if you can upload your stamped contract to RapidShare: Easy Filehosting and provide me with the download link in PM, I would check it for you and tell you more about the exact situation free of charge.

    However, and since I am 95% sure that what happened is that it is a usufruct contract, where you purchased directly from the previous owner, I strongly recommend that you pay the developer the name-change fee, get a new contract in your name directly from the developer, and make sure your next of kin is / are mentioned either in the body of the contract (as next of kin) or in the Second Party space as joint purchasers.

    All the best,

    Zeiad Yehia
    Solicitor
     
  4. VICKIG

    VICKIG New Member

    Hi Zeiad,

    This is the confusing thing for me as it is not in Sharm but in Moubarak 7 in Hurghada, it would have made sence if it was usufruct.

    The POA was stamped by the Notary we have not carried out the signature validity of it, when my husband went to enquire about the water etc he was told it would be in the original owners name and was advised that the POA is only valid during life and if the original owner was to die it would belong to his family and not us.

    We were told to carry out signature validity so that it would be ours regardless but this seems to not be the case either.

    The developer has said to pay him 10% of the original cost the first owner paid in order to change the contract but it does not stipulate in the contract that it will be valid for 99 years only or anything like this or whether this will mean the deeds are in our name etc for the land.

    Q. Why would the developer have any right over the property once it has been sold?

    Thanks for your help
     
    Last edited by a moderator: Jul 16, 2008
  5. izze

    izze New Member

    Hi
    My house is in Mubarak 6,and I had to go to the developer ( Abu Al Nassir ) with the original owner and got a new contract in my name from the developer and pay the 10%. This way it will be as if you boughtthe house from them and not from the person you bought it from. Also you are the owner 100% and all documents will be in your name. the developer will give you 2 papers for you to give the water and elec dep. I think this way is the safest way as only you will be the owner.
    Good luck:)
     
  6. Zeiad Yehia

    Zeiad Yehia New Member

    You are really welcome.

    In order to give you an insightful opinion, I need to see the contract please, with the notary stamp on it (scanned copy), again this is free of charge, but I truly want to know what the situation is, in order to guide you to the right direction.

    All the best,

    Zeiad Yehia
    Solicitor
     
  7. VICKIG

    VICKIG New Member

    Hi Izze,

    Is the property indefinately yours or has it a 99 year restriction or anything like this?

    How did you get on with the finishing by the way?

    I could just not get my head around why Abu Nasser charges 10% if he does not own the property any longer this is what was/is confusing me

    Thanks
     
  8. izze

    izze New Member

    The property is ours and not a 99 years lease as I think in Sharm. I was not happy paying the 10% of the original price. Abu Nasser then gave me a new contract as if I boyght the house from them.
    I had to pay the ( tax if you can call it that ) and the original owner had to cancel his contract there with them.
    Well, the house was not finished as I thought but when we went there for a week, a lot of work was don during our stay, I wish I can go there a look after the work as I know it all can be finished in 2 weeks but the min you go, all tools go some other project.
    I told them that they can have all the time they want till Oct, as thats when we go back and we will be booking flights only as we expect to sleep in the house.By the way we are going there in Nov but I told them Oct so that the work is def is dun.
    Got the carpenter to make me our bed (1.8X2m) with a headboard the lenth of the wall, drawer chest, Drawer Chest (3x3)and wardrobes in where there was a small balcony in the bedroom and the wordrobes in the master bedroom, which will all be in when we go back. I think all that for EL 16000. Bought a nice matress which will be delivered when the bed is in the house EL2000.
    Now the only thing left is someone to buy our house which we put on the market 2 weeks ago, and then we can go. But with the present property market we just have to keep praying and hope for the best.
     
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