To buy a «dream apartment» will have to work hard. Walk around many houses, see a large number of apartments. And now, finally, you have made your choice, discussed all the details with the developer or the owner of your future apartment — price, payment method, date of transfer of the apartment. The time has come to formalize all the agreements and take over new possessions. And this is one of the most important moments — the signing of a sales contract. We will tell you what you should pay attention to when signing it.
Obviously, the column «seller» must indicate the name, nationality, address, contacts of the seller, and according to local laws, religion is also indicated. If the sale is direct from the developer, the position of the representative is indicated, as well as the registration number of the company, its legal name. Only an individual can act as a buyer of real estate, the data of your passport are indicated. Real estate can be registered for one, two or more people aged 18 and over. You can include your children or parents in the contract. But, in case of resale of an apartment or re-registration, everyone who is entered into the contract and taukil (document on the transfer of ownership) will need to be simultaneously present at the notary office of Hurghada, and this is not always convenient. Therefore, we recommend that you specify only one owner in the Buyer column.
Remember that any contract will indicate how the property was transferred to the seller. If this is a developer, he bought land, received a building license, built a house and sells you an apartment as the first owner, then all the details of the land and the building should be described in the corresponding article. In the case of a secondary sale — the numbers and data of the sellers for all previous taukils. A very important point is guarantees about the «cleanliness» of the object. Reliable real estate companies and agencies always list a property for sale only after a preliminary verification of the legitimacy of property rights, i.e. legal «purity of the object».
Payment. As a rule, it is made either in cash or through a bank to the seller’s account. Upon full payment, TAUKIL is issued — a document on the transfer of ownership.
It is good when the contract specifically and in detail indicates at what stage of readiness the apartment is being sold. If the sale is finished, it is necessary to indicate what is included in the finishing. If at the time of purchase the apartment is not ready, it is important to prescribe a deadline.
Penalties. As a rule, in case of non-compliance with the payment schedule, penalties are imposed on the buyer, in case of late delivery of the object or failure to fulfill obligations under the contract, the seller pays forfeit.
The presence of water and electricity meters, who installs them, at whose expense and in whose name they are drawn up — this moment is reflected in every contract. Home maintenance, security, pool maintenance (if any), elevators, garden, etc. — an annex to the agreement or a separate article.
See if it is stated that you own the property in a share of the land proportional to the area of your apartment in relation to the area of the plot.
By law, when a foreigner buys an apartment, the contract is drawn up in two languages - Arabic and the buyer’s language, one of the articles of the contract confirms the compliance of the languages.
Note that sales and purchase agreements for real estate in Egypt usually take from 3 to 7 pages, they are quite simple, clear and detailed.
For any questions regarding the PURCHASE and selection of real estate in Hurghada, you can always consult with our specialists who have the latest information and will help you make the right choice
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