Quote:
Originally Posted by Roger
Interesting. I have a reservation fee down on an apartment in Hurghada. The "Due Dilligence" report from the Solicitor states that any owner selling within the first five years must give the developer first option to purchase. This would suggest that it is legal to sell within that period. If what you say is true, then it calls into question the quality and legality of the Due DIlligence!
Thanks for your posts, they're very informative.
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It depends here Roger, because they might mean "Relinquishment" and "waiver" to the developer, like taking the transaction back if you know what I mean, but not 'selling' it to the developer.
The law didn't distinguish between normal purchasers and develpers, the restriction was absolute. Consequently if the system you are talking about means that the purchaser will relinquish and waive the property to the developer, and then the developer will resell it, then it's fine, but if we're talking about a new sale between the landlord and the developer they bought from, then this is another issue, and it's illegal.
Just remember - to keep it simple - that NO ONE can 'purchase' within the 5 years. Period.
The reference - to keep it even more simple - is law, which clearly stated this restriction, and mentioned no exceptions for a developer or whatsoever.
However this restriction allpies only on 'registered' properties, while non registered ones are subject to any transaction until they get registered.
All the best,
Zeiad Yehia
Solicitor