Quote:
Originally Posted by Bashir00
Hi, I've already read it: I'm not sure about this phrase: "1. That ownership be limited to only two real estate properties throughout Egypt for accommodation purposes of the person and his family (family meaning spouses and minors), in addition to the right to own real estate needed for activities licensed by the Egyptian Government.
2. That the area of each real estate not be in excess of four thousand square meters."
What does the "in addition to the right to own real estate....". I've seen a couple of people who own more than two properties in Egypt? Can Mr. Zeiad clarify this?
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Thanks Alison I didn't know about this link or this website before!!!
Dear Bashir00,
Kindly get informed that the aforementioned law is widely abused in practice. Reason is that people
"who register their properties" become subject to the said law, while those who don't, in fact, escape the limits and restrictions.
In the mean time the governmental utilities are not taking good notice of this issue, and I have honestly no idea whether they would ever do something against it or whether they 'know' but 'pretend that they don't'!
So, let's put it simple and practical; if you registered 2 freehold properties in Egypt, you cannot register the third, but if .................... "fill in the blanks!"
However, this is not the best legal practice what they're doing, and this is why I said "abuse" in the beginning, but does it happen? Heck yeah!!!
Point is...
The Egyptian law has specified "registration" as the sole legitimate way to transfer wonership on properties, while practice "during long decades", and for various reasons, didn't give a huge weight to registration in Egypt. Consequently the notary public has no accrate records of true owners on various properties, and this is why the lawyer does a hard job to race the evolution of title of deed.
People in Egypt have also resorted to alternative methods i.e. Contract Validity legal suit, which is now very complicated to achieve and almost impossible for foreigners in Sinai, and Signature Validity legal suit which is the practical legal method people use in Cairo, Alexandria, Sharm, Hurgada...etc.
This method, however, is the least protective method among the abovementioned ones, yet the only available option in most "95% or more" of cases!
I hope this was helpful.
All the best,
Zeiad Yehia
Solicitor