Is it common in Egypt to use Escrow ?

What sort of arrangement do you get with a "Bank Guarentee"

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In Spain bank guarantees are common. There is usually a major bank financing the project and the 'bank guarantee' is like an insurance against anything going wrong with the project or the Developer.
I don't know if smaller Developers in Egypt use Escrow accounts; RA certainly do in Sahl.

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PROPERTY SHOP INC. International Property Brokers
EGYPT REAL - Your One Stop Shop for Hurghada Property

Anyone using an Escrow agreement to buy a property in Egypt?

If so why ?

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Hi all - I am bumping this thread as there have been a few queries recently regarding ESCROW accounts. I have merged the 2 threads together.

Dear peter

Have you seen a copy of the escrow agreement that RA have for Sahl projects. Perhaps you would post it on the forum if you have a copy. I'm interested to see how its structured . Some ive seen are heavily weighted in favour of the developer anyway (as its him thats usually arranging it and i expect few clients actually read it) .

Jeremy I am in Hurghada at the present and grabbing a short time in bars and restaurants to answer my emails. I have copies of RA contracts with the details of the escrow accounts and I will send you a copy when I get back to my office in Spain next week. Please let me have your email address.

Peter Mitry

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PROPERTY SHOP INC. International Property Brokers
EGYPT REAL - Your One Stop Shop for Hurghada Property

hello,
we are new here. we are looking at buying a holiday home in hurghada we met with a couple developers about two moths ago. one asked of the companies asked us to send the deposit to the united kingdom. we asked a attourney that we met with in hurghada about this, and he said this is against egyptian law for a developer have money sent out of the country for a property being biult in egypt, and that the egyptian govermnent is starting to investigate anyone doping this, and to take all there property. has anyone else been asked to send any of there payments out of egypt. can anyone recomend a good honest develper company?
Thank you.
svetlana and sergio and two cats

Hi Sveta & Sergio be very careful about advice given by Egyptian lawyers; many are incompetent and only after your money. The exception is most certainly our own forum lawyer, Zeiad Yehia from Sharm el Sheikh. Many members have used him and I am sure that he will offer you very good advice on this subject.

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PROPERTY SHOP INC. International Property Brokers
EGYPT REAL - Your One Stop Shop for Hurghada Property

Hi you will get most recommending their developer to you. It is just as important to get a good honest lawyer who will act in your best interest. He will check out all the developers credentials for you. My recommendation is to see as many developments as possible and ask for the developers background - eg what other developments have they completed , have they finished on time etc.

thank you mr peter. i am happy for all advise. the lawyer did not ask for money from us. they just warned us about developments asking for our reservatuion fees or payments sent to another country other then egypt. i talked to one developer who said we would have to send the money to united kingdom. that is when the lawyer said this is against egypt laws. can you recomend good deveopers?
Thank you agaim peter

svetlana and sergio