Hi i have purchased an apartment in Desert Pearl Hurghada but have not registered as i was also looking for the pitfalls for and against. So thankyou all it appears i may not register after all lol

Hi

I can see the potential downside to a full registration (the 5 year rule) however my view is that there is a bigger risk by not registering.

Consider that you are a buyer looking for a re-sale in 2 years time
- which property would be happy to buy, a registered one or unregistered.

There is also be a risk that the value of unregistered property will be lower than registered ones due to the additional "risk".

Consider a new buyer using a lawyer who uncovers some "issues" with your property ownership and will choose not to buy at all, then what do you do !

I will be recommendending that all my owners register their apartments since it is the only way to prove that you have full legal ownership.

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thanks i will look into it a little more then as it is such a large apartment block i will look at my developers web site, they might be doing it???
Again thankyou

Hello, This is my first post on this forum and I would like to thank everyone for all the information that appears on here...very useful.

I am in the process of buying a 2 bed on Desert Pearl and after reading on this forum about the registration issue I checked with the selling agent here in the UK who when they got back to me told me the developer was going to register the properties. It may be worth other investors in D.P. checking & confirm. I requested that this be given to me in writing and was told that wasnt a problem.

This is not a good answer. The developer CANNOT register YOUR property. The developer can only register the land, then the WHOLE building which then gives the developer the legal right to EVERY apartment so he can sell each one. ONLY YOU can rergister YOUR apartment. This can only be done at the land registry in Hurghada by YOU being present to sign the "book" or by giving a Power of Attorney to someone that you totally trust.
Any agent who does not understand this should check out some of the legal posts on this web-site and get a better understanding and likewise the developer.
I suspect that the agent has either mis-understood the process.

The starting point for your process is to get a copy of the LAND DEED that proves who actually owns the land, then you need a copy of the deed that proves that the developer owns the apartments that he is selling (only available when they are "substantially completed") - you also need to be sure that YOUR contract is with the person or company that owns the land, not an agent or someone else.
Assuming that you are buying "off-plan" your initial contract is really only an option to buy at a fixed price something that will exist in the future, which means a further document has to be given to you once you complete your payments that will complete the contract and allow YOU to register.
In this situation you should not simply allow this to be done without YOU being directly in control, even if it seems like more effort - the downside is that there could be problems with the ownership by the developer UNTIL such time as at least ONE owner has completed the process and registered, if this has not been done yet there is still a risk.
Ask the the agent to give the names of a few other owners and start a "club" to make sure everyone gets the same info and that at least one of you will get a lawyer in Hurghada to cover YOUR interests.

My owners already know each other and have started a group process through a single lawyer.

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Thanks for that Dave, I will dig deeper to ensure no misunderstandings and come back. Anyone buying on Desert Pearl, maybe we should start our own group as Dave suggests..any thoughts?

Hi MickeyG and others, I am in Desert Pearl 1 and i am all for a group of owners getting together to look at all aspects of the property management whether it is registrations or rental management etc. Look forward to hearing all everyones proposals.
Cheers guys
Simon

Hi, we have just put a deposit down on the coral pearl investments due for completion in Dec 08 and we have found this site very informative. I have went back to the company we are buying from regarding registering property in Hurghada as this is what I received back, hope this helps and thanks to everyone for all the information keep up the good work

Attached Files

selling.doc (180.5 KB, 47 views)

Hi

This looks great if it's true (no restriction on selling), however the letter is actually rather vague with regard to the Registration process, in that there is no link between registration and the 5 year rule. We already know that if you do not register you can do what you like since you are effectively "unknown" to the "system". If you look at the way that the letter is drafted it carefully avoids stating that you can sell before 5 years if the property is registered.

I'll try to contact this lawyer and ask more specific questions.

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Hi

I've just had an e-mail from the lawyer and I'm not convinved he knows much about this subject - I've emailed him again with more specific questions.


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