Originally Posted by chriscross34

Hi All, I would be interested in sharing any feedback you have on the purchasing agreements issued by IPI in respect of the Marsa Alam Beach Resort. I received mine Saturday 15th June, although dated 11th June.

I am pleased that in general the agreement seems to be in fairly plain english, however I do have some comments as follows:

The initial 'Marsa Alam Beach Resort Investment Guide - Version 1 issued late March 2008 comes with a disclaimer 'this document holds no contractual value' This is the same document that provides a breakdown of what is in each furniture pack as well as other information which investors rely on in good faith.

1) The purchase agreement should have an appendix with the inventory of items that comprise of the relevant furniture pack depending upon which apartment is opted for. Without it, there is no guarantee that we will get what we thought as we cannot rely upon the investment guide -

2) There is no mention in the agreement of what the maintenance charge is per month/per annum. Irrespective of whether the rental guarantee covers this. The original investment guide indicates a figure of 50 euros per month - IF YOU TAKE THE GUARANTEED RENTAL, THE RENTAL


3) The maintenance charge should state the period for which the cost is fixed, in addition indicate any exclusions.

4) There is no indication as to the mechanism for future price increases to maintenance. This needs to be in the contract otherwise, we may face well above inflation price hikes.

5) There is no indication of the bank guarantee charges for the rental agreement. This is referred to in the investment guide and should be included within the agreement.

6) The timescales for completion are within 28 days of the reservation document. Bearing in mind that many of us completed the reservation document some months back, shouldn't this read within 28 days of the date of the purchase agreement?

The following are some observations:

Article 3, (e), the notice period required to reserve apartment under the rental guarantee is three months, in the investment guide this was 2 months. Probably not a major issue though i would prefer 2 months

Article 1. This paragraph is a bit confusing regarding payment. See also Article 3, rental is now paid each quarter, needs to be more specific e.g month etc.

If anyone has any comments, please feel free to post. I would imagine the purchase agreement is fairly standard with minor tweaks.

I am not put off by the omissions as these should be easily rectified.

I noticed reference to the fact that a buyers association would be set up which is always a good thing. I suppose it is too early to define its role, frequency of meetings and powers etc????


Chris

Originally Posted by Goldberg Global

perhaps one or two of you wish to use another lawyer to get a balance and a second opinion.

ie. Not all follow the leader in case the leader is wrong.

2 heads or 3 are better than 1.