LEGAL: Queations and Answers by an Egyptian lawyer - Page 17

Riccal · #**161** 01-07-2008, 03:13 PM

Quote:

Originally Posted by Rivermead Global Property

i have heard from solicitors that these laws, especially the 5 year rule do not apply in touristic areas?

Hi Neil

I have heard just as strong opinions backing this concept up.

The way round it is to use the signature validation method which doesnt actually register the properties on the national system but acknowledges your ownership.

Very common practise but certain to give a lot of European buyers the heebie jeebies.

The not applying in touristic areas could be the possibility that the owners who are looking to sell can apply for exemption from this law and that exemptions are being granted more frequently than before. But the law is definitely there.

Cheers

Rick

Peter Mitry · #**162** 01-07-2008, 03:17 PM

Quote:

Originally Posted by Georgina

I just read the following on the Ancient Sands, El Gouna website. I am sure there are many foreigners who have bought more than two properties in Egypt? I didn't know about the cannot sell for five years if property registered.

Quote from Ancient Sands:

What are the relevant property ownership laws for foreigners in Egypt?

Law 230 of year 1996 on July 14, Law No. 230 of 1996 was issued superseding Law No. 56 of 1988. The new law allows non-Egyptians to own real estate whether built or vacant with the following conditions:

1.

that ownership be limited to only two real estate properties throughout Egypt;
2.

that the area of each real estate not be in excess of four thousand square meters;
3.

that Non-Egyptians may only sell their real estate five years after registration. Restrictions only apply to registered property. Registration of property is not mandatory in Egypt.

Please note: The vast majority of foreign buyers in Egypt avoid these restrictions by not registering their properties. Most Egyptians do not register their property either. Less than 10% of the housing stock in Egypt is registered.

The vast majority of overseas buyers acquiring property in Egypt go for the 'Signature Validation' method of registering their property. This is a system of registering the purchase through a Notary rather than the Land Registry and carries none of the restrictions associated with full registration. Full registration would however be essential if the purchaser needed finance in Egypt through a Bank mortgage to fund the purchase.

queenie40something · #**163** 01-07-2008, 06:33 PM

Thanks Peter - I think it is the 'Signature Validation' that we are going through. Soooo confusing xx

tony ben · #**164** 01-07-2008, 09:49 PM

Where has Zeiad gone he has not been on here for a while.

Peter Mitry · #**165** 02-07-2008, 09:39 AM

Quote:

Originally Posted by tony ben

Where has Zeiad gone he has not been on here for a while.

He has been on holiday and is now finding out about the pressures of being Self Employed!!

Randall · #**166** 03-07-2008, 09:36 AM

Hi

I have just received my initial letter from LAW. They want me to send money to them for legal costs via chaps. This obviously incurrs further costs.

There fees appear quite high considering the price of my apartment. Am i entitled to go with another solicitor or do i have to stick with this one.

Cheers

SuziQ2708 · #**167** 03-07-2008, 10:02 AM

Quote:

Originally Posted by Randall

Hi

I have just received my initial letter from LAW. They want me to send money to them for legal costs via chaps. This obviously incurrs further costs.

There fees appear quite high considering the price of my apartment. Am i entitled to go with another solicitor or do i have to stick with this one.

Cheers

Hi Randall,

If the initial letter is just a quote for the work, I would say you can change solicitors if you're not happy. A chaps payment (same day payment) should cost between £25 and £30, check with your bank. Ask LAW why the payment can not be made by bank transfer, which is free and generally arrives in the receiving bank within 4 banking days. I believe if the solicitors have already started working for you and you decide to change to another solicitor, they may be entitled to keep a percentage of the total cost to cover works they have done.

Randall · #**168** 03-07-2008, 12:18 PM

Thank You

Randall

SuziQ2708 · #**169** 06-07-2008, 03:53 PM

Hi Zeiad,

Haven't seen you on here for a while, thought I'd give the thread a 'bump' as it's getting close to the bottom of page 1 now.

Any news on the Oasia Marina contracts? Peter sent us all templates of them and advised us they're in the post, just wondered if you knew any more?

Hope you're keeping well

CarolineF · #**170** 07-07-2008, 12:47 PM

Dear Zeiad,

I am new to this forum and am considering buying a property in Sharm El Sheikh or one of the areas on the mainland Red Sea coast. I have read your post on the legal situation in Sharm and wondered if you could help clarify something for me.

One of my critera is that I can rent the property out when I am not using it. Is it the case that it is not possible for foreigners to rent properties in Sharm El Sheikh even if they have this usufract means of ownership? Is there a way of getting round the restriction?

I would be very grateful for a response - as this will certainly help me to make a decision on Sinai vs mainland.

Thank you.
Caroline