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Egypt property The property market in Egypt is primarily focused around the Red sea and Mediterranean coastline. Property investors are also buying in and around the main urban hubs of Cairo, Alexandria and Luxor, The Egyptian governments pro-active policies for attracting overseas investment has created an economic climate geared for growth in the Egyptian property market. Do you agree? Please state your views and opinions here on our new Egyptian property forum.

LEGAL: Queations and Answers by an Egyptian lawyer - Page 11

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  #101  
Old 24-05-2008, 05:06 PM
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Originally Posted by redangel7861 View Post
Hi Zeiad, hope you are well.

I know you are very busy, but is it possible to give us an approximate date as to when to expect the due diligence on Hania Baech. Some of us have to make out first payment by the 28/05/08.

Kindest regards
RED
Hello,

I am more impatient for the results than you are. I hope the results will be in by tomorrow or after. However please do not pay funds to anyone when it is not sure if they own the project or not. I am pushing for the report to arrive but it is taking the long way since the developer did not cooperate.

All the best,

Zeiad Yehia
Solicitor
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  #102  
Old 24-05-2008, 05:10 PM
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Originally Posted by Zeiad Yehia View Post
Hello,

I am more impatient for the results than you are. I hope the results will be in by tomorrow or after. However please do not pay funds to anyone when it is not sure if they own the project or not. I am pushing for the report to arrive but it is taking the long way since the developer did not cooperate.

All the best,

Zeiad Yehia
Solicitor
Mr. Ziad
I admit you do great effort here, but can you give us your report about Al Rivera Beach if you have time
Thanks
George
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  #103  
Old 25-05-2008, 03:04 PM
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Thank you for your reply Zeiad. Slightly worrying that the developer did not cooperate. In your experience is this normal practice from a developer??

Regards
RED
Slightly worrying indeed, Red. Perhaps we should ask for an extension to the deposit payment deadline, as they are holding things up and we still have contract negotiations to get through.
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  #104  
Old 25-05-2008, 03:32 PM
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Dear Peter, Dear George,

When it comes to Riviera, even if I have something to say, but for some ethical reasons and promises, I would refrain from commenting on the project. However, Hurgada is full of nice projects, and purchasers may look at the various projects to choose wisely among them.

I hope I am making some sense, and hope I have answered the enquiry.

All the best,

Zeiad Yehia
Solicitor
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  #105  
Old 25-05-2008, 03:34 PM
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Thank you for your reply Zeiad. Slightly worrying that the developer did not cooperate. In your experience is this normal practice from a developer??

Regards
RED
Hi,

It is, unfortunately, a normal practice with 'some' developers. In Sharm the response is way quicker though. I see no reasons to worry at all, really, until the due diligence is finished, and then you will know, and I will know as well.

All the best,

Zeiad Yehia
Solicitor
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  #106  
Old 25-05-2008, 03:35 PM
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Originally Posted by wemyss1960 View Post
Hi Zeiad,

many thanks for your speedy response.

Hi Stuart,

You are really welcome.



All the best,

Zeiad Yehia
Solicitor
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  #107  
Old 25-05-2008, 03:46 PM
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Originally Posted by SuziQ2708 View Post
Hi Zeiad,

Sorry to be a pain, but I need to verify we are talking about the same piece of land. I obviously haven't seen it for myself yet, but, according to the forum member that has, it's the 150 metres (approx.) of land directly to the front of the villa apartments before the promande, beach and sea, that we are concerned about. Is this the land where they will build the beach huts, or are they building these huts actually on the beach after the promenade?

Thanks for your attention with this.

Dear SuziQ2708,

Firstly you are not pain at all. I understand your worries when you are paying money "not a few" for something, and you worrying about every thing being convenient.

I confirm that the conversation of yesterday iwth Iraida's solicitor "Mr. Nagy" was exactly about this area between the compound and the beach.

Update:

I cut writing after the last line, and I called the solicitor of the developer again, just to ask more questions and hear more.

He confirmed that the said area is 200 m - 220 m not 150, and that the said huts will be put only on the sides but not in the middle, and that they won't reach the beach because there would be an area only for swimmers and those who want just to enjoy the sun. The said huts will be before this area, and wil be only on the sides.

All the best,

Zeiad Yehia
Solicitor
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  #108  
Old 25-05-2008, 03:56 PM
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Originally Posted by Peter Mitry View Post
I am very concerned that certain UK agents are still actively promoting El Rivera Beach when we know from our lawyer that the project can not proceed as the Developer has no building permission nor does he have any rights over the land. If Zeiad can add any more to this scenario it would be much appreciated as I understand that he has knowledge of both the landowner and the Developer.
Dear Peter,

Kindly be informed that I have opened an indirect connection with the U.K agents you're talking about, although I know them well, but I let someone who is in partnership with them call them. Also their solicitor has called me on phone, and we had a fruitful conversation full of mutual understanding.

All the best,

Zeiad Yehia
Solicitor
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  #109  
Old 25-05-2008, 04:18 PM
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Slightly worrying indeed, Red. Perhaps we should ask for an extension to the deposit payment deadline, as they are holding things up and we still have contract negotiations to get through.
Hi Roger.

Only worried because it leaves things a bit tight in terms of payment and return of signed contracts. I'm going to send an e-mail on Tuesday morning explaining the situation and letting them know that they will only get payment and signed contracts returned once the independant due diligence is complete.

As Zeiad has stated it's not un-common for developers to act in this way. In my opinion a bit silly as many Hania purchasers are going via Zeaid and it just slows things down for us and the Developer.
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  #110  
Old 25-05-2008, 04:21 PM
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Originally Posted by Zeiad Yehia View Post
Hi,

It is, unfortunately, a normal practice with 'some' developers. In Sharm the response is way quicker though. I see no reasons to worry at all, really, until the due diligence is finished, and then you will know, and I will know as well.

All the best,

Zeiad Yehia
Solicitor
Hi Zeaid.

Thank you for your response. Basically until we've got the results of the due diligence I won't be sending any payment to the developer or forwarding signed contracts.

Let's hope the due diligence is in soon so we can progress to the next step.

Kindest Regards
RED
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