One of the most common questions that real estate agency faces is the question of private ownership and the procedure of buying or selling real estate object in Egypt. The experts from the Living Red Sea Co. are ready to examine the question and give the correct answers right now.
In most cases the procedure of buying real property in Egypt consists of such steps:
We recommend obtaining the court verdict if:
The trusted lawyer is responsible for receiving the court verdict. You must only provide him the power of attorney to act on behalf of a buyer. The original version of the buy-sell contract and a copy of “tawkil” first presented to the court, and then the court defines the date of the final session. Normally the final decision will be taken within 2-5 months. The time depends on the workload of the courts.
You have to make the registration by green contract if:
Official Registration is a serious step. By law, No 230 of 1996 a foreigner who registered the property could not sell it for 5 years. Here also comes the limitation of buying only 2 properties. Without official registration, the foreigner could buy as many properties as he wants. The information about the purchase comes to the embassy and, for example, the tax office located in Russian Federation could be interested in the source of the money paid for the property in registration. However, the green contract is the final document concerning the real property in Egypt. In other words, this is the most powerful paper for this case. The method guarantees full and maximum protection. Egyptian law recognizes it for transferring real estate ownership. Official registration is a complicated bureaucratic process. By law, the real estate property must be registered within 1 year. Otherwise, the registration will be prolonged for 1 year more.
For further information don’t hesitate to contact the Living Red Sea Co. Real Estate Company. We will consult you and provide all the information on any of your questions.