20/12/2015
What specific precautions should I, as a foreigner, take when buying real estate in Egypt?
Before making such deals you should
first verify the true identity of the real estate owner. You should make sure that he is the legitimate and authentic possessor of the real estate you are planning to buy from him. Secondly, the ownership should be reflected on a fully official title deed.
A fully authentic title deed means the latest contract in a proper, uninterrupted sequence of ownerships, whether the seller was the first owner of the real estate or bought it from one or several owners before him. All previous successive sales contracts or title deeds should be accurately investigated. Make sure that the real estate has not been sold to another or other buyers simultaneously and that it does not have encumbrances or pledges.
Make sure also that the real estate is perfectly and comprehensively described in terms of borders, area and location and that you have inspected it sufficiently and accepted it in its present condition before signing the sales contract.
If you have paid the full amount of the sales price you should have this mentioned specifically in the sales contract. But if you and the seller have agreed to have the price paid on installment you should clearly state the number of payments, the amount of each payment, and the date each payment is due (maturity dates).
Make sure that every payment you make is supported by a receipt signed by the official person receiving the money. It is generally preferable in all such cases to retain the service of a reputable lawyer.
