The Property Purchase Process “OFF PLAN

10/10/2017

  • The buyer reserves a new (off plan or under construction) property with a reservation deposit (usually between GBP£500-£2,000 ) providing the 'option to purchase' and fixing the sale price from date of reservation.
  • The vendor (seller) releases a private purchase contract (in English & Arabic) and supplies paperwork relating to the title, boundaries, planning permission, building license, furniture pack and rental guarantee option.
  • Part of the contract will also lay down the conditions relating to the payment of the balance of the purchase price. Often the installments are payable at certain "milestones" of the build.
  • The purchaser will transfer the correct sum of money at each installment time as per the agreed sales contract, a few developers are beginning to offer an 'escrow' type account where the money will be held until the developer has reached the 'milestone' The money is released to the developer only when it has achieved the promised stage of development. This helps to safeguard the client's exposure in case of the developer running into problems with the construction.
  • The keys are given to the owner once the completion payments as indicated in the contract are completed.
  • The property can now be registered / signature of validity applied for in the land registry in the name of the new owner
  • The property Purchase Process " of a re-sale newer property"
  • The vendor (seller) releases a private purchase contract (in English & Arabic) and supplies paperwork relating to the title, boundaries, planning permission, building license, furniture pack and rental guarantee option. In the case of purchases in Sharm El Sheikh the land owner will handle the contract and renewing of a 99year lease to the buyer, and for this service the vendor pays 5% of the value of the contract when purchased.
  • The contract will also lay down the conditions relating to the payment of the purchase price.
  • The keys are given to the owner once the completion payment are completed.
  • The property can now be registered in the land registry in the name of the new owner.

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