The new real estate registration law
If you are about to buy an apartment or any other property, the Egyptian government has issued a new decision regarding the registration of utilities and real estate in the real estate month. The decision states that primary contracts or contracts that have been judged to be valid to sign will not be recognized later, and this decision closes the doors of monument Or the seizure of real estate, but it is also faced with rejection by many who see in it some intransigence and the difficulty of buying and selling.
Initial contract: It is a customary contract between the seller and the buyer, which is not registered before the real estate registry, and a judgment is often obtained for the validity of signing this contract to legitimize it, and not to prove or transfer ownership, it is important to know that the contract The primary is not considered a transfer of real estate ownership, as the ownership of real estate does not transfer except by its registration only.
Because of the new regulation, the need to ensure the purchase of an apartment or property without problems increases, and the value of apartments with a registered contract called the green contract increases.
Details of the new real estate registration law
By the date of the implementation of the new law, the government will only recognize contracts registered in the real estate registry, and the ownership of utility meters such as water, electricity and gas will not be entered or transferred until after the sales contract is officially registered in the real estate registry.
Contracts that were purchased before the date of this decision was issued, and no actions will be taken against them until after they are registered.
– Inherited real estate, its owners must declare the right of inheritance, as the inheritance notification will not be taken later, or a valid and enforceable lawsuit will be filed in the event of the ownership chain.
Lands that have not yet been registered in the real estate registry, their owners will not be able to obtain any licenses belonging to them before registering them.
Conditions for real estate registration when buying and selling
In order to be able to register the purchased real estate from the date of the issuance of the new real estate registration law, you must:
Bring the original primary contract, to be signed by all parties.
File a claim for validity and enforceability of the primary sale contract.
Obtaining a certificate from the local council or city council stating that the property is free of building violations.
The presence of the original national ID card of the seller and the buyer.
The date for implementing the new real estate registration law
The implementation of the new real estate month law is scheduled to start on March 4, 2021, meaning that by the end of February 2021, primary contracts and contracts whose signature is validated will not be recognised. Recognition will only be for contracts registered in the real estate registry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Controls to avoid fraud when buying a property
To avoid scams when buying a property, there are some tips that it is important to know to avoid scams such as:
Make sure of the name and reputation of the real estate company that you intend to deal with, and do not take the step of buying a property from a company that does not know any details about its history or previous business.
Make sure you have a building permit for the property, check its validity, and the number of floors it allows, to make sure that the building is safe and that it is not at risk of being removed at any time.
It is preferable to refer to the presidency of the neighborhood to which the property belongs and to ensure that it does not encroach on state lands.
Check the ownership documents of the property, and make sure that the owner has the legal right to sell.
Review the terms of rights and obligations, specifically with regard to the value of installments, payment dates, final delivery date and penal terms.