If you have any questions about our topics, you can always call me for more information or contact me by whatsapp: -Mostafa- (0020) 100 209 82 88.
Discount for long-term rental
For the most rental properties we offer a discount for long-term rental. If a property is rented by week, the discount is 10 % by renting for a month. For long-term rentals between 2 and 5 months the discount offer is 15%. From a rental 6 months or longer the discount is 20%.
The process to buy a property step by step
Buying a house or apartment is not an easy step, especially when the property is located abroad and foreign law has to be considered. Of course, this is all the more true when there is still a foreign culture in the other country. Many standards and circumstances that are not familiar to you must be taken into account.
On the other hand, a real estate agency like ours, of course, like any other business model is dependent on profit. In this field of tension quickly creates the worry, too much to pay and lose the savings in a fraud and this often prevents ultimately the actual intended purchase.
We are aware as an agency that for our business a basis of trust to the customer is the prerequisite for being able to survive financially. In our own interest, therefore, we reject any form of “artifice” in our offerings that would allow us to promote an object cheaper than it actually is just to seduce our customers into a purchase that then becomes more expensive than it does was originally promised in the advertisement. On this part of our web page, we therefore break down in detail what additional costs in the case of a purchase you have to face and how such a transaction is handled by us.
Services that legally secure a purchase in a professional manner cost money. We have a duty and you have the right to record these additional costs transparently. We urge you to compare our services with those of other Egyptian agencies. But we also tell you frankly that, as a potential foreign buyer, it will not always be easy for you to objectively review the composition of these costs. For example, if an agency advertises to charge a brokerage fee of just one percent, then you should also compare the price charged for the property. Often, this price is only increased by the proportion of the cheaper fee (or beyond), so the real brokerage fee “hidden” in the purchase price.
Trust lawyer and contract language
No purchase is made in our agency without the involvement of a trusted lawyer and the competent courts. All agreements are made in writing by contract under the supervision of this lawyer. At no time you are rely on trusting us “blindly”. However, we must point out that all contracts and confirmations are written in Arabic – just as all contracts concluded in the United Kingdom or the United States are concluded in English. If you insist on a corresponding translation (which would be understandable), it is your responsibility to include a translation agency. If required, we can arrange a translation agency for you. Of course, you are also free to look for it yourself.
We use a model contract issued by the courts for the sale of our real estate, which you are welcome to consult before signing the contract.
The confidence lawyer not only fills in the contracts until they are ready for signature, he also registers the purchase for registration with the responsible court. This registration corresponds to the entry in a land register which are usual in the most European countries. The registration is not compulsory according to Egyptian law. The purchase can also be proven by presenting the purchase contract and proof of payment. However, a registration offers more security and also clears all doubts about the purchase under private law.
In addition, our lawyer also takes on functions that are traditionally handled by a notary in Europe. If desired, he can set up a bank account (similar to a notary’s trust account in Europe) to which you can transfer the purchase price. Your money will be kept there until the sales contract has been signed, you have received the keys and the lawyer confirms in writing that the said registration process has been initiated in court. This process takes some time, usually 1 to 2 months.
Of course we also work together with a lawyer appointed by you. However, please understand that in this case we cannot guarantee for the correctness of his work. The costs for the (very recommendable) use of our lawyer, the use of the trust account, the registration in court and the associated fees amount to currently 1.200 €.
Broker fee and calculation example
If you decide to buy a property that is still under construction or if you only want to purchase a piece of land and build on it according to your own ideas, our agency offers you to realize the extension or even the complete new building according to your ideas. We offer our own architects or work together with your architect on request. We will provide you with a quotation, arrange the construction materials, the workers and the necessary permits on your behalf and we will monitor the completion. Because the cost of this service depends on the scope of the project, we have decided to include such works in our pay in the same way as the cost of the real estate brokerage service.
Our brokerage fee is 10% of the purchase price of the property. If the property is to be expanded by us according to your wishes, a 10% brokerage fee will be charged on these expansion costs too. To calculate your costs we give you a short example:
You buy a property for 30,000 €. You want to put on this property another floor. Our estimate calculates costs is 15,000 € in addition. In total, your order to us has a volume of € 45,000. Our fee for this is 10% of € 45,000, or € 4,500.
The costs are calculated as follows:
Cost of the property: 30,000 €
Costs for the extension: 15,000 €
Order volume: 45,000 €
Broker fee: 4,500 €
Legal fees: 1.200 €
Total cost: 50,700 €
What do you get for the 10% fee you pay us?
• We offer 100% legal security under Egyptian law. We do not accept real estate providers that offer to you a property or land without appropriate papers that identify ownership of the property. We do not broker “black buildings” for which the Egyptian state has not granted planning permission, we do not sell land as building land which in reality only land for agriculture, etc.
• In the case of an extension or a new building, we offer a 6-month guarantee on all services provided by the construction company, for example on walls, installation, plaster, windows, doors, etc. If you notice construction defects due to the work of the construction company, we offer the first 6 months after completion free recovery of the previously contractually assured condition.
• There are no hidden follow-up costs, no suddenly appearing family members of the seller asking for shares, no previously unknown co-owners who were not involved in the sale, any unexplained extra taxes or levies to the Egyptian state, no hidden demolition plans by government and such more. For our agency, contract security means that all parties involved in the purchase are also entitled to contract and are 100% in compliance with the contract.
If you wish, we can also offer you the desired interior design for your apartment. This means, for example, furniture or kitchen utensils, fans, air conditioners, TVs, washing machines and such. The prices for this service vary greatly. If, for example, you already have everything in your purchased apartment and you only miss a TV or an Internet connection, we will not charge you anything (apart from the purchase price, of course). When we buy something for you, you are not only free of the hardships of organizing and transporting. You also escape the notorious haggling and the danger of having to deal with some completely overstated fantasy prices as a tourist. If you want to get a complete home furnishing, we also make a cost estimate for this. This will also include our service charge (for purchase, transport, construction, etc.), but in no case it will be higher than 10% of the procurement costs.
Steps of purchase 1 – First impression
If you are interested in a property, please contact us by e-mail. On our website you will get a first impression of your desired object. The descriptions provided by us are up-to-date and we guarantee that the photos to be seen there really show the described object. Do you have any questions about the object or would you like more photos? Just drop us a line.
Steps of purchase 2 – Purchase offer
If it remains with your purchase interest, we will send you in the next step for free a purchase offer, signed by our agency and the owner of the property. This offer includes all guaranteed prices for the property, for legal representation, for a possible expansion or for the procurement of an interior decoration. We can offer our prices in €, £ or $. Our real estate providers, however, expect mainly in Egyptian Pound (EGP). Since the exchange rates between these currencies can fluctuate, we also keep the corresponding daily rate in our offer.
Steps of purchase 3 – Visit Luxor Egypt
If you intend to purchase, your visit to Egypt Luxor will be necessary. Plan for this a minimum of one week. The required entry visa is available for a period of 28 days for US $ 25 (payment also possible in €) upon arrival at the first stopover in Cairo directly at the airport. Inform us by e-mail that you intend to purchase the object and send us a copy of your passport. Please note that this passport must be valid for at least 6 months.
Steps of purchase 4 – Down payment
You initiate the actual purchase process by transferring a deposit as a down payment. The deposit is 10% of the total cost (excluding any costs for the interior design). If these are calculated as in our example at 50,700 €, the deposit is therefore 5070 €. By paying this deposit, you obtain a right of first refusal for the guaranteed price for a period of three months. You have the option of keeping this deposit in the account of our lawyer or forwarding 50% of the amount to the owner of the property as a down payment.
An important clue:
With the payment of your deposit you irrevocably order us to initiate the purchase of the property. This is the beginning of paid work for our agency. In the event that you have not completed the purchase contract after the expiration of the 3 months, 50% of your deposit will become the property of our agency and the acquired right of first refusal will expire. Of course, you have the option to waive the payment of the deposit. In this case, our agency can neither give a price guarantee nor deny the owner of the property the sale to third parties. Without payment of the deposit, there are no contractual obligations between our agency and you. If you visit our agency within the 3 months, we will coordinate the day of the contract signing with you. We use the time between the receipt of your deposit and your arrival for the preparation of the contract documents by our lawyer. If you wish, we will pick you up from Luxor airport for free. If possible, you can also stay the first week of your stay free of charge in the property you want to buy.
Steps of purchase 5 – Contract signing
On the day of signing the purchase contract, the
following persons are found:
• The owner (s) of the property
• A representative of Property Luxor with some witnesses
• The appointed lawyer
• You After signatures and payments, the lawyer will be ordered to register the property and you will receive the papers and keys. Then your dream property is yours.
Steps of purchase 6 – Payment obligations
In principle, all payment obligations related to the purchase are due and payable in full 100% immediately after the signature has been signed in the purchase contract. This applies in particular to the costs of the lawyer and our agency.
However, we are aware that the purchase price may regularly exceed the cash amount that you can easily import into Egypt. The current limit on the import of foreign currency into Egypt with no obligation to declare is US $ 10,000 or, at the current exchange rate, just over € 8,100. Violations of this obligation to declare are severely punished by the Egyptian authorities and should absolutely be avoided.
To pay the remainder, you should therefore initiate a bank transfer from your home country, which can also serve as a proof of payment. If you have any questions, please contact your bank before initiating the purchase. You can either initiate this payment prior to travel to Egypt or upon your return to your home country. After the contract has been signed, you will have 7 working days for this transfer (from the signing of the purchase contract to the submission of the relevant order to your bank in your home country). If you are no longer in Egypt upon receipt of the sum, you can authorize our attorney before commencing the return journey to execute the contract in your name by means of registration. To prove the payment order, please send us a copy of the bank transfer confirmation by e-mail.
In order to avoid ambiguity with regard to changing exchange rates of the currencies, the purchase contract contains the price and the currency in which the price is to be paid. In the event of a contractually agreed installment payment, fluctuations between your home currency and the contractually agreed currency must be taken into account in the course of the payment. If you wish to make installment payments for the sum of the actual purchase price, this requires a contractual supplementary agreement between you and the seller of the property. In this case, send us an e-mail suggesting the duration and amount of the installment. We will translate your proposal and submit it to the owner. By agreement, we then make a corresponding additional contract, which we send you signed by the owner. This service is included in the payment of brokerage fees. Please note that this additional contract must be ready when it comes to the signing of the purchase contract. Otherwise, installment payments are excluded.