Hurghada Real Estate Agents and their percentage with the legal aspect of buying process

We shall not depend upon one agent or agency unless we have enough and previous dealing relationship with them. The fact is that, their percentage is 2.5% from the total buying process, but ............
By: Onsy
 
March 27, 2009 - PRLog -- It is something I want to share with property buyers that we shall not depend upon one agent or agency unless we have enough and previous dealing relationship with them. Once, I have heard five different prices from five different agents for the same plot. They are like chain. Sometimes to reach to the owner of the property you have to pass through two or three agents, each one with his percentage. In the Egyptian law, the percentage of Agents or agencies is 2.5% of the total buying sum. But sometimes they take the percentage beside they increase the price of the property for their own and that’s why you can find on the Internet different prices of the same property in different websites.

     The legal process in Egypt as general and hurghada in particular has a special status. Each plot or building has legal papers that claims the ownership to a specific individual or group. In Hurghada, There are two stages of this ownership. The first is to have the primary contract from the local government council assigned by the governorate which claims the ownership of the plot. Legally, this contract has three years validity according to the stages for the constructing process, after this period the government has the right to cancel the contract if there was no sign of construction. But if there is any sign of construction upon the plot, the government has no right to cancel the contract.  
After the primary contract, If the owner of the plot wants to sell his land, the only legal process for the buyer is to have an official authorizing paper from the seller to manage and control the plot as the owner of it. This official authorizing paper has a certain shape and context, you can add to it but not to omit anything.
        By having this contracts and other legal papers, this does not mean that the plot or the building is a registered one. But Registration has another shape that we call it here in Egypt (The Green Contract) which you can have a full access to your property.

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The real estate field in Hurghada is not governed by any rules of the real estate market. As most sellers and agents offering their properties in a high range than the market's one.
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