Buying Peace of Mind

Legal Service Details

It is essential to engage a reputable local solicitor when purchasing a property. Pioneer Property can recommend skilled and experienced lawyers in the Egyptian Real Estate Market.

The legal service fees are fixed at 5,500 Egyptian Pounds and the payment is due before any legal procedures can take place. The payments can be made in cash directly to the lawyers .

The legal services covered by this fee include:

Power of Attorney

- Legal procedures will be established allowing the lawyers to represent you throughout your property purchase.

Return Transportation to El Tur

- Transportation to and from all the administration offices in El Tur (approx 1 hour) from Sharm El Sheikh to complete all legal papers.

Residence Visa ( you will need to bring your passport to El Tur )

- One year residence visa will be arranged.

Drafting of Buy/Seller contract

- A bilingual contract will be drafted containing all the property details and any terms and conditions relevant to the sale of the property.

Court Case Procedures

- The lawyers will administer all legal documents through the necessary court procedures for establishing the property title and new ownership.

Legal Consultancy Fees

- All legal advice and consultations regarding the property purchase procedures and title registration will be provided by the lawyers experienced in the real estate field.

IMPORTANT INFORMATION

The lawyers advise all potential purchasers to make power of attorney with a lawyer. They can advise you of this procedure and the power of attorney can be made for the specific purchase of a particular property only.

Dear client

We would like to bring to your attention, the following

The law No. 196 for the year 2008 concerning the property tax in Egypt have been issued , and by publishing the executive regulation of this law on the 6th of august, 2009. To clarify the law for you, we have written the following analysis:

• The owner of every unit, in Egypt, is obliged to submit a real estate tax declaration, clarifying each unit, and to attach with this declaration a photocopy of the purchase contract concerning the specified unit. This should be before the end of March 2010, in case of not submitting this declaration a financial penalty will be imposed over the unit’s owner

• How they calculate the taxes on your property?

Under the law, The relevant committees working for the Property Tax Office will carry out the evaluation by calculating the market value of the property, according to its location and the services provided and available to it.

Deducting 40% from market value to reach the capital value of the property, and then estimate the value of the annual rent for the property, which is 3% of the capital value.

Excluding 30% of the annual rental value for maintenance expenses, and then exclude from the remainder another six thousand pounds, as this is the limit of annual exemption determined by the law.

The tax will then be calculated by the rate of 10% of the net value of the annual rental rate after excluding maintenance and exemption mentioned above

For further information and legal advise on how to submit the tax declaration, please contact your Legal Advisor in Egypt

Legal services and business advices:

Yasser & Gamal legal services Email: yandglaw@gmail.com
Website: http://www.yandg-sharmlawyers.com

Nabil Bamieh MBA - email: consult.sharm@gmail.com