RE: Contracts
Hello,
Yes, I got advice from 2 indigenous solicitors when there was a breach in my contract re: Oasis resort. Both lawyers confirmed that it was a clear breach and advised me of the legal pathway I had to employ. My wife and I decided not to initiate legal proceedings – mainly due to the unwanted hassle of taking out a law action in Egypt etc, also exactly the amount of damages were uncertain, as it would be in the UK. Then you had to weigh up what profit could be achieved in 7 months when it is completed. But it has left a certain amount of disapointment, as we had invested for personal use and not rental.
It looks as if Iraida they have learnt not to make the same legal mistake as I noticed in their website marketing on their Marina Project they have inserted into the narrative “The information and plans contained herein are subject to changes and deviations as may be required or approved by the authorities. All art rendering, illustrations, pictures, photographs and other graphic representations and references in this booklet and the information pack are artist impressions only. Nothing herein shall form part of an offer or be construed as any representation by the developer or its agent. All areas and measurements stated herein and the information pack are approximate and subject to adjustment on final survey. * Subject to change”.
This ambiguity basically means that they can alter the construction of the structures etc at any time post contractual agreement. I don’t think I would enter into such an agreement? Call me old fashioned, but I choose a property on how it looks, structural position, capacity etc. If there are no guarantees that it will remain that way after purchase, then investment is questionable. I suppose it’s OK if you invest just to rent or to sell on for a healthy profit margin, but not so if you want it solely for yourself.
