Deal or no Deal ? 1- When I said visualizing I meant pure visualizing - NOT driven by deceiving promises - I didn't mean to defend crooks. I bet they've (builders) never seen the European Standard they are talking about...
2- Buyers should not relay only on the sample finishing they saw before committing, they could also tie the developer with a fair and balanced contract with a straight to the point penalty clauses.
From my 20 years of real estate expertise mostly at fancy resort compounds like Katameya Heights, I could say with confidence that a real professional Egyptian architects who know what it takes to deliver a Luxury European Standard are pretty much available now.
Alan Cockayne - Coralife-Style Consultant says "fair comments."
But, from the Architect down the chain through unqualified Task-Masters and untrained labourers, there are no Checks and Balances that are accountable. Developers and their banks do not want to be responsible other than for their profits. Buyers do not get a fair deal in the short term and maybe not in the longer term when completed resorts are handed over to management companies.
In 25 years I cannot account for one completed
residential resort that takes pride and place as an example of quality and good management.
Buying in Egypt is like preparing for an assault course, except there are no practice grounds for training purposes.
You do your research, visit the developments, choose your property, hire a lawyer (one each side) and go back home and hope..... Hope that your agent and previous clients can stear you into a good purchase from all the hype around. You reserve one, pay the reservation fee and then you have a decision to make.
"Do I really want to go ahead?" Deal or no Deal?
Well it's not that simple. When you've paid your deposit, the action starts.... Or shall I say " then the Hassle" starts. That's because the system is engineered to create confusion. An Egyptian "shop-keeper mentality kicks in. They creat a barter system of what you get for your money, how and when you should pay, wanting to be in control of every part of the sale through three years of build and up to a further 10 years of resort completion. All leading to frustration and bad customer relations.
I state
"They" because there are no projects without Egyptian partnership or infultration, joint venture or license to build.
They love it. They've thrived on this "grave-robbing" means of survival since Moses. We fall for it every time. But there are alternatives and by that I mean turning the situation around and for buyers to gain control of every step of the buying process. Be
"Above the Line" and not a victim.
That means being in control of your own "purse strings." It means empowering Agents, Lawyers and Banks to utilise your money the safest way. Contracts for stage payments have legal implications, for both parties. However there are no inspectors working for us. We hear lies every day. We are expected to part with cash at the flimsiest of excuse or threat.
Well not any more my friends. With the economic crisis, cash-flow is paramount in a new
Buyer's Market. You have the power of refusal and arbitration if your lawyer (through your escrow account) is good enough to enforce it. You should argue because your Inspection Reports would back up the neglect and bad workmanship the builder has created. Final payments should only be made when every snag, problem, registration issue, services are connected, maintainance and management in place and GUARANTEES of construction and WARRANTIES for workmanship and equipment can be given, in writing and signed by the Developer, witnessed and endorsed by the legal authorities.
Ok, you say it's not that simple. It would be if there was a powerful
Independent body of Surveyors and Inspectors available, working for you and your lawyer and not for the developers. A consumer watchdog licensed and qualified for just that.
Why would clients expect estate agents to fault-find on your behalf? Most are Egyptian; it does not work that way.
Who agrees with me?
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