How to buy a property - Egypt
Initial selection of real estate. Familiarize yourself with the offer of real estate agencies. At this stage, it is important to determine the budget for the planned purchase, the appropriate number of bedrooms, area, distance to the sea, and most importantly - the purpose of acquiring the property (just for rest or permanent residence).
The mandatory and main stage is the final selection of the property and a possible trip to Egypt for an inspection. Then, booking the property.
Making a payment for the property and registering property rights. After paying for the property in full and concluding the final purchase and sale agreement, you will receive Tawkil (in Arabic). Tawkil, or power of attorney, is certified by a notary - Shahr El-Akari. So, the registration of ownership is carried out using 2 documents: the sales agreement and Tawkil. The registration process takes 1-2 days.
Registration of property rights. Based on your power of attorney and at your discretion, the lawyer can register the property in the court in Hurghada. The entire process takes from 2 to 6 months. The owner finally receives a court decision confirming the right to acquire the property and a registered purchase and sale agreement with court signatures and seals.
Green contract - a document confirming that the property indicated in it and its current owner are listed in the unified state register of real estate in Egypt. Having a green contract guarantees the inviolability of property by the state. Since there is no obligation for all property owners in the ARE to have a certificate of registration of ownership, most "new" property owners in Hurghada only go through the procedure of registering their sales contracts in the Hurghada court, which is sufficient in most cases. Current Egyptian legislation does not specify the deadline for registering the green contract, so it can be done at any time after registering the sales contract in the Hurghada court. Since the procedure for obtaining a green contract is quite long and expensive, it is not recommended for investors who are focused on a quick resale of real estate in Hurghada to go through it. A green contract for an apartment can be obtained only and exclusively if the building in which the apartment is located has its own green contract.
Tawkil in Egypt. What is it?
Many foreigners buying real estate in Egypt are faced with the concept of "Tawkil". We explain what it is: When buying real estate in Egypt, you need to know about the most important document confirming the ownership of an apartment in Egypt - a general power of attorney called "Tawkil" in Arabic. Tawkil - this is the main document that you receive when buying real estate in Egypt. In its essence, Tawkil is a general power of attorney, without time limits, which gives you the right to dispose of your property in Egypt. The only thing that causes the Tawkil to expire is the issuance of a second Tawkil to a new buyer.
The document confirms the payment of the full price of the apartment in Egypt. Its issuance means that all financial obligations between the parties have been fulfilled in accordance with the purchase and sale agreement of real estate in Egypt. In the case of buying an apartment in installments, the Tawkil can be issued to the new owner only after paying the full price of the property in Egypt resulting from the agreement.
Important information about Tawkil:
When buying a property from resale, you must receive the original Tawkil of all previous owners of the property!!!
The document can only be issued in Arabic.
The Tawkil must be certified by a notary's office.
With a Tawkil, you can transfer, inherit or resell your new property.
A general power of attorney, or Tawkil, is issued by the Notary Office of the Arab Republic of Egypt - "Shahr El-Akari". It is based on a declaration from the seller and is transferred to the buyer. In the event of loss of the Tawkil, you can receive a duplicate document (a notarized copy) at the Notary Office of the ARE, because the data from the Tawkil are recorded in the archives of the civil service and kept for an unlimited period. In the event of loss or damage to the Tawkil, you can speed up the issuance of a copy of the power of attorney by the ARE body by providing a copy of the Tawkil or information about the number and date of issue of the lost document.
Basic information indicated in the Tawkil:
Seller's data
Property information
Buyer's data
Including passport data
The Tawkil specifies the rights of the new owner (the right to freely dispose of and the right to dispose of and sell). The purchase amount is not specified in the Tawkil.