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What you have to know about Developer Agreement.

An example of a sale and purchase agreement.

It is not final and differs for each property.

Purchase and Sale Agreement

This Agreement is made and signed on Thursday 08/08/2019.

Between:

1.

Name: --------------

ID / -----------------

Issued by: Registration Office (10/2000), Hurghada, Red Sea Province, Egypt.

Address: ----------------------

 

(First party – Seller)

 

2. 

Name: -----------------------

Nationality: -------------------------

Passport number: ---------------------------

Dates of issue and expiry: --------------------------

Address: ------------------------------

 

 

(Second party – Buyer)

 

Both Parties hereby confirm that they are legally competent to conclude this Agreement, have agreed on the following:

Introduction:

Since the First Party (Seller) owns Apartment (---) on Floor (---) above Ground, in Building (---), with a total area of --- sq.m., consisting of a living room, American kitchen, two bedrooms, three balconies, a bathroom, Emtidad El Gabal El Shamaliy district, in Hurghada, Red Sea province, Egypt.

 

The building is located within the following boundaries: 

Northern border: Nearby 20 m

Eastern border: Street 30 m

Southern border: Street 20 m

Western border: Street 30 m

 

As the Second Party (Buyer) expresses a desire to purchase Apartment (---) on Floor (---), in Building (---), with a total area of --- sq.m., consisting of a living room, American kitchen, two bedrooms, three balconies, a bathroom, Emtidad El Gabal El Shamaliy district, in Hurghada, Red Sea Province, Egypt, at the First Party (Seller), which expresses its consent to sell the above Apartment, both Parties agreed on the following:

 

Article (1)

The above Introduction is an integral part of this Agreement.

 

Article (2)

The First Party hereby provides, sells, assigns, transfers with all valid and legal guarantees, on the basis of the above, to the Second Party, and the Second Party agrees to purchase from the First Party an Apartment (---) on Floor (---), in Building (---), with a total area --- sq.m., consisting of a living room, American kitchen, two bedrooms, three balconies, a bathroom, in the Emtidad El Gabal El Shamaliy district, in Hurghada, Red Sea Province, Egypt as indicated above in the Introduction.

 

Article (3)

The contractual total purchase price is ----- EURO (only ----------Euros).

The Second Party paid the First Party the full ---- EURO (only --------------------- Euros) at the time of signing this Agreement, and the signature of the First Party on this Agreement confirms the receipt of the above amount.

Annual maintenance, which includes: cleaning of the territory and entrances, Internet, elevator maintenance, lighting, security, etc. will be paid by the Second Party and amounts to -------------- Egyptian pounds annually.

The First Party undertakes to issue a General Power of Attorney to transfer ownership to the Second Party after full payment of the cost of the Apartment. The second party pays the cost of installing a water and electricity meter, which does not exceed --------------- Egyptian pounds

 

Article (4)

The Second Party (Buyer) hereby declares that it has inspected the Apartment that is the subject of this Agreement.

 

Article (5)

The First Party (Seller) confirms and warrants that after signing this Agreement, the First Party (Seller) transfers to the Second Party (Buyer) the above Apartment, which is free from tenants and property, and the Second Party (Buyer) receives the Apartment for permanent ownership, from this moment the Second Party has the right to dispose of this Apartment without any intervention and objection of the First Party (Seller) or third parties.

 

Article (6)

The First Party (Seller) hereby declares and warrants that the Apartment being sold, which is the subject of this Agreement, is built in accordance with all applicable laws, regulations and engineering requirements of the Arab Republic of Egypt, and without any technical violations.

 

Article (7)

The First Party (Seller) hereby confirms and guarantees that the Apartment that is the subject of this Agreement is free from any and all claims for ownership, explicit and / or hidden, direct and / or secondary, and the First Party (Seller) will be liable, if the opposite is found.

In addition, the First Party (Seller) guarantees that the First Party (Seller) has not previously sold this Apartment, and the sale under this Agreement to the Second Party (Buyer) is the first.

 

Article (8)

The First Party (Seller) confirms and guarantees that the right of ownership of the Apartment that is the subject of this Agreement was obtained by purchasing from Ibrahim Saber Abdala, Rezg Wakim Jad Rezg, Ashben Abu Daba Hersifin, on the basis of Power of Attorney No. ------------, issued by the Notary Office of the city of Hurghada, which received the right of ownership from Nahal Nuredin Shaker by Power of Attorney No. ------------------------, issued by the Notary Office of Heliopolis Masr El Gedida, which received the right to own land through direct acquisition in the Council of the city of Hurghada, Red Sea, Egypt under the Contract from --------------------.

The first Party (Seller) has the full right and authority to sell and transfer property.

 

Article (9)

The Second Party (Buyer) has the right to register the Apartment that is the subject of this Agreement after signing this Agreement, provided that the Second Party (Buyer) will be solely responsible for paying all expenses and registration fees. The First Party (Seller) undertakes to sign the final Purchase Agreement at the registration office, and to assist the Second Party in registering the electric meter in her name.

 

Article (10)

The Second Party hereby confirms and guarantees that the funds for payment under this Agreement were received legally.

 

Article (11)

Both Parties hereby confirm that their addresses specified in this Agreement are their legal addresses of residence, to which all correspondence, notices and court summons will be addressed, and which will be considered correct and legal until either Party notifies the other Party on the change of address by registered mail with notification of receipt.

 

Article (12)

For this purchase, the Second Party has a share in the land on which the building was erected, in proportion to the area of ​​the Apartment being bought in relation to the area of ​​the remaining apartments.

 

Article (13)

It was agreed that in case of disagreement between the two Parties, these disagreements fall under the jurisdiction of the Court of Hurghada.

 

Article (14)

In the certificate of the above, this Agreement was made in two copies in two languages: Arabic and English, one copy for each of the Parties for execution.

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