Green Contract

Green Contract


Often wishing to purchase property in Egypt raises questions about the green contract and its significance. Green contract is an official state document and confirms the ownership of real estate in Egypt. With it, you do not have to worry about the infringement of the right of ownership of real property. In acquiring a green contract details there. First you have to write a power of attorney at Sharaakari (notary office) for a lawyer who will design the green contract. In Egypt, it can only be made by the lawyers and not the buyers. Once authorization has been issued, the lawyer proceeds to their immediate work. Green contract is issued for no more than two properties. The area of ​​each of these objects must not exceed 400 sq. m, the total area of ​​the two objects can not exceed 800 square meters. Consider the following scenario: You bought two houses, the area of ​​each of them may not exceed, as we have noted, 400 sq. m.  If the norms of the area are met, you have the opportunity to draw the green contract. But if you want to buy existing homes, for example, have an apartment, you get a green contract it has not come out, the owner has two properties with a total area of ​​800 square meters, and are green contract Decorated. Of course, you can buy more houses, apartments or villas but they would have to be registered in court not by green Contract, because of existing houses with a total area of ​​800 sq. m. We return to the registration procedure.The lawyer received the power of attorney and will collect all necessary documents and register them in the notary’s office. For registration you will have to pay 500 Egyptian pounds for every 100 sq.m. of living space. If you own a house or apartment with a living area of ​​less than 100 square meters, the size of the payment will be 500 pounds. If the living area exceeds 100 square meters in size, then we have to part with 1000 Egyptian pounds. Recall, all these payments should be made for the registration of documents in sharaakari. After that documents must be registered in the inventory inspection. Making them there will cost from 200 to 400 pounds, and you will need a lawyer. Then the paper is sent back to the notary office, and from there they are sent to the capital, Cairo. There, they can stay from 4 months to 1 year. After such a long period of time the documents are returned, but we must have patience: still about 2 weeks will pass for the  final stage. As a result, you will receive a copy of the green contract (the original remains in Cairo). The process of obtaining a green contract by a lawyer depends directly on the area of ​​real estate, up to 200 sq.m. – $ 1500 more than 200 sq.m. – The cost of up to $ 3000. Benefits of green contract. It is a document that shows your undeniable property ownership, it has not been able to appropriate, even if the change laws of the country. Having a green contract, you get a visa for a longer period of time or for an extension of the visa. Besides green contract provides foreign citizens the right to issue credit in Egyptian banks. Also, if you have already purchased a property with a green contract, you will wait for a total of 5 years from the date of issue from the previous owner. For example, if you bought the villa with green contract issued three years ago, you would have to wait another 2 years before you place the document itself