At ………… on ……………… of 200..
Waterhouse Real Estate
On one hand Mr.Nabil Ahmed Ibrahim Hassan, with passport no. 1306122, in legal age, acting as legal representative of the property development company Waterhouse Real Estate Ltd., registered in Egypt with no. 26743 on 22 of august 2007 under the law No. 8 for the year 1997, and with address in Sheraton Road, Le Passage Mall, 1st floor, Downtown, Hurghada, Egypt and with tax ID no. 266-765-147.
((Hereinafter referred as the "first party" or "the Seller"))
Mr./ Mrs. ......................................................., in legal age, with address in ............................. no .................... City ...................... Country............................ Postcode. (............................), Tel ...............…..., with Passport no ..................... acting on his name and behalf.
((Hereinafter referred as the "Second Party" or "the Buyer"))
As both parties hereto mutually agree that they have sufficient capacity to enter into a contractual agreement.
1. Whereas seller is the owner of a plot of land of an area 28974 square meters in the north of Al-Ahiaa, Red Sea, Egypt, which the borders of the whole piece of land as follows:
The Northern border: The red sea beach for 90.10 m.
The Eastern border: A neighbor – Marina Do'r Egypt for 327.29 m.
The Southern border: Hughada – Ras Ghareb road for 89.55 m.
The Western border: A neighbor – El-khayam village for 316.26m.
2- Whether the First Party will instruct a resort on that land with the name of Waterhouse Project No.1, and is offering units for sale as freehold properties including the corresponding land of the sold unit within that resort.
3- Whereas the buyer, having perused the project land, general plan and layout as well as the architectural/engineering drawings, having taken cognizance of the characteristics, specifications and location of the unit, accepted and agreed to all the foregoing, and desires to purchase the said unit at Water House Project No.1 expressing his abidance by all the obligations contained herein.
Now, therefore, the present contract is written between the Parties hereto who declared that they have full capacity to conclude and enter into the present contract and that their wills, respectively, are from any defect that would impair their consent hereto.
Clause 1 - preamble’s provision:
The above preamble together with all appendices and drawings specifically referred to hereunder, shall be considered an inseparable and indivisible part of the present contract, complementary and integral to its provisions and interpretative hereof.
Clause 2 - subject-matter of the contract and description of the property sold together with its specifications:
Hereby the Seller, under all actual and legal guarantees, sells and waves to the buyer, who so accepts, in Waterhouse Project No.1, Villa A1, total surface area of 225 m2 including parking space no.PA1and its corresponding land. The villa has been sold according to the attached specifications and drawings.
Clause 3 - encumbrances and collateral real rights:
The Seller warrants and represents to the Buyer that the unit subject matter of sale is free from any encumbrances whatsoever including mortgage, hypothecation, lien and mortmain excluding the Seller’s lien on the sold unit's building as a guarantee until the remaining part of the price, the legal adjuncts thereto and the expenses have been paid.
Clause 4 - price:
The Seller has conclusively and irrevocably agreed that the Buyer shall pay to the Seller, as a final price of the unit the sum of ……………… (only ………………………….) to be paid as follows upon signing this contract:
- 10% already paid through the attached Reservation Contract.
- 20% to be paid at the signature of the present contract.
- 40% to be paid six months after the date of the present contract.
- 30% to be paid at delivery of the sold villa and handover of the power of attorney from The Seller’s to register the sold villa.
In case of payment through bank transfer the following account has to be taken into consideration:
The Sellers Bank Details:
Commercial International Bank CIB
Account number: 6950800117
Swift code: CIBEEGCX069
Any transfer have to indicate the unit number to be paid for
Clause 5 - examination of the sold unit:
It is agreed that, prior to his/her subscription hereto, the Buyer has fully examined the unit and took cognizance thereof as herein before mentioned and hence he/she may not claim any alteration thereof, different from what he/she had examined.
Clause 6 - form of using the sold unit:
The Buyer undertakes that his/her enjoyment of the unit shall be limited to the essential purpose of purchase, namely: use for dwelling.
The Buyer also acknowledges and declares that he/she as well as his/her universal and singular successors shall be bound and abide by the requirement not to change such purpose to any other purpose, whether commercial, professional purposes or for any purpose other than habitation, except the rental purpose to private use.
In the case of the Buyer’s violation of this obligation, then the Seller shall be entitled to take all procedures and steps as shall be necessary to stop this violation.
Clause 7 - warranty of freedom from defects:
The provision concerning a guarantee of any partial or total demolition that may occur to the building in ten years from the date of the building establishment, whether the demolition was caused by a defect in the land itself or by a defect invisible to the buyer at the time of receiving the estate or a fault by the contractor or the architect, referred to the applicable Egyptian Civil Code.
Clause 8 – delivery:
The Seller undertakes to deliver the unit fully furnished and in turn key condition in accordance with and upon completion of the Buyer of his/her financial obligations and expenses agreed upon and described in detail under Clause No.4 of the present contract and all other obligations binding to the Buyer hereunder.
Clause 9 - taking delivery:
9.1. The Seller undertakes to deliver the unit on the date of completion the finishing or eighteen months from the signature of the present contract and the payment of the full price of the unit.
9.2. The Buyer shall take delivery of the unit by virtue of a Giving and Taking Delivery Process to be signed by him/her and the Seller.
9.3. If, on the date indicated as above, the Buyer fails to appear to take delivery and complete the full price of the unit, the second Party shall be given 30 days to take the delivery and complete full payment.
After the 30 days period, there will be an interest of 5 % for one month. After that month, the Seller has the right to cancel this contract and retain twenty percent of the paid amounts as cancellation fees without the right of the Buyer to claim against the Seller for any legal responsibility.
9.4. From the date of actual or constructive taking delivery, the Buyer shall be considered responsible for the unit and its appurtenances internally and externally, and all the taxes, duties, obligations related to the sold unit.
Clause 10 – lien:
10.1. Without prejudice to the contents of clause 3 hereof, the Seller shall have the right of Seller’s lien on the unit and appurtenances thereof to secure repayment of the remaining part of the price, its legal adjuncts and the expenses.
10.2. Until he/she shall have paid the whole price to the Seller, the Buyer shall not dispose of or alienate the unit in any manner whatsoever and in particular by sale or assignment to any third party, putting it up as a real estate or share of any kind in any company, without prior approval from the Seller.
Clause 11 - the burden of the liabilities and obligations imposed on the unit:
11.1 The Buyer undertakes, as from the date of taking delivery of the unit, to repay all fees, duties, taxes and levies imposed by laws and ordinances at present or in future. It shall also bear all property taxes and rates payable on the unit subject matter hereof, the amount corresponding to his/her own consumption of water and electricity as well as other charges which may be imposed by the governmental authorities relative to the unit subject matter of the contract and the annexes thereof on account of the Buyer’s possession or ownership thereof.
11.2 Promptly upon taking delivery of the unit and on an annual basis, the Buyer shall pay the sum of 1000 Euros (one thousand Euros) per year to the Seller as his annual share in the expenses of security services, garden services, external repaint of the compound, common electricity and water supply, swimming pool services and maintenance services of the public areas. This amount might be increased annually by a maximum of 5%.
11.3 The Purchaser may not introduce any external or internal alterations to or changes in the unit.
Clause 12 - enjoyment and use of common facilities and appurtenances:
12.1. Since the buyer has the right to enjoy and use Water House Resort’s common facilities, services and utilities, he/she shall undertake, upon use of such services, facilities and utilities to respect and perform the terms and rules regulating exploitation and use of such utilities set by the Seller or the resort management company. In particular, the buyer undertakes:
(1) He will comply with all regulations and instructions related to the use of the resort's facilities laid down by the seller or the management company and shall utilize the sold unit in a manner which does not disturb or harm a third party.
(2) Not to introduce any alteration or change in any such facilities or any part thereof even if such alteration or change is at his/ her own expense and would lead to facilitation of enjoyment of such parts.
(3) The Buyer shall not be entitled to dispose in any manner whatsoever of the common parts, set apart, isolate or divide them as the ownership thereof is for the Seller. The Buyer’s right is limited to usufruct only.
(4) Immediately notify the seller in case of an defects occur in the sold unit and may affect the appearance of the unit, or any neighboring building(s) , or the resort and it necessary security measurements need to be undertaken to protect the sold unit, neighboring building(s) of the resort against unforeseen dangers .
Clause 13 - maintenance of general appearance:
13.1. In his/her enjoyment of the unit subject-matter of the contract, the buyer shall undertake to observe and comply with the provisions of the laws and regulations in force at present or in the future relative to public hygiene and private hygiene of the other owners of housing units and guests.
He/she shall abstain from doing anything that can be harmful to the owners or impair their benefit from and enjoyment of their units. Particularly he/she shall refrain from:
(1) Making any changes in or alterations to the outer part of the unit’s building.
(2) Cutting, destroying or damaging any trees of whatever size, type, location or purpose of cultivation.
(3) Putting any commercial advertisements or signs.
(4) Using microphones or any other apparatus or devices which could cause nuisance, disturbance or noise for the owners of other housing units and/or guests and impair their enjoyment and use of their units or jeopardize their safety or life.
(5) Animals and livestock, excluding pets, from entering the Resort, including all communal areas.
13.2. In case of violation by, the buyer of this obligation, the Seller shall be entitled to remove any and all causes of violation after warning the Buyer and giving him/her an adequate period for removing such causes. Buyer shall bear costs of removal together with related administrative expenses and attorney fees.
Clause 14 - elected domicile:
14.1. The Parties hereto declare that they are not legally prohibited from disposal or contracting neither are they under any restraint, reserve or sequestration.
14.2. The Parties declare that their elected domiciles respectively are their addresses hereinabove mentioned and that any notices or advices sent to either of them respectively at such addresses shall be valid.
14.3. In case of change of domicile of either of the two Parties, the other party shall be so notified by a registered letter, return receipt requested, failing which any such notices, communications or advices if sent at the present address respectively shall be considered valid and effective.
Clause 15 - applicable law and jurisdiction:
15.1. The provisions of the Egyptian law shall be applied to any dispute arising from or relative to this contract.
15.2. Any dispute arises regarding to this contract shall be tried before the competent courts of the red sea governorate
Clause 16 - number of counterparts:
And in conformance with the foregoing and in witness whereof, the parties hereto duly formalize and sign this document in duplicate, in each page.
Waterhouse Real Estate Ltd.