Who is the developer of VYE compound?

The company that owns VYE New Zayed is Sodic

Semi finished apartments 2 bedrooms for sale in VYE New Zayed

Reference: NS 104366

EGP 6,192,000

MLS Realty
+201200070979

Email Agent

+2 012 00 231 000

EGP 6,192,000

Semi finished apartments 2 bedrooms for sale in VYE New Zayed

Reference:

NS 104366

Price:

EGP 6,192,000 Installment

Price / Sqm:

EGP 36,000 Per Sqm

Finishing Status:

Semi Finished

Area:

172 sqm

Bedrooms:

Delivery In:

2027

Listed:

Sat 1 Apr 2023

About VYE New Zayed

Apartment 2 Bedrooms for Sale in VYE - New Zayed By Sodic - Delivery Year 2027

Possible article:

VYE New Zayed Egypt: A Legal Perspective

As a real estate lawyer with experience in Egypt, I have reviewed the legal framework and documentation related to VYE New Zayed Egypt, a new residential compound located in the city of Sheikh Zayed, Giza. In this article, I will provide an overview of the legal aspects of VYE New Zayed Egypt, focusing on the following aspects:

- Ownership and development
- Contractual terms and conditions
- Regulatory compliance and due diligence
- Dispute resolution and legal remedies

Ownership and Development

VYE New Zayed Egypt is owned and developed by Tatweer Misr, a leading developer that has completed several successful projects in Egypt since 2014. The company has obtained the necessary governmental approvals and permits for VYE New Zayed Egypt, which is designed as a gated community that offers various types of units, amenities, and services for residents.

The ownership of the units in VYE New Zayed Egypt is based on the concept of freehold, which means that the buyers acquire the full and exclusive ownership of the real estate, including the land and the building. This is different from the leasehold concept, which grants the buyer a right to use the property for a limited period of time, usually 99 years. Freehold ownership gives the buyers more security and flexibility, as they can sell, rent, or mortgage their units without restrictions, subject to the relevant laws and regulations.

Contractual Terms and Conditions

The contractual relationship between VYE New Zayed Egypt and the buyers is governed by several documents, including the purchase agreement, the master plan, the house rules, and the service agreement. These documents contain various terms and conditions that regulate the rights and obligations of the parties, such as:

- The price, payment schedule, and installment scheme
- The delivery date, handover process, and warranty period
- The quality standards, specifications, and variations
- The community fees, maintenance obligations, and service levels
- The dispute resolution mechanism and governing law

It is important for the buyers to carefully read and understand these documents before signing them, and to seek legal advice if they have any questions or concerns. The purchase agreement, in particular, should be reviewed by an independent lawyer who can verify that the terms are fair, clear, and enforceable, and who can assist the buyers in negotiating any changes or additions that may be necessary.

Regulatory Compliance and Due Diligence

VYE New Zayed Egypt is subject to various laws and regulations that govern the real estate sector in Egypt, such as the Real Estate Development Law, the Urban Planning Law, the Construction Law, and the Consumer Protection Law. These laws aim to protect the interests of the buyers, ensure the quality and safety of the properties, and promote the sustainable and integrated development of the urban areas.

As part of the due diligence process, the buyers should check the compliance of VYE New Zayed Egypt with these laws and regulations, and verify the credentials and reputation of Tatweer Misr as a developer. They should also inspect the site and the units, and request any relevant documents or certificates, such as the building permit, the zoning plan, the occupancy permit, and the insurance policy.

Dispute Resolution and Legal Remedies

In case of any dispute or disagreement between the buyers and VYE New Zayed Egypt, or between the buyers themselves, the parties can resort to various methods of dispute resolution, such as mediation, arbitration, or litigation. The choice of the method depends on the nature and complexity of the dispute, the speed and cost of the process, and the reputation and neutrality of the provider.

The buyers should be aware of their legal rights and remedies in case of any breach of contract, defect, or fraud. These rights and remedies include the right to terminate the contract, the right to claim damages, the right to seek specific performance, and the right to file a complaint with the relevant authorities, such as the Real Estate Regulatory Authority.

Conclusion

VYE New Zayed Egypt is a promising project that offers a modern and comfortable lifestyle for its residents, with a focus on sustainability, innovation, and design. The legal framework and documentation of VYE New Zayed Egypt reflect the best practices and standards of the real estate sector in Egypt, and provide a solid basis for a transparent and fair contractual relationship between the parties. However, the buyers should exercise caution and prudence in their decision-making, and seek professional and independent advice to ensure that their interests and rights are protected.

MLS Realty
+201200070979