Hello,
If at least one person can learn from my bad experience, I will feel grateful.
I love the DR, own several properties there and even used to sell properties in Punta Cana.
A client of mine had a really bad experience with one of the developers by the name of Grupo Intercaribe. All I ask is that you do lots of research on which ever company you are going to work with.
My client sold their property for a $30,000 profit. Grupo Intercaribe did not have escrow accounts so all the money from the bank got transferred right into the developers bank account - and the KEPT IT! After several lawsuits in the States and in DR, the money has not been recovered. Not only that, Grupo Intercaribe has left numerous projects unfinished and have many unhappy clients.
I suggest the following when purchasing property in the DR
~ Do a great deal of research on the property, area, and developer/ owner.
~ Visit the city and property in person.
~ Be sure to consult your attorney and also hire one in the Dominican Republic. Referrals are key.
~ Verify the developer/owner has clear titles on the property and that your land usage rights are written in your contracts.
~ Insist on using escrow accounts when funds are being transferred. Set your own up if you need to.
~ Work only with companies that have a reputable reputation. Avoid the rest like the plague!
~ Build a strong team of people including your realtor, developer, lawyer, and banker.
Be cautious and enjoy this beautiful paradise and all of its opportunities!
If at least one person can learn from my bad experience, I will feel grateful.
I love the DR, own several properties there and even used to sell properties in Punta Cana.
A client of mine had a really bad experience with one of the developers by the name of Grupo Intercaribe. All I ask is that you do lots of research on which ever company you are going to work with.
My client sold their property for a $30,000 profit. Grupo Intercaribe did not have escrow accounts so all the money from the bank got transferred right into the developers bank account - and the KEPT IT! After several lawsuits in the States and in DR, the money has not been recovered. Not only that, Grupo Intercaribe has left numerous projects unfinished and have many unhappy clients.
I suggest the following when purchasing property in the DR
~ Do a great deal of research on the property, area, and developer/ owner.
~ Visit the city and property in person.
~ Be sure to consult your attorney and also hire one in the Dominican Republic. Referrals are key.
~ Verify the developer/owner has clear titles on the property and that your land usage rights are written in your contracts.
~ Insist on using escrow accounts when funds are being transferred. Set your own up if you need to.
~ Work only with companies that have a reputable reputation. Avoid the rest like the plague!
~ Build a strong team of people including your realtor, developer, lawyer, and banker.
Be cautious and enjoy this beautiful paradise and all of its opportunities!
