I am trying to facilitate the purchase of property in order to build a church in the Alacarrizos community northwest of San Domingo. The missionaries, whom my church in the US happens to sponsor, would like us to purchase 3 200m2 lots in that neighborhood for 650,000 pesos ($17k) a piece. The missionaries know the men who are selling the property and believe it to be a reasonable price, and they are willing to negotiate it downward. However, I want to purchase the property by placing a deposit, have a lawyer do a title search or create a title, and the sellers - whom I do believe to be reliable businessmen who are not trying to scam anybody per se - say that they can do this, but the property will then cost us 1,100,000 pesos a piece and they'll need at least a 25% deposit... really? They're like, "buy it at this price and then you can create a title. We'll take you to the government office where we purchased this and do everything there. The "document of sale" will be sufficient." So, how important is this? As an American I can say that this does not work and is extremely risky, but my missionaries are not worried and have advised me that my requests are "difficult." We've had a working relationship with these missionaries for 20 years and would entrust them with my own children, but I am worried that even they are not aware of all of the problems that could arise. So, questions...
1) Is this price reasonable... $17k a piece for a 2100 sf lot? If so, how do I value property?
2) Should I push these guys to create a title before we transfer the property after I give them a deposit? If so, how much as a % of value?
3) Should they be content if I offer a small deposit while we do a title search and make sure everything is clear of liens? And then, after I buy the property, create the title?
4) Also what is the verbiage in Spanish for these documents? I know I can google-translate this stuff, but I want to make sure que no estoy mescolando mis manzanas y mis naranjas...
It sure is hard to grow a church in the DR when our buildings are maxing out at an occupancy of 50.
1) Is this price reasonable... $17k a piece for a 2100 sf lot? If so, how do I value property?
2) Should I push these guys to create a title before we transfer the property after I give them a deposit? If so, how much as a % of value?
3) Should they be content if I offer a small deposit while we do a title search and make sure everything is clear of liens? And then, after I buy the property, create the title?
4) Also what is the verbiage in Spanish for these documents? I know I can google-translate this stuff, but I want to make sure que no estoy mescolando mis manzanas y mis naranjas...
It sure is hard to grow a church in the DR when our buildings are maxing out at an occupancy of 50.
