- Thread starter Drperson
- Start date
who typically pays the lawyers when buying the property the vendor or the buyer?
Are you confusing lawyers with Real Estate agents? Don't know about you but I'd want my own lawyer to look after my interests be it buyer or seller.
As a buyer, I paid two lawyers. "the" popular firm in Sosua to draw up the contract and do the closing, and an attorney I trusted from an international firm in the capital to review everything they were doing step by step, unbeknownst to the Sosua law firm. Small price to pay for comfort in a large transaction.
As for closing, mine was fast. Approximately two weeks. I was purchasing a corporation that holds the condo. Title check, etc was done in that period. Process may be more complicated now with some new laws, property surveys, etc.
As for closing, mine was fast. Approximately two weeks. I was purchasing a corporation that holds the condo. Title check, etc was done in that period. Process may be more complicated now with some new laws, property surveys, etc.
That depends on the situation. Which one are you, buying or selling? Normally the buyer will have an attorney who will gather the necessary documents and make sure all the i s are dotted and the t s are crossed. However, if you are selling you may want your own attorney to represent your interests. I guess it really depends on how straight forward the sale is and what your comfort level is. Additionally if you are using a real estate agent and he is trustworthy he can also assist in the process.I recently sold my condo and I used the buyers attorney for certain documents I needed to furnish. I was not in the DR and used power of attorney. The time it takes to close depends on how quickly the necessary documents are in place and whether or not this is a cash deal or there is a third party involved, such as a bank, that is involved in the purchase. If it is a cash deal you could close in a month. Again that depends how quickly everything is in place.
Normally the buyer pays the closing costs but you can also select the lawyer, if the seller says they want to have their lawyer draw up the contracts you can either say "no" or "yes, but the seller can pay him". Buyers are very much in the driving seat in the current market.
When I bought our house I paid a lawyer first to investigate the property title. Than I paid half on the lawyers fee to notarize the contracts (other half the seller paid) and finally I paid the lawyer who made sure the title would be on my name.
The real estate agent I used was paid by the seller (or better said, was included in the price of the house). he actually split the 5% commission with the agent of the sellers.
The real estate agent I used was paid by the seller (or better said, was included in the price of the house). he actually split the 5% commission with the agent of the sellers.
Normally the buyer pays the lawyer fees and the seller pays the sale commissions unless the seller has its own lawyer and chose to use his (not recommended) Your lawyer fees should not be more than 1% of total purchase price and that includes getting you the new title and the seller will have to get the two certifications that are needed. Gravamenes which is what shows if the property can or cannot be sold or if it has any lien and the IPI which the one that proves that all taxes has bee paid off on that property and that can be transfer to the new owner.
Has anyone here ever heard of anyone collecting on title insurance, in the US, the RD or anywhere else?
I never have, and neither had my father, who was a Recorder of Deeds for 12 years in Missouri.
I never have, and neither had my father, who was a Recorder of Deeds for 12 years in Missouri.
I may not be in Stinky's league -- propertywise --- but I'm not sure this is good advice
is it even available in RD ??
will they ever pay?
with des linde, is this a big problem?
dunno,
Yes and yes.
Do the research and you will find 1 or 2 reputable USA / global companies offering title insurance in the DR.