Transfering money to the seller of a house in the DR.

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Carabum

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May 7, 2015
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My fear is transfer delays or (even transfer denial on the Dominican side for whatever reason) that would inccur for me serious penalties from the sellers lawyer.


What is the fastest method to purchase a home in the DR ?
(around $100,000 U.S.D.)

First open for yourself a foreign currency bank account here and then transfer the amount you need from your bank abroad to your new bank account here in the DR and only then transfer to the sellers bank account (or the escrow account) ?

OR

Transfer directly the amount from your bank abroad to the sellers bank here in the DR without the need of the buyer opening a DR bank account ?
 
B

Black Dog

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May 29, 2009
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You have a standard 15 days grace beyond the date of the contract.
Also you should pay the money to the lawyers escrow account and not directly to the buyer.
 
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ctrob

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Nov 9, 2006
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Neither, Do you not have your own attorney? Who did your Due Diligence? You should have your own atty and put the funds into his escrow account.

I wouldn't give anything to the seller or their attorney. There's a lot of things that can go wrong.
 
C

Carabum

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May 7, 2015
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ctrob said:
Neither, Do you not have your own attorney? Who did your Due Diligence? You should have your own atty and put the funds into his escrow account.

I wouldn't give anything to the seller or their attorney. There's a lot of things that can go wrong.
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Got it, thanks.

My fear is the part I can't control since I don't have the money at hand to give my attorny's escrow account.

I read that some folks had serious problems transfering large amounts, and this hypothetical problem could be translated into a big financial fine for me.

I'm just trying to figure out if I'm over worrying for nothing and the transfer would be fulfilled within 2 business days.
Should a few weeks pass then I'm screwed.
 
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ctrob

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Nov 9, 2006
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Carabum said:
Got it, thanks.

My fear is the part I can't control since I don't have the money at hand to give my attorny's escrow account.
.
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I'm not seeing the problem. Transfer the money to your attorney's account ahead of time. He'll keep it in escrow till needed.
No delay worries. And chances are that your atty has a bank account in the US. This is standard practice. And the safest way to do it.
 
C

Carabum

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ctrob said:
I'm not seeing the problem. Transfer the money to your attorney's account ahead of time. He'll keep it in escrow till needed.
No delay worries. And chances are that your atty has a bank account in the US. This is standard practice. And the safest way to do it.
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By ahead of time, do you mean to transfer the whole sum to a Dominican attorney and only after he got the money in the escrow account make a meeting with the seller and his attorney to draw-up and sign the contracts ?
 
C

Carabum

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Marlon Rojas said:
Whatever you do don't send money to anyone please it's going to be your worse nightmare. Trust no one in my country with money.
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You are basically telling me not to buy any property in the DR and continue renting in an Apartahotel.

If I can't even trust my Dominican attorney and his escrow account.
 
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VJS

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Sep 19, 2010
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If you are set on buying a property in DR, open a local USD account and send a wire for small amount (5k) to "warm up" the account. The first wire always takes a long time: 2 or even 3 weeks are common. Once you make sure the first wire made it, subsequent wires are always faster: 1-2 days is the norm. Of course, when you bump the amount to 100K, that will raise questions and you might need to fill a form to explain the purpose of the transaction. Once the cash is in your local bank account, you can issue a certified bank check to pay for the house.
 
C

Carabum

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May 7, 2015
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VJS said:
If you are set on buying a property in DR, open a local USD account and send a wire for small amount (5k) to "warm up" the account. The first wire always takes a long time: 2 or even 3 weeks are common. Once you make sure the first wire made it, subsequent wires are always faster: 1-2 days is the norm. Of course, when you bump the amount to 100K, that will raise questions and you might need to fill a form to explain the purpose of the transaction. Once the cash is in your local bank account, you can issue a certified bank check to pay for the house.
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Is it easy to open a U.S. dollar account in the DR, which bank will do it the fastest ?
 
Tamborista

Tamborista

hasta la tambora
Apr 4, 2005
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Carabum said:
You are basically telling me not to buy any property in the DR and continue renting in an Apartahotel.

If I can't even trust my Dominican attorney and his escrow account.
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Talk to the three or four members here that have bought and sold property successfully, and ignore the other 90% of the hot air bags. You are fine, as long as you are using a known RE atty.
 
Tamborista

Tamborista

hasta la tambora
Apr 4, 2005
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ricky11 said:
send the money to the lawyer, he steals it and says it was never received. hire a 2nd lawyer to sue the 1st and then you find out that the person selling the property did not even own it.
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Have you experienced this firsthand?
 
D

DRdreaming

Member
Jul 29, 2014
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When I sent the wire transfer to my RE agent' s account I had to also fax them a letter to present to their bank, from my bank, stating that I was a customer in good standing, and I believe it stated the date that I had opened the account with them. The total time from transfer to release of funds was three business days. I am not sure that every bank requires this. Your best bet is to call the receiving bank and ask what their policies and time lines are.

Sent from my SM-E700H using Tapatalk
 
D

Drperson

Well-known member
Sep 19, 2008
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Carabum said:
You are basically telling me not to buy any property in the DR and continue renting in an Apartahotel.

If I can't even trust my Dominican attorney and his escrow account.
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my lawyerfor over 12 years kept a sizeable amount from the amount sent and it took a year to get it back
 
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