First off let me tell you guys it took me 3 days to find "the new thread button". I must be losing it?
To make a long story short, I'm going to buy an Apartment/Condo in the DR. So nobody try to talk me out of it!! My mind is made up!
However, Id like to make an informed choice! I have been to PC 4 times in the last 2 years, so this is where I think/thought I wanted to buy? I know that whole strip along Bavaro pretty good. I just returned from a 7 day AI vacation(I'm really starting to hate AI'S) last week in Bavaro.
I walked across the street and found a Real Estate guy, looked at a few properties and decided on one. Unfortunately only 2 days were left in my trip so I had to write up a sale ASAP. Property looked good, almost finished condo, no thrills, 113 Square meters for 130,000 US ( 300 meters from the Beach) That's where the fun started. I went to the builders Lawyer(notary) and we wrote up a Conditional sales agreement. Not being totally daff but still rushing myself into a decision, cause I'm thinking with my heart and other parts of my body, I only laid down a 1000 US deposit(I figured I can afford to lose that if I change my mind). They wanted $10,000 down, however I explained I was on vacation and wasn't carrying 10k with me in cash! I don't want to bore you all with this story and make it to long. But, I'm having second thoughts about this Condo! Why? Well, for starters I have to pay another 40,000 US in 7 days from today and also I wasn't aware of the way real estate purchases work in the DR. I am now!!! Once I pay another 40,000 the remainder is not due until closing March 5th, which I was going to personally bring down and pay in person. However, the 40k is due in 7 days and I have to wire it to the builders account. Once I do that, I absolutely no security, I mean the guy could go bankrupt over night. I'm not sure if title insurance covers that? I should find, huh? A few other things turned me off.
1. The lawyer spoke absolutely no English( ok I can live with that, it's a Spanish Country)
2. Nobody bothered to tell me, the lawyer, the builder or the non helpful real estate agent, that TITLE insurance is a good idea for the DR.
3. The lawyer, the builder, and the Real estate agent all know each other.(maybe thats ok)
4. It's the builders first DR project and its a relatively small, 2 buildings each with 6 units.(you got to start somewhere I guess)
5. I did get a copy of the Title, and I believe the little sketch they gave me is a copy of the land Survey. And a photocopy of the builders Residence Card, he is British not Dominican. But I never got a copy of the Corporation documents, or proof that there are no liens or back taxes on the property? Although he told me there is not.
I never got the feeling that it was a hustle or anything like that. I think they honestly want to deliver me a nice Condo. But where I live(Canada) there are so many more safe guards. And I feel i'm leaving myself open to a potential problem.
So the real questions I have since I have been home for a week, I have had a chance to look at lots of real estate listings in the DR on the Internet! It would be great to live on the beach, and the prices!!!! are really good.
I'm not sure I want to live in Bavaro anymore? I'm not sure the Sales opportunities are there? I see many more listings for real estate in the North. I mean Sosua looks good, Cabarete looks good, and Puerto Plata? All I know is I want to buy something NOW!!!
My plan is to become fluent in Spanish, I already started my Classes yesterday, and sell real estate or sell something there? I should mention I'm not completely a spring chicken at 33 years old, and can run a business or sell you anything you don't need. I have noticed that more Americans and Canadians seem to live out side of Punta Cana and further North!
Where should I buy? Especially if my goal is to sell real estate or other services. I should mention that I can buy a home in the DR and afford not to work for a year or so, I budgeted for that. I can make a mistake and live another day. Thanks for any feedback or help. Cheers!
PS- I'll make sure my posts are much smaller in length next time.
To make a long story short, I'm going to buy an Apartment/Condo in the DR. So nobody try to talk me out of it!! My mind is made up!
However, Id like to make an informed choice! I have been to PC 4 times in the last 2 years, so this is where I think/thought I wanted to buy? I know that whole strip along Bavaro pretty good. I just returned from a 7 day AI vacation(I'm really starting to hate AI'S) last week in Bavaro.
I walked across the street and found a Real Estate guy, looked at a few properties and decided on one. Unfortunately only 2 days were left in my trip so I had to write up a sale ASAP. Property looked good, almost finished condo, no thrills, 113 Square meters for 130,000 US ( 300 meters from the Beach) That's where the fun started. I went to the builders Lawyer(notary) and we wrote up a Conditional sales agreement. Not being totally daff but still rushing myself into a decision, cause I'm thinking with my heart and other parts of my body, I only laid down a 1000 US deposit(I figured I can afford to lose that if I change my mind). They wanted $10,000 down, however I explained I was on vacation and wasn't carrying 10k with me in cash! I don't want to bore you all with this story and make it to long. But, I'm having second thoughts about this Condo! Why? Well, for starters I have to pay another 40,000 US in 7 days from today and also I wasn't aware of the way real estate purchases work in the DR. I am now!!! Once I pay another 40,000 the remainder is not due until closing March 5th, which I was going to personally bring down and pay in person. However, the 40k is due in 7 days and I have to wire it to the builders account. Once I do that, I absolutely no security, I mean the guy could go bankrupt over night. I'm not sure if title insurance covers that? I should find, huh? A few other things turned me off.
1. The lawyer spoke absolutely no English( ok I can live with that, it's a Spanish Country)
2. Nobody bothered to tell me, the lawyer, the builder or the non helpful real estate agent, that TITLE insurance is a good idea for the DR.
3. The lawyer, the builder, and the Real estate agent all know each other.(maybe thats ok)
4. It's the builders first DR project and its a relatively small, 2 buildings each with 6 units.(you got to start somewhere I guess)
5. I did get a copy of the Title, and I believe the little sketch they gave me is a copy of the land Survey. And a photocopy of the builders Residence Card, he is British not Dominican. But I never got a copy of the Corporation documents, or proof that there are no liens or back taxes on the property? Although he told me there is not.
I never got the feeling that it was a hustle or anything like that. I think they honestly want to deliver me a nice Condo. But where I live(Canada) there are so many more safe guards. And I feel i'm leaving myself open to a potential problem.
So the real questions I have since I have been home for a week, I have had a chance to look at lots of real estate listings in the DR on the Internet! It would be great to live on the beach, and the prices!!!! are really good.
I'm not sure I want to live in Bavaro anymore? I'm not sure the Sales opportunities are there? I see many more listings for real estate in the North. I mean Sosua looks good, Cabarete looks good, and Puerto Plata? All I know is I want to buy something NOW!!!
My plan is to become fluent in Spanish, I already started my Classes yesterday, and sell real estate or sell something there? I should mention I'm not completely a spring chicken at 33 years old, and can run a business or sell you anything you don't need. I have noticed that more Americans and Canadians seem to live out side of Punta Cana and further North!
Where should I buy? Especially if my goal is to sell real estate or other services. I should mention that I can buy a home in the DR and afford not to work for a year or so, I budgeted for that. I can make a mistake and live another day. Thanks for any feedback or help. Cheers!
PS- I'll make sure my posts are much smaller in length next time.