Buying Property

[william webster]

That was my very first mistake here in RD ... because I was busy I allowed the American Developer and Canadian Sales guy to handle all the affairs for purchasing and upgrading of the properties. Once I caught on (between projects offshore) I was disappointed with their untrustworthy acumen.... Money was not the issue...'Honesty and integrity was the issue''... they proved to have neither. It was the Housekeeper who ended up looking after our affairs.... amazing huh!
Russell

Matters little who they are.... so right

Don Smith (Ellis-Don) got skinned for almost $10M by his trusted son-in-law

 

[jimmythegreek]

A couple of questions:

1) Do I need any residency or similar to buy and put the papers in my name?
2) How do I wire funds for the transfer? In the US, there's usually a closing company that both parties trust for such activities.

My GF is getting an account for dollars, but well, for various reasons, I suspect that wiring the money to her to purchase the property would be putting too much temptation in her hands.

Do I need to just fly there and deal with it?

I would recommend that you do not buy property here-but if you must-which I still think is a bad idea-only low ball offers of at least 20% minimum off the asking price no matter what.

 

[Garyexpat]

So, I'm curious of people's reaction to this:

I asked her for the lawyer's name and she blew up. I don't trust her. Blah, blah, blah... We've all been there.

"I'll never speak to you again....." Tic, tic,tic. I'm starting to think this is reasonable outcome, so I don't react and go back to work.

10 minutes go by and my phone starts ringing. I ignore it. The phone persists.

The gf tells me the lawyer has just called and there's no title to the property. So, it is not good to buy.

The sun comes out and dries up the Rain. She's all smiles and everything is fine. We e

Wow, it's like watching a movie over and over and over. Run, as you said there are more fish in the see. There are some very good women here in the D.R. and over the years I have been lucky to go out with some however the % that will take the money and run is much higher.
One rule of thumb I suggest you consider is that if she looks so good that in your country of origin she wouldn't even give you the time of day assume it is your $$ and/or color of your passport that she "loves." If you want have your fun with her fine. Don't let her move in with you (after I think six month you will have a problem getting her out and she will know this) and don't give her any access to your bank accounts or credit cards. By all means if you buy/rent a car do NOT let her drive the car.
If she is Haitian hide your Machete.

 

[GringoRubio]

This thread reminds of the older guy I met once in Sosua. He had a Haitian girlfriend he bought a motorcycle for at some point in time. I know a few members here remember them.

When we met, he told her something about not trusting her to do something (I think it was paying some sort of bill) and she blew up in front of all of us. "I'm your wife, you have to trust me, I'm leaving you" and on and on. He thought the whole show was funny.

Anybody remember what happened to him?


I do. She killed him, then went back to Haiti.

Wow! Seems like a story that repeats with nauseating regularity.

 

[GringoRubio]

If she is not 100% trustworthy ... then if she does disappear to Haiti with the funds; you are as much responsible as She for ''Tempting'' her.
Two other Friends of mine and myself put a significant amount of money in our Housekeepers account (nearly $100,000.oo usd)... a year later when we needed the funds for a project payment the funds were still there and readily disbursed. I was so impressed with her honesty ; a few years later I married her...All a good decision.
This should not be considered as the norm in RD; rather an exception. For us it was pocket change, for her an eternity of family financing.

Nice story. I'm happy for you.

 

[Buffness]

....The day of the closing, after signing the papers, I simply transferred the money from my US bank to the seller's bank account. It worked fine for both parties.

We did the same thing . Fortunately , the seller had a US bank account at the same bank as ours so we asked for a further discount from the seller if we did a same day bank transfer to his US account . He was happy to oblige. 

 

[GringoRubio]

So, I'm confused by the title on the property. Apparently, it is currently I the possession of Puerto Plata, but for a sum of pesos i can get it pot in my name after I purchase the property.

Does this make any sense?

 

[GringoRubio]

This turned out to be a swindle or at least, not worth the value as the title is not clear. It definitely pays to do due diligence.

 

[Cdn_Gringo]

Haven't experienced it myself but have heard that even with some new condo construction, the purchase proceeds but the actual title follows some time or years later, if ever.

No deslinde, no clear title, no sale as far as I am concerned. I can't afford to drop that kind of money on a hope and a prayer that the developer will be around long enough to complete the transaction. Owners who are selling without a title in my view are trying to pass on their problems to someone else.

 

[JD Jones]

Haven't experienced it myself but have heard that even with some new condo construction, the purchase proceeds but the actual title follows some time or years later, if ever.

No deslinde, no clear title, no sale as far as I am concerned. I can't afford to drop that kind of money on a hope and a prayer that the developer will be around long enough to complete the transaction. Owners who are selling without a title in my view are trying to pass on their problems to someone else.

Prepurchasing Condos and housing before it's built is a big thing here with big discounts. Crazy.

I only buy what I can touch with my hands and see docs checked and confirmed by a lawyer.

 

[AlterEgo]

So, I'm confused by the title on the property. Apparently, it is currently I the possession of Puerto Plata, but for a sum of pesos i can get it pot in my name after I purchase the property.

Does this make any sense?

Never buy anything without a deslinde 

 

[chico bill]

Haven't experienced it myself but have heard that even with some new condo construction, the purchase proceeds but the actual title follows some time or years later, if ever.

No deslinde, no clear title, no sale as far as I am concerned. I can't afford to drop that kind of money on a hope and a prayer that the developer will be around long enough to complete the transaction. Owners who are selling without a title in my view are trying to pass on their problems to someone else.

Happened in Miami to as developers went bust in the last recession of 2009-2010. Many people lost deposits on building never finished. Some moved into to partially finished buildings with no elevators , etc.
Caveat Emptor

 

[Birdman]

We just bought a new apt from Teddy Construcion in Santiago. You get a discount if you buy before the place is built. We had to use Guzman in Sosua as they were the nearest office but they had a rep who lived in the next block. He was a notary. Guzman are now processing the deslinde.
The apt was a great price as it is advertised as 56m2. It is a rectangle and I measure it as 10 by 9 which I understand is 90m. We have security which is run by Maning. They have a good name. Other gringos have bought here too.