paying for real estate purchase in other country.

S

sereberz

Newbie
Jul 2, 2018
4
0
0
I have been visiting Dominican republic for last 5-6 years for few weeks each time ( probably total around 120 days) i can speak a broken Spanish for basic needs.
This year i decided to purchase a land in a strategic part of Santiago for building a restaurant and hotel.
About 2 weeks ago i found a land meets my criteria and met with owner of land and agreed on price of 638k. However owner wants to receive all or most of his money in United states ( Miami ) bank account.
I am also based in Miami area but my funds are in a Turkish bank as i originally wanted to buy a property there last year
I have read lots of information online about real estate sale and procedure in Dominican Republic however i cant find a safe solution for transferring money to land owner in an other country where it can be verified and proved in accordance to Dominican republic law. For example if I i do a Wire Transfer from Turkey to owner's account in Miami, I will not have a way to prove it, if something goes wrong and owner does not cooperate. At least it will be a painful lengthy process to fight it legally
I already talked to 2 lawyers but no specific solution yet.
Anyone can suggest a way of transferring money to owner and same time it can be verified and documented for possible future complications?
I heard banks in Dominican republic are strict about source of money and can ask to prove how fund was earned. I wonder if i transfer this much amount of money to Dominican republic to a newly opened personal account, would it be held by bank until i have to prove money was legally earned ? I owned my company in last 14 years in Miami, if i have to document it i can, but probably it will not be an easy process depends on banks requirements and what they find acceptable.
i appreciate any advise i can get about my situation
I am still in process of opening a bank account for last 3 weeks , The fact that just opening a bank account and purchasing a land with a ready cash could be this difficult, makes me nervous if i will ever be able to carry out more difficult part of my project ,hiring contractors and building a large building, setting up a company, opening a restaurant ...
May be i am not ready to take this challenge yet :)
 
JD Jones

JD Jones

Moderator:North Coast,Santo Domingo,SW Coast,Covid
Jan 7, 2016
11,832
8,211
113
How about transferring your funds from Turkey to your own account in Miami, and then pay the seller in the DR from that account?
 
I

I love Azua

Member
Dec 3, 2011
74
65
18
The law firm of Guzman Ariza in the DR has attorney Trust accounts in Miami. You can use them right in miami. very simple
 
L

LTSteve

Gold
Jul 9, 2010
5,449
23
38
sereberz said:
I have been visiting Dominican republic for last 5-6 years for few weeks each time ( probably total around 120 days) i can speak a broken Spanish for basic needs.
This year i decided to purchase a land in a strategic part of Santiago for building a restaurant and hotel.
About 2 weeks ago i found a land meets my criteria and met with owner of land and agreed on price of 638k. However owner wants to receive all or most of his money in United states ( Miami ) bank account.
I am also based in Miami area but my funds are in a Turkish bank as i originally wanted to buy a property there last year
I have read lots of information online about real estate sale and procedure in Dominican Republic however i cant find a safe solution for transferring money to land owner in an other country where it can be verified and proved in accordance to Dominican republic law. For example if I i do a Wire Transfer from Turkey to owner's account in Miami, I will not have a way to prove it, if something goes wrong and owner does not cooperate. At least it will be a painful lengthy process to fight it legally
I already talked to 2 lawyers but no specific solution yet.
Anyone can suggest a way of transferring money to owner and same time it can be verified and documented for possible future complications?
I heard banks in Dominican republic are strict about source of money and can ask to prove how fund was earned. I wonder if i transfer this much amount of money to Dominican republic to a newly opened personal account, would it be held by bank until i have to prove money was legally earned ? I owned my company in last 14 years in Miami, if i have to document it i can, but probably it will not be an easy process depends on banks requirements and what they find acceptable.
i appreciate any advise i can get about my situation
I am still in process of opening a bank account for last 3 weeks , The fact that just opening a bank account and purchasing a land with a ready cash could be this difficult, makes me nervous if i will ever be able to carry out more difficult part of my project ,hiring contractors and building a large building, setting up a company, opening a restaurant ...
May be i am not ready to take this challenge yet :)
Click to expand...

You need to hire an ATTORNEY in the DR to do this transaction. First what would concern me is that the deed and title of the property is in order and accurate. Once that is established by an attorney and all the legal documents are signed by both parties then the funds be can dispersed. Do you have residency in the Dominican Republic? What is your nationality? Don't even consider it unless you like throwing away money. If you wire transfer money from Turkey into a US Account that will send up red flags by the bank so hopefully this project is legit because if the source of the cash is questionable you will have other problems. Also if you are going to build a large complex you will need to be in the DR full time otherwise you will be ripped off.
BOTTOM LINE. HIRE A REPUTABLE ATTORNEY IN THE DR. That should have been your first step. The fact that you have to ask for advice on a forum tells me you have no idea of what you are doing and you are already in over your head.
 
S

sereberz

Newbie
Jul 2, 2018
4
0
0
Thank you for answer. I have a lawyer that have 20 year experience in Dominican republic, it seemed to me he does not have much of experience about international transactions. He says title is in order and there wont be a problem about payment in an other country if signed contract have a clause stipulates payment in other country. I am both US and Turkish citizen. I dont have residency in Dominican republic. I didnt understand what part you were refering to when you said "Don't even consider it unless you like throwing " please elaborate little bit more if yu can. Thank you for you time.
 
L

LTSteve

Gold
Jul 9, 2010
5,449
23
38
sereberz said:
Thank you for answer. I have a lawyer that have 20 year experience in Dominican republic, it seemed to me he does not have much of experience about international transactions. He says title is in order and there wont be a problem about payment in an other country if signed contract have a clause stipulates payment in other country. I am both US and Turkish citizen. I dont have residency in Dominican republic. I didnt understand what part you were refering to when you said "Don't even consider it unless you like throwing " please elaborate little bit more if yu can. Thank you for you time.
Click to expand...

What I was implying is whether or not you have any experience in the hotel/restaurant business. This is risky in the DR. You are relying on the "good faith" of others in the DR to get this project built. That is problematic if you are not fully bi-lingual in Spanish and don't have residency. What I'm trying to figure out is why you would spend that kind of money here? I'm very skeptical of the little information I have from you that you know what your doing?
 
S

sereberz

Newbie
Jul 2, 2018
4
0
0
I contacted said law firm several times on their website but did not hear back yet, will try to contact them again
 
2

2dlight

Bronze
Jun 3, 2004
970
36
28
sereberz said:
I contacted said law firm several times on their website but did not hear back yet, will try to contact them again
Click to expand...
Contact their local office by phone. I tried the website route and received no reply either; one phone call and I was able to speak to a lawyer.
 
C

cavok

Silver
Jun 16, 2014
9,598
4,099
113
Cabarete
Guzman Ariza in Miami is probably the best solution or, why not send a cashier's check in the seller's name to your lawyer. It seems to me there should be some way your lawyer and the seller's lawyer could come up with some way that would guarantee the transfer of title to you when the funds clear.
 
D

Dr_Taylor

New member
Oct 18, 2017
351
2
0
The telephone number for Guzman Ariza is (809) 255-0980. Forget the website contact page, call the firm and make an appointment. Also, the lawyers are very good with communicating via e-mail, after you establish an attorney-client relationship.
 
R

rogerramjet1

New member
Sep 10, 2015
433
0
0
I smell problems for you. When, i am doing business with these people and they start altering the process ever so slightly today, and then changing something again tomorrow I pick up my ass and walk away. This is a particularly difficult environment to operate in. If you are unsure, simply stop what you are doing and try something else
 
You must log in or register to reply here.
Top Bottom