Title search and title insurance

johne · Oct 30, 2003

As I have only a knowledge of the subject as it relates to my real estate deals in New York State, I would like to know how the process works in the DR. For example--upon the purchasing of title insurance-is one protected against ALL claims on the properrty?
Quality of the search? History of settling claims by the insurance carrier? In other words, I want to know all the differences between the DR and the U.S. (or NYS.)

Thanks in advance for qualified input.

JOHN

Escott · Oct 30, 2003

See if you can find Stewart Title in NY. They are the one I know about in the DR and ask them directly.

Scott

johne · Oct 30, 2003

thaanks Scott

Cant think of anyone more qualified than you===thanks

JOHN

Fabio J. Guzman · Oct 30, 2003

For general information on buying real estate in the Dominican Republic, including title insurance, go to http://www.drlawyer.com/txt/articlesreal.html .

Island Treats · Oct 30, 2003

Thanks Mr Guzman for the link regarding " General Info" on purchaing property in the D.R. I have a question that wasn't addressed. Which side of representation holds the original certificate of title if one purchased real estate using the lease option method?

mondongo · Oct 30, 2003

Fabio, good R.E. advice on your website. I notice you graduated from the house of pain in Cambridge,Ma. congrats.

Island Treats · Oct 30, 2003

Did I miss something in the translation?

johne · Oct 30, 2003

huh

Island Treats said:
Did I miss something in the translation?

Huh???

Island Treats · Oct 30, 2003

I'm sorry disregard that comment. Strike that from the record! Must have been distracted watching that snowy BSU-BYU football game.

Escott · Oct 30, 2003

Island Treats said:
Thanks Mr Guzman for the link regarding " General Info" on purchaing property in the D.R. I have a question that wasn't addressed. Which side of representation holds the original certificate of title if one purchased real estate using the lease option method?

hahaha, if you lease it you don't own it until you buy it. Title is always held by the owner unless there are other arrangements.

Island Treats · Oct 30, 2003

Watch it Mister!! I know where you live!!! Ha ha. I can't help it if my investing approach is different than yours. Hope you bring that bag of Starbucks Kenya coffee (ungrounded) with you on your return.

Escott · Oct 30, 2003

Island Treats said:
Watch it Mister!! I know where you live!!! Ha ha. I can't help it if my investing approach is different than yours. Hope you bring that bag of Starbucks Kenya coffee (ungrounded) with you on your return.

There is NO Starbucks that I know of where I live. I will have to come across one of these places on my travels south to the airport. If I pass it you will have it.

My answer is still the correct answer to the best of my knowledge. You don't get title till you pay for it and own it. That is why it is referred to as a contract sale. You have the right of eviction until you own it!

See you in a few days.

Scott

Island Treats · Oct 30, 2003

I am very well aware of that neighbor. My qustion is directed more toward whether a title should sit with a third party or the buyer's attorney until the contract obligation is satified. I don't see why the seller should hold the title during the contract period. If I entered into a 1 year contract knowing that the title was clean at the time. What would keep that seller from (if he chooses to do) commit that property to another obligation. I only raised this question becasue I read or heard somewhere where this sort of thing could happen. My original post is just a hypothetical question.

Escott · Oct 30, 2003

You are nothing but a renter until you purchase it. I wouldnt give someone the title till I had my money, would you?

That is what gawd gave us attorneys for.

Scott

Island Treats · Oct 30, 2003

Be nice cowboy- I'm only looking for a professional opinion not a left handed comment. 28-12 BSU 3rd quarter. Good Night.

johne · Oct 31, 2003

professional or not

Island Treats said:
Be nice cowboy- I'm only looking for a professional opinion not a left handed comment. 28-12 BSU 3rd quarter. Good Night.

I dont think one could have any other opinon other than Scott's since "the seller" is still the owner - you are only leasing. That said, I guess, there might be a way that one could file the lease, transaction, notice ,etc. with a governing body. (Im thinking USA now) Only my unprofessional op.

JOHN
BTW--My professional op. costs a lot more. LOL

Island Treats · Oct 31, 2003

This contract is not a Lease Option. Being a R.E. professional in the U.S. maybe we call it Lease Option but here its called a "CONTRACTO DE VENTA CONDICIONAL". And as I stated before, the Certificate of Title SHOULD be in a third party's hand. My original post was just a hypothetical question soliciting confirmation of an answer I already knew. I didn't use the correct terminology. Sorry guys!! Sue me!!!

KenoshaChris · Oct 31, 2003

In both the DR and the US the contract purchaser holds the superior right of possession of the premises while seller holds what is characterized as mere title. So long as buyer fully performs under his/her obligation to seller, that seller cannot, in any way, interfere with buyer's possession, use or enjoyment of the premises unless otherwise agreed to in the contract.

In both the DR and the US, contracts or articles of agreement for deed can be recorded or registered with the recorder or registrar of deeds. That puts the world on notice of your interest in the property which protects you from your seller otherwise using the property as collateral on some other deal. If somebody is going to take that property as collateral without first having a title search performed, that person takes the collateral at significant risk. If seller wishes to assign their rights to your contract to a third party, seller is permitted to do so however, that assignee has no more rights in the property than are set forth in the original contract.

That'll be $250.00. If payment isn't made by the end of today's business day, my chopos will be looking for you.

johne · Oct 31, 2003

The check is

KenoshaChris said:
That'll be $250.00. If payment isn't made by the end of today's business day, my chopos will be looking for you. [/B]

is in the mail.

(is that amount for professional or non-professional advise??

Island Treats · Oct 31, 2003

KenoshaChris,
Thanks for the response. I don't think I can meet your deadline today, however, I will barter with a sumptuous vegetarian meal and a bottle of 2 Buck Chuck Merlot very soon

Title search and title insurance

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