I have just gotten back from SD, where I plan on buying an apartment in the Malecon Center. Off course like many on this forum I have heard of horror stories regarding the transfer of titles in the DR. So I have been reading this forum and particularly Dr. Guzman Thread ?http://dr1.com/realestate/info/buying.html " Though I have found this site particularly insightful, I still have a few questions to debate:
First, Can Attorney's and Notaries even with remarkable references be trusted in the DR.?
When I initiated this venture, I address myself to reputable law firm in SD (unfortunately, not Guzman...). They suggested that I make the transfer of the funds for the purchase of the condo directly to them (over $1/2 million US). They assured me that they would only release the money, once the title transfers where effective. I found this offer rather odd! Why should they be more trust worthy then the realtor?
Will an Escrow service assure absolute security that the transaction will be carried on before the funds are disbursed?
Dr. Guzman recommends using the services of an Escrow agent such as Steward DR ?http://www.stewartdr.com ". Now, if I understand correctly Steward DR is only an affiliate of Steward International and therefore does not offer the same guaranties as Steward USA. Transferring the funds to a third party, under these circumstances, creates an extra layer of risk in this transaction, since the escrow service itself is not backed by any solid guaranties.
Finally, the seller is putting pressure on me to transfer the funds directly to him once the sale contract as been signed so he can initiate the transfer of the titles.
From what I have read so far this is a definite NO! NO!
However, now I am caught between the devil and his brother... Can anyone help? How can I buy a property in the DR. and conclude this transaction with out risking being defrauded?
First, Can Attorney's and Notaries even with remarkable references be trusted in the DR.?
When I initiated this venture, I address myself to reputable law firm in SD (unfortunately, not Guzman...). They suggested that I make the transfer of the funds for the purchase of the condo directly to them (over $1/2 million US). They assured me that they would only release the money, once the title transfers where effective. I found this offer rather odd! Why should they be more trust worthy then the realtor?
Will an Escrow service assure absolute security that the transaction will be carried on before the funds are disbursed?
Dr. Guzman recommends using the services of an Escrow agent such as Steward DR ?http://www.stewartdr.com ". Now, if I understand correctly Steward DR is only an affiliate of Steward International and therefore does not offer the same guaranties as Steward USA. Transferring the funds to a third party, under these circumstances, creates an extra layer of risk in this transaction, since the escrow service itself is not backed by any solid guaranties.
Finally, the seller is putting pressure on me to transfer the funds directly to him once the sale contract as been signed so he can initiate the transfer of the titles.
From what I have read so far this is a definite NO! NO!
However, now I am caught between the devil and his brother... Can anyone help? How can I buy a property in the DR. and conclude this transaction with out risking being defrauded?
