Condo Purchasing Information Needed Por Favor

eso_mami

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Hola,

I am hoping someone with past experience can help me with this....I am looking for information on steps to go about purchasing a condo or an apartment in Puerto Plata. I am a resident of Canada and I plan on moving to Puerto Plata in the next year or so. Could anyone help me please....

muchas gracias,
eso mami
 
Last edited:

Escott

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eso_mami said:
Hola,

I am hoping someone with past experience can help me with this....I am looking for information on steps to go about purchasing a condo or an apartment in Puerto Plata. I am a resident of Canada and I plan on moving to Puerto Plata in the next year or so. Could anyone help me please....

muchas gracias,
eso mami

BAM

Identify the condo that turns your fancy

Make a low offer and negotiate as hard as you can in an up market

Come to terms with the owner based on YOUR attorney holding the money until it closes

Give a deposit to your attorney to hold in escrow

Pay the balance at closing after your attorney does due diligence

Now get your Arse to my Thanksgiving Party and meet all your neighbors!

Congrats!!

BAM
 

snowbird44

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Very good advice

Escott said:
BAM

Identify the condo that turns your fancy

Make a low offer and negotiate as hard as you can in an up market

Come to terms with the owner based on YOUR attorney holding the money until it closes

Give a deposit to your attorney to hold in escrow

Pay the balance at closing after your attorney does due diligence

Now get your Arse to my Thanksgiving Party and meet all your neighbors!

Congrats!!

BAM

but don't stop there. Once you have found your condo, get a good lawyer. Do your homework before you buy and ask lots of questions.
How stable is the condo corporation financially? get financial statements from previous years.
Are there any debts?
Is there a reserve fund? How large?
Get a copy of the condo rules and regulations.
Is the administrator reliable and competent?
How much are the condo fees? Be prepared that they will go up in view of all the latest increase in costs for electricity and fuel.
The actual purchase is uncomplicated, your lawyer will handle all that.
Good luck with your househunting!
 

eso_mami

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muchas gracias

Rocky: yes I mean right in Puerto Plata

everyone else: thank you for the information you have provided me, you have all helped me know what my steps are, Thank you again!!!!
 

Rocky

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eso_mami said:
Rocky: yes I mean right in Puerto Plata

everyone else: thank you for the information you have provided me, you have all helped me know what my steps are, Thank you again!!!!
There are a lot of DR1 members who live right in POP, like Carina & Howmar, for example, who may be able to tell you about which areas are good and which ones should be avoided.
Good luck on your new adventure.
 

eso_mami

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Rocky said:
There are a lot of DR1 members who live right in POP, like Carina & Howmar, for example, who may be able to tell you about which areas are good and which ones should be avoided.
Good luck on your new adventure.

I wish Carina or Howmar would look at this thread. I could really use their expertise regarding this topic. are Carina and Howmar from Canada though? or does it not matter where you come from - the process is always the same?

Basically I need to inquire with a lawyer.....now my question, does it have to be a lawyer in DR or can it be a lawyer from here in Canada?

Do you know Rocky?
 

Rocky

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eso_mami said:
I wish Carina or Howmar would look at this thread. I could really use their expertise regarding this topic. are Carina and Howmar from Canada though? or does it not matter where you come from - the process is always the same?

Basically I need to inquire with a lawyer.....now my question, does it have to be a lawyer in DR or can it be a lawyer from here in Canada?

Do you know Rocky?
I may have not been clear before.
I mentioned those 2 as I know them to be fine upstanding honest & helpful people who know the POP area, as they live here.
There are many other DR1 members in the POP area who could also help, with regards to advice on where to purchase.
As for legal details and how to go about purchasing it, I strongly recommend that you follow Escott's advice.
He's the man.
As a member of DR1, you are capable of sending PM's (private messages) to other members, if you need to be in touch with them on a private basis.
If you do not know how to do this, let us know and we will explain the proceedure.
 

eso_mami

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Rocky said:
I may have not been clear before.
I mentioned those 2 as I know them to be fine upstanding honest & helpful people who know the POP area, as they live here.
There are many other DR1 members in the POP area who could also help, with regards to advice on where to purchase.
As for legal details and how to go about purchasing it, I strongly recommend that you follow Escott's advice.
He's the man.
As a member of DR1, you are capable of sending PM's (private messages) to other members, if you need to be in touch with them on a private basis.
If you do not know how to do this, let us know and we will explain the proceedure.

thank you for being so fast on the button ;-) I will PM Carina and see what she recommends, thank you very much Rocky, you rock!!!!
 

Rocky

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eso_mami said:
thank you for being so fast on the button ;-) I will PM Carina and see what she recommends, thank you very much Rocky, you rock!!!!
Carina's a sweetie and I stake my life on her honesty.
You really should be in touch with Escott, as well, for the legal aspects.
Regards, Marco.
 

eso_mami

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Rocky said:
Carina's a sweetie and I stake my life on her honesty.
You really should be in touch with Escott, as well, for the legal aspects.
Regards, Marco.

WOW - you are full of information, I can't thank you enough Marco, thank you
 

Rocky

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eso_mami said:
WOW - you are full of information, I can't thank you enough Marco, thank you
Actually, they are full of information.
I'm just directing traffic this morning.
I forgot to mention, if it matters, I believe that Escott & Howmar are both American, and Carina is European.
 

Escott

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snowbird44 said:
but don't stop there. Once you have found your condo, get a good lawyer. Do your homework before you buy and ask lots of questions.
How stable is the condo corporation financially? get financial statements from previous years.
Are there any debts?
Is there a reserve fund? How large?
Get a copy of the condo rules and regulations.
Is the administrator reliable and competent?
How much are the condo fees? Be prepared that they will go up in view of all the latest increase in costs for electricity and fuel.
The actual purchase is uncomplicated, your lawyer will handle all that.
Good luck with your househunting!

Ask here for recommendations about good attorneys.

DR1 is your friend.

Don't accept recommendations by PM because that may not see the light of day. Some people do things to get a kickback. We know who these people are and will let you know their agenda in an open forum!

Beware of a British Gentleman who is NO Gentleman!

Do price comparisons both in cost and maintenence.

Check to see if there were special charges to the owners in the last 3 years. At our condo this is how we paid for much needed renovations.

We have had a 35% increase in Maintenence in our Condo because of the fluctuation of the peso and increase of costs in everything especially electric, gas/oil for generator and insurance.

Check how much the insurance policy is on the Condo.

Go there early in the morning and check for noise.

Go there in the evening and check for noise.

Read the rules carefully.

Ask if there is 24/7 electric, Security, Maintenence.

Compare these questions from one building to another.

These points do not address how to purchase a condo. These points address how to get something you can live with.

Welcome!
 

carina

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Mar 13, 2005
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Escott said:
Ask here for recommendations about good attorneys.

DR1 is your friend.

Don't accept recommendations by PM because that may not see the light of day. Some people do things to get a kickback. We know who these people are and will let you know their agenda in an open forum!

Beware of a British Gentleman who is NO Gentleman!

Do price comparisons both in cost and maintenence.

Check to see if there were special charges to the owners in the last 3 years. At our condo this is how we paid for much needed renovations.

We have had a 35% increase in Maintenence in our Condo because of the fluctuation of the peso and increase of costs in everything especially electric, gas/oil for generator and insurance.

Check how much the insurance policy is on the Condo.

Go there early in the morning and check for noise.

Go there in the evening and check for noise.

Read the rules carefully.

Ask if there is 24/7 electric, Security, Maintenence.

Compare these questions from one building to another.

These points do not address how to purchase a condo. These points address how to get something you can live with.

Welcome!

Add to this:

See who your neighbours are, because they WILL be your neighbours.

Have a chat with them, don?t ask direct questions in a negative way - they won?t spill it all out to a stranger if there is something bad ( remember, they live there and spent some money there ), but you will see/feel if they are hiding anything.

Ask how many people that owned the place before you.

Ask where the water comes from, city or who provides it.

Look at other aspects that is important to you, for examples location, roads etc that might be important if you have a car and also if you don?t have a car... i.e will you get public transportation from there on a rainy day...

AND. Yes, get a lawyer, even suggestions of a laywer out here on the forum. PMs is a good thing, but those things are better said on the forum and it is also information that others might gain from to know.
 

carina

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Rocky said:
Carina's a sweetie and I stake my life on her honesty.
You really should be in touch with Escott, as well, for the legal aspects.
Regards, Marco.

Marco, did you eat chocolate this morning? You are so sweet!
But then again, you always are! ;)
 

carina

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Rocky said:
For a second there, I though you said, "PMS is a good thing"...

HAHA :laugh:
Well it?s NOT, not for the one having it I am sure, and not for the people around!!
 

carina

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Mar 13, 2005
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In regardance to your other questions, yes, you need a local lawyer.
If you buy through an real estate agent, they have done this procedure a thousand times.
The issue is for you to find what you want, a place you like.
For that you need to be here, look around etc.
It is difficult to say where, what location, as it all depends on your financial
possibilities. A house downtown, is way cheaper than a house in Torre Alta or Bella Vista etc.
You need to be here, and look around.

A real estate agent can also help you with financing through a bank for example, if you would need that. You need at least to have 20 % of the amount yourself if you get financing through a bank.
 

eso_mami

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Thank you for your reply Carina, you are wonderful! Thank you - I will be making some calls in the next few days to get the ball rolling....and I am going in October, so I will go look with my boyfriend (he is a local in Puerto Plata) for condo's.

In your opinion, what is better and cheaper, a condo or renting an apartment (in the long run) ????
 

Rocky

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eso_mami said:
Thank you for your reply Carina, you are wonderful! Thank you - I will be making some calls in the next few days to get the ball rolling....and I am going in October, so I will go look with my boyfriend (he is a local in Puerto Plata) for condo's.

In your opinion, what is better and cheaper, a condo or renting an apartment (in the long run) ????
Although your question was addressed to Carina, let me tell you that it would be cheaper to rent until you find out if there's going to be a, "(in the long run)"