Hello, I seek for the legal advice how to solve our problem. We bought our property in DR by taking 50% developer financing and sign "promesa Venta" at th Notary. Two years later we are willing to resale our property and we heard already we need authorization from the developer? There is no stipulation in the promise of sale, do we need to ask him for authorization according to Dominican law?
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Problems with resale of the property when developer financing
Hello, I seek for the legal advice how to solve our problem. We bought our property in DR by taking 50% developer financing and sign "promesa Venta" at th Notary. Two years later we are willing to resale our property and we heard already we need authorization from the developer? There is no stipulation in the promise of sale, do we need to ask him for authorization according to Dominican law?
Where did you hear that you need authorization? Is the contract "assignable?"
When I want to resale my property, this case came up. The developer and his lawyer told me I need authorisation, otherwise I can't sell.
This lawyer is a notary, who signed under our promise of sale. I do understand he wants to protect the developer, but seems to be against our rights to the property. I shouldn't be limited to any authorisation, specially when clearly not indicated in the promise of sale.
Please help, check my next post
This lawyer is a notary, who signed under our promise of sale. I do understand he wants to protect the developer, but seems to be against our rights to the property. I shouldn't be limited to any authorisation, specially when clearly not indicated in the promise of sale.
Please help, check my next post
When I want to resale my property, this case came up. The developer and his lawyer told me I need authorisation, otherwise I can't sell.
This lawyer is a notary, who signed under our promise of sale. I do understand he wants to protect the developer, but seems to be against our rights to the property. I shouldn't be limited to any authorisation, specially when clearly not indicated in the promise of sale.
Please help, check my next post
I can't say I know much about Dominican Law, but that sure doesn't sound right. One of my contracts says that if I assign the contract, that the developer gets a 2% commission. Others don't say anything, and I assume I can assign them anytime I want.
jzkbbi
What you meen by: Is the contract "assignable?"
The only valid paper we have is a promise of sale, sign by lawyer/notary, two years ago.
It say's the Title will be transfer immediatly when the loan will be fully paid off.
We find a buer who is willing to pay off our loan, but the paper are missing, thats why he ste back, but does not release us from the obligation to pay them according to the promise of sale!!!
What you meen by: Is the contract "assignable?"
The only valid paper we have is a promise of sale, sign by lawyer/notary, two years ago.
It say's the Title will be transfer immediatly when the loan will be fully paid off.
We find a buer who is willing to pay off our loan, but the paper are missing, thats why he ste back, but does not release us from the obligation to pay them according to the promise of sale!!!
Under Dominican law, rights are assignable unless the parties have agreed otherwise in the contract.
If the Promise of Sale does not prohibit assignment to a third party, it is assignable.
If the Promise of Sale does not prohibit assignment to a third party, it is assignable.
Hello Dr Guzman,
Thank you some much for coming with this feedback. I appreciate your help.
To keep this clear I don?t expect from DR1 forum to get ?the cake for free? that?s not my style.
I do believe here area many people with similar cases like mine. The reason I ask for the feedback on this forum is to let many other members of this forum see this could happen to many of us and has nothing to do with ?not reading a contract, or buying with the heart not the head".
I do believe this place is a good investment spot and Dominican Law is strong enough to penalty those who break the law for their own profits and obvious the trust and hurt earn money of new comers.
My Family and me are one of those, who came with the good attitude, trust to invest in this country and bought in good faith and are very close from loosing all of this so if you could answer me two more questions I will appreciate this:
My first question:
Under Dominican law do am I temporary release and may stop paying to my Seller /developer/, even the contract says, I may loose a property and everything what I paid until now, when I don't pay on time,
If:
1. The Seller /developer/ can't provide me with the copy of the right Title corresponding to the lot. I wasn't inform about this situation (process of subdivision) when I sign a promise of sale contract and no worlds about the Title situation appear in the contract itself. I did add to the contract I may pay off the loan any time without any penalty and the Title will be immediately transfer to me.
2. The Seller /developer/ can't provide me with the copy of approved plans for the construction, even the Promise of Sale Contract says, it is integral part of this contract.
3. I received offer of purchase for the property, which requires copy of the Title
Corresponding to the plot, originals of approved plans for the construction.
I know I can't fulfill those obligation towards my future buyer and as result I
will loose this offer because my Seller is not able to fulfill those obligations
towards me.
My second question:
If it is approved I can?t sell my property on the free market because of above mentioned reasons, can I obligate by law my Seller to compensate my financial lost and obligate him to pay me the market price, what I would sell this property for according to rejected Offer of Purchase from my client, minus outstanding loan.
Thank you,
faraway
P.S. By the way I went last Friday to Guzman Ariza & Asociados and try to get appointment with the lawyer, specialized in real estate law, can you advise us to whom in Sosua in your opinion should we pass our case.
Thank you some much for coming with this feedback. I appreciate your help.
To keep this clear I don?t expect from DR1 forum to get ?the cake for free? that?s not my style.
I do believe here area many people with similar cases like mine. The reason I ask for the feedback on this forum is to let many other members of this forum see this could happen to many of us and has nothing to do with ?not reading a contract, or buying with the heart not the head".
I do believe this place is a good investment spot and Dominican Law is strong enough to penalty those who break the law for their own profits and obvious the trust and hurt earn money of new comers.
My Family and me are one of those, who came with the good attitude, trust to invest in this country and bought in good faith and are very close from loosing all of this so if you could answer me two more questions I will appreciate this:
My first question:
Under Dominican law do am I temporary release and may stop paying to my Seller /developer/, even the contract says, I may loose a property and everything what I paid until now, when I don't pay on time,
If:
1. The Seller /developer/ can't provide me with the copy of the right Title corresponding to the lot. I wasn't inform about this situation (process of subdivision) when I sign a promise of sale contract and no worlds about the Title situation appear in the contract itself. I did add to the contract I may pay off the loan any time without any penalty and the Title will be immediately transfer to me.
2. The Seller /developer/ can't provide me with the copy of approved plans for the construction, even the Promise of Sale Contract says, it is integral part of this contract.
3. I received offer of purchase for the property, which requires copy of the Title
Corresponding to the plot, originals of approved plans for the construction.
I know I can't fulfill those obligation towards my future buyer and as result I
will loose this offer because my Seller is not able to fulfill those obligations
towards me.
My second question:
If it is approved I can?t sell my property on the free market because of above mentioned reasons, can I obligate by law my Seller to compensate my financial lost and obligate him to pay me the market price, what I would sell this property for according to rejected Offer of Purchase from my client, minus outstanding loan.
Thank you,
faraway
P.S. By the way I went last Friday to Guzman Ariza & Asociados and try to get appointment with the lawyer, specialized in real estate law, can you advise us to whom in Sosua in your opinion should we pass our case.
This is beyond the scope of the Forum since it would require careful review of the documentation.