buying a villa

Buying a villa

Hello,

I used also Guido Perdomo, and at the end everything went well. Anyway you should also question things since they want to do everything their way and secure in any circumstances their revenue in the bargin. Also if Guido is handling both sides of the bargin, then you really don?t know whose business is been taking care of. Overall I would recommend Guido, but simple as this... People intend to serve the hand that feeds them.

So remember to demand contracts also in English. Do all the signing by yourself. Check weather in the Title of the property there is responsibilities for you (unpaid dept. etc.) etc.

Who is your real estate agent? There are several good ones in Sosua, but also some very well known scam arrangers.


- Bebeto

yes its quite normal for the real estate agent to sign on your behalf if you are out of the country and need things to progress quickly

bebeto007 said:

Hello,

I used also Guido Perdomo, and at the end everything went well. Anyway you should also question things since they want to do everything their way and secure in any circumstances their revenue in the bargin. Also if Guido is handling both sides of the bargin, then you really don?t know whose business is been taking care of. Overall I would recommend Guido, but simple as this... People intend to serve the hand that feeds them.

So remember to demand contracts also in English. Do all the signing by yourself. Check weather in the Title of the property there is responsibilities for you (unpaid dept. etc.) etc.

Who is your real estate agent? There are several good ones in Sosua, but also some very well known scam arrangers.


- Bebeto

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Yes what Bebeto says is sound advice. We were in a very similar situation last year, however, when we saw the contract we were concerned that it was weighted in favour of the other party. We decided to appoint a separate lawyer to represent our interests and they negotiated a much fairer contract on our behalf. As stated by another OP it is common practice to give power of attorney to your lawyer to sign the contract in your absence, we did, but please read the contract very, very carefully before you give your permission to sign.

what to look for in Promise of Sale?

what kind of issues were weighted in favor of the other party ?

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I would also appreciate knowing this as we're just about to sign our Promise of Sale-
In fact, does anyone know of a "checklist" of issues to be aware of, i.e.: (as mentioned below) who is responsible for unpaid debts?
Gracias!

Hi Oilers

As its a bit of a long story have pm'd you.

oilers said:

the real estate agent is from watson homes . Whizz if you dont mind me asking what kind of issues were weighted in favor of the other party ? i`m very new at buying property in another country and kind of nervous about it .

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In that case, use a separate lawyer working in your interests. And make sure they come with a recommendation from someone you trust. No disrespect to Guido whom we know, but if a lawyer has built up a relationship with a realtor who keeps sending them business the lawyer could be tempted to be more sympathetic, shall we say to that person than to the one-off buyer who may never be a client again. Years ago on a private sale (no RE agents) from a friend whom we trusted we & she used the same lawyer, also a friend. But..........we'd been here 8 years fulltime & knew our way around. Our situation worked out fine but we all know of heaps of horror stories. I'm sure there are plenty of threads on DR1 even if there is no checklist so you could do a search. Unpaid debts on utilities, taxes, timing, 'hidden' liens , sometimes escrow issues, default clauses, penalties, misrepresentation remedies etc etc - all of these can be weighted in favour of the other party.
Read this thread and the legal pdfs posted on it.
http://www.dr1.com/forums/legal/48221-overview-dominican-real-estate-law.html
Run through in your own mind all the 'what if' scenarios, almost as if you were writing a sit-com. :cheeky:

Run through in your own mind all the 'what if' scenarios, almost as if you were writing a sit-com.

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That's great contingency-planning advice along with a few more items for my checklist-- Gracias!
I've also received a couple helpful PM's that-hopefully- will help us avoid any problems with this most-important document- Love this forum!:bunny:

Rule #1: Don't do anything here you wouldn't do in your home country!

Don't get impressed by time pressure, RE-agents do it, sellers and their lawyers love to do it... They have the experience and can handle a blitz-deal and may bank on the fact that you might not and thus make mistakes or be less careful.
If you feel uncomfortable or unsure, don't do it and seek advice until your questions are cleared fully in a documented way... not just that somebody tells you that it's "OK" and just the way things are done here while handing a pencil over to you.

Someone here once said something to the take that power of attorneys are a devil's invention. Be very, very aware whom you give power of attorney to and have it set as limited as possible.

And throughout any deal, always keep in mind that YOU have the money and "they" are only the ones who want it... let'em work to your terms to get it.
You will always find an other property, but once the money is gone, it may not be so easy to find it again (the money, that is).

This is not legal advice... just based on my experiences... J-D.

This is not legal advice... just based on my experiences... J-D.

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It may not be legal, but your experience is EXTREMELY valuable-- You've been giving me excellent "counsel" in this and earlier posts about the entire negotiation process and I very much appreciate it!
Susan

Anyone willing to express an opinion on Jim Belair from American Realty??

Soosahn said:

Anyone willing to express an opinion on Jim Belair from American Realty??

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I have never had the need to use Jim for a personal purchase but those I have put in touch with him over the years have always come back with praise. Honourable, dilligent, professional & knowledgable. You should have no fears when dealing with Mr. J. Belair!!

If you do a search on his name I think you will find many posts on DR1 that support the above comments also! ~ Grahame.