Surprise Pre-Construction Delayed builder won't return funds until unit is resold

L

LionKing64

New member
Jun 3, 2020
25
18
3
Michigan
Hello, All

Looking for some advice to hopefully get my funds returned from a pre-construction apartment in Punta Cana that has been delayed for over a a year now. Long story short does anyone know if there is any Ministry of Tourism agency for foreign investment? They are clearly in breach of contract but it would seem that contracts in Dominican Republic are worthless. I'm trying to get my funds returned from a project presented by IBK INMOBILIARIA, SRL. In any case they have my name on the "refund list" but don't want to return the funds until the building is built and sold to another fool. The real kicker is they say it takes like 6 months to get the title for the property once you do buy it and you get another contract that I'm sure they won't honor for that. I'm over DR investment, I was lucky enough to get my funds back on another project, I should have learned my lesson than.... ohh no I wanted to double down.

Thank for your help

stay strong my friends
 
Northern Coast Diver

Northern Coast Diver

Private Scuba Guide
Feb 23, 2020
1,043
1,273
113
Sosua
I'm confused! Which part was the surprise? What surprises me is that, after so much bad press, folks are still willing to buy pre-construction. People need to do their homework.
LionKing64 said:
Hello, All

Looking for some advice to hopefully get my funds returned from a pre-construction apartment
Click to expand...
You don't need our advise, a good lawyer is more important. Guzman Ariza is top notch.
 
  • Like
Reactions: drstock, windeguy, Manuel01 and 3 others
JD Jones

JD Jones

Moderator:North Coast,Santo Domingo,SW Coast,Covid
Jan 7, 2016
14,702
10,875
113
What does the contract you signed say?

Stay strong, my friend.
 
M

Manuel01

Well-known member
Apr 1, 2009
1,367
1,457
113
LionKing64 said:
Hello, All

Looking for some advice to hopefully get my funds returned from a pre-construction apartment in Punta Cana that has been delayed for over a a year now. Long story short does anyone know if there is any Ministry of Tourism agency for foreign investment? They are clearly in breach of contract but it would seem that contracts in Dominican Republic are worthless. I'm trying to get my funds returned from a project presented by IBK INMOBILIARIA, SRL. In any case they have my name on the "refund list" but don't want to return the funds until the building is built and sold to another fool. The real kicker is they say it takes like 6 months to get the title for the property once you do buy it and you get another contract that I'm sure they won't honor for that. I'm over DR investment, I was lucky enough to get my funds back on another project, I should have learned my lesson than.... ohh no I wanted to double down.

Thank for your help

stay strong my friends
Click to expand...
The only light at the end of the tunnel might be that this company exists for more than 20 years. So there might be a chance that you see your $ again ONE DAY.
 
J

johne

Silver
Jun 28, 2003
7,615
3,329
113
I don't think a year goes by that there are at least 50 warning NOT to buy pre-construct projects in the DR posted here on DR 1. Why do most people think they can reinvent the wheel? Answer: Because they are greedy and arrogant. Arrogant meaning they know better.
The search button here or on Google is a great source to use before you go shopping
 
  • Like
Reactions: Liberator, CristoRey, JD Jones and 2 others
JD Jones

JD Jones

Moderator:North Coast,Santo Domingo,SW Coast,Covid
Jan 7, 2016
14,702
10,875
113
Manuel01 said:
To late for you now but i always give the same advise, Even if you have the $. Try to finance 20% with a big Dominican Bank. If they do not want to touch it, neither should you.
Click to expand...
^Truth^

I've done this with all of my RE purchases over the years. Another good sign is when the property is held by a corporation.
 
N

Notengo

.
Nov 9, 2023
661
601
93
SC
Manuel01 said:
To late for you now but i always give the same advise, Even if you have the $. Try to finance 20% with a big Dominican Bank. If they do not want to touch it, neither should you.
Click to expand...
He could still use a bank for the remainder, they would do the due diligence and taxation first and it would be a good indication if it is better to sit out the ride or take the loss and the hassle. If the market price is much higher than the finished pre-con price it might be a better idea to sit out the delays and sell it yourself. Banks get the title in 1-2 weeks, not 6 months. The builder will do anything to delay payback and the amount of payback.
 
E

eafanduiz

New member
Nov 9, 2023
13
17
3
Miami
LionKing64 said:
Hello, All

Looking for some advice to hopefully get my funds returned from a pre-construction apartment in Punta Cana that has been delayed for over a a year now. Long story short does anyone know if there is any Ministry of Tourism agency for foreign investment? They are clearly in breach of contract but it would seem that contracts in Dominican Republic are worthless. I'm trying to get my funds returned from a project presented by IBK INMOBILIARIA, SRL. In any case they have my name on the "refund list" but don't want to return the funds until the building is built and sold to another fool. The real kicker is they say it takes like 6 months to get the title for the property once you do buy it and you get another contract that I'm sure they won't honor for that. I'm over DR investment, I was lucky enough to get my funds back on another project, I should have learned my lesson than.... ohh no I wanted to double down.

Thank for your help

stay strong my friends
Click to expand...
Good afternoon. As someone who has successfully bought pre-construction in the Dominican Republic (one in Santo Domingo and the other in Punta Cana), I'm a bit confused and wondered if you could fill in some details. When you say they are "delayed", do you mean they have not broken ground or they have broken ground and are in construction and are just "delayed". Delays while unpleasant and frustrating are standard anywhere in the world. Every situation is of course different. For my projects I did extensive research on the developer, the previous projects, status of their ownership of the land, reviewed the contract with a good lawyer, went back and forth several times and months on the contract before money was exchanged. And yes, they are correct in saying that receiving the title will take several months, some projects take longer depending on whether they are tax exempt (confutur) which basically allows you to exempt taxes for 15 years. Those titles take unto 6 months to receive that is correct. Can you clarify what you mean by delayed?
 
You must log in or register to reply here.
Top Bottom