- Thread starter Yourmaninvegas
- Start date
How to buy real estate in the Dominican Republic without a mortgage
I am aware of at least six people who have used personal/signature loans to buy property here in 🇩🇴 .
No hassles, no fuss with the financial system here in 🇩🇴 .
Which may or not be hostile to those seeking loan who are not citizens of the country.
No hassles, no fuss with the financial system here in 🇩🇴 .
Which may or not be hostile to those seeking loan who are not citizens of the country.
I have followed the same path; transfer cash myself.
Keep the following in mind; Before the bank releases the money (on your DR account) for withdrawal, many additional questions are asked (by the banks security team) and documents from the country of origin are required to prevent money laundering as much as possible.
I have had a good relationship with my bank (BHD) for many years, but it took me 2 days to settle everything administratively.
Keep the following in mind; Before the bank releases the money (on your DR account) for withdrawal, many additional questions are asked (by the banks security team) and documents from the country of origin are required to prevent money laundering as much as possible.
I have had a good relationship with my bank (BHD) for many years, but it took me 2 days to settle everything administratively.
^^^^ I totally agree. Why bother going thru the many questions both banks need to ask as required by the agreement the two countries. That agreement is law. If you make a stink about it you will stand in the corner holding a red flag.
Besides, if a lawyer is handling the "closing" who else would you send the money to?
Now that brings up the following questions in my suspicious mind:
1. Lawyer's escrow account. By what authority are they governed?
2. Do members of this forum have first hand knowledge of those funds being stolen?
3. What steps can be taken to secure the funds?
4. Even if waiting for the bank for two days is to clear the money, what else can they do to bust up the deal?
5. Any and all first hand accounts regarding this important subject matter appreciated.
I have had the same problem but is has taken me up to two weeks to clear everything up.
Now I transfer the money directly into the account of the individual I'm doing the transaction with after my attorney has vetted the deal and let them answer the questions to get the money.
Question: "Where did the money come from?"
Answer: "I earned and saved it over the many years of working. It was sitting in my bank account."
My attorney talks to the bankers.
I have a problem with this method my man. What good is this "vetting" if he man is a crook? Or the lawyer made a mistake? Waiting a couple of days for banks to clear the funds is not so terrible. In fact the more transparent one is the better. When the cackii hits the fan...who would you rather go hand to hand combat with...two reputable banks or a seller (that was vetted as best as the lawyer could)?
BTW My question still is not answered: What legal entity in the DR governs escrow money??
A little but off topic but still in the neigborhood:
If you want a mortgage what is the minimum percentage of "own" money you need and what is the yearly intrest rate?
Thanks.
If you want a mortgage what is the minimum percentage of "own" money you need and what is the yearly intrest rate?
Thanks.
As I recall... it was Guzman, Ariza.... my transfer went to a Miami bank....
They handled the transfer to the DR
The key is to have a reputable firm...IMO
I can only speak on what I have done.
All the contracts were signed (at least I thought they had all been signed).
The title was handed to me with the "proper" documents.
The title at this time was still in the name of the seller.
And I wired the money to the account of the seller.
It was my job after that to have the title transferred into my name.
I gave all the documents to my attorney.
My attorney then filed the documents at the proper office and I began a new gauntlet of jumping through the hoops at the office that issues titles.
It was like running a marathon with hurdles on it.
Not fun.
But I got across the finish line and now I got blue paper in my hand with my name on it. 🕺
Others have shared their processes.
I have shared mine.
Same here. Guzman had a little over 1m that I released monthly for a villa construction. Clockwork.