This past summer, I paid a visit to a new residencia project in Punta Cana that was advertising heavy in many of the Spanish news listing. This particular project caught my eye because of the price and proximity to the beach and the Punta Cana airport. Although, the listing stated it was in Barrvaro it was technically in Macao. After some basic fact checking I decided to lay down some funds in the standard $XXX to reserve and a monthly payment plan for the remaining %20. All this was done without a contract in place. After some back and forth for the next 5 months or so a contract "CONTRATO DE PROMESA DE VENTA" was drawn up, that has come real interesting terms in it.
I know many times these contracts contain CYA language but this one is completely one-sided. So in Summary: It says 7 days to pay up or lose your money (%20), 4 days to submit problems with your new house or we don't fix shit. If the value of the dollars go up give us the difference but wait we don't specify what that value is in the contract.
So my first question is: Is this normal or is someone pulling a ridicules joke on me? Any thoughts on this? Any way to get my money back 5k has already been paid? Anyone have any type of experience with this?
Pay me or lose it all
Paragraph I: THE CONSTRUCTION COMPANY will notify THE BUYER by email, or any other means that it deems appropriate, (i) the moment in which each milestone or part of the work that constitutes the corresponding payment condition is verified and (ii) the date delivery of the Real Estate Unit. In each case, THE BUYERS are obliged to make said payment within the following seven (7) frank days from the date of said notification.
Don't be late, or we won't fix shit!
Paragraph II: Delivery Process of the Real Estate Unit.- THE BUILDER will notify THE BUYER with three (3) working days in advance, by email or any other means it deems appropriate, of the termination date of the Real Estate Unit that is the object of this document. Promise Contract. Following this notification, THE BUYER will have a period of four (4) working days to inspect said Real Estate Unit and deliver to THE BUILDER a list of corrections (“Punch List”) with the work to be corrected, if any. To make the corrections contained in the Punch List, THE CONSTRUCTION COMPANY will have a period of thirty (30) days, except that due to the nature of the deficiency and the scope of the repair a different period of time is required, longer or shorter.
Prices go UP and UP, Fuck you Pay Me!
Paragraph V: The parties agree that the price established in this article is based on the cost of all inputs, services, labor, taxes and direct expenses involved in the construction of The Project that have been estimated for the date of Delivery is the thirty-first (31) of the month of January of the year two thousand twenty-two (2022). However, the parties agree that any variation that affects costs affecting the increase in the construction value of homes, such as: those according to the consumer price index published by the Central Bank of the Dominican Republic for the housing sector, or a variation of the dollar premium greater than one point (1.), will be assumed proportionally by THE BUYER, on the amounts owed as the balance of the price of the real estate unit.
Párrafo V: Las partes convienen en que el precio establecido en este artículo está basado en el costo de todos los insumos, servicios, mano de obra, impuestos y gastos directos que intervienen en la construcción de El Proyecto que han sido estimados para la fecha de entrega es el treinta y uno (31) del mes de enero del año dos mil veintidós (2022). No obstante, las partes convienen que cualquier variación que afecte los costos repercutiendo en el alza del valor de construcción de las viviendas, tales como: aquellos conforme al índice de precios del consumidor publicado por el Banco Central de la República Dominicana para el sector vivienda, o una variación de la prima del dólar mayor de un punto (1.), serán asumidos de manera proporcional por EL COMPRADOR, sobre las cantidades adeudadas como saldo del precio de la unidad inmobiliaria.
Don't Change shit EVER!
Paragraph II: The BUYER is expressly prohibited from making modifications to the Real Estate Unit, without the express consent of THE CONSTRUCTION COMPANY, which, if approved, must be carried out by THE CONSTRUCTION COMPANY or under its strict supervision, with the understanding that The BUYER will be responsible for any cost incurred in said modifications and any damage caused to the Real Estate Unit or to the Project in the execution thereof.
I know many times these contracts contain CYA language but this one is completely one-sided. So in Summary: It says 7 days to pay up or lose your money (%20), 4 days to submit problems with your new house or we don't fix shit. If the value of the dollars go up give us the difference but wait we don't specify what that value is in the contract.
So my first question is: Is this normal or is someone pulling a ridicules joke on me? Any thoughts on this? Any way to get my money back 5k has already been paid? Anyone have any type of experience with this?
Pay me or lose it all
Paragraph I: THE CONSTRUCTION COMPANY will notify THE BUYER by email, or any other means that it deems appropriate, (i) the moment in which each milestone or part of the work that constitutes the corresponding payment condition is verified and (ii) the date delivery of the Real Estate Unit. In each case, THE BUYERS are obliged to make said payment within the following seven (7) frank days from the date of said notification.
Don't be late, or we won't fix shit!
Paragraph II: Delivery Process of the Real Estate Unit.- THE BUILDER will notify THE BUYER with three (3) working days in advance, by email or any other means it deems appropriate, of the termination date of the Real Estate Unit that is the object of this document. Promise Contract. Following this notification, THE BUYER will have a period of four (4) working days to inspect said Real Estate Unit and deliver to THE BUILDER a list of corrections (“Punch List”) with the work to be corrected, if any. To make the corrections contained in the Punch List, THE CONSTRUCTION COMPANY will have a period of thirty (30) days, except that due to the nature of the deficiency and the scope of the repair a different period of time is required, longer or shorter.
Prices go UP and UP, Fuck you Pay Me!
Paragraph V: The parties agree that the price established in this article is based on the cost of all inputs, services, labor, taxes and direct expenses involved in the construction of The Project that have been estimated for the date of Delivery is the thirty-first (31) of the month of January of the year two thousand twenty-two (2022). However, the parties agree that any variation that affects costs affecting the increase in the construction value of homes, such as: those according to the consumer price index published by the Central Bank of the Dominican Republic for the housing sector, or a variation of the dollar premium greater than one point (1.), will be assumed proportionally by THE BUYER, on the amounts owed as the balance of the price of the real estate unit.
Párrafo V: Las partes convienen en que el precio establecido en este artículo está basado en el costo de todos los insumos, servicios, mano de obra, impuestos y gastos directos que intervienen en la construcción de El Proyecto que han sido estimados para la fecha de entrega es el treinta y uno (31) del mes de enero del año dos mil veintidós (2022). No obstante, las partes convienen que cualquier variación que afecte los costos repercutiendo en el alza del valor de construcción de las viviendas, tales como: aquellos conforme al índice de precios del consumidor publicado por el Banco Central de la República Dominicana para el sector vivienda, o una variación de la prima del dólar mayor de un punto (1.), serán asumidos de manera proporcional por EL COMPRADOR, sobre las cantidades adeudadas como saldo del precio de la unidad inmobiliaria.
Don't Change shit EVER!
Paragraph II: The BUYER is expressly prohibited from making modifications to the Real Estate Unit, without the express consent of THE CONSTRUCTION COMPANY, which, if approved, must be carried out by THE CONSTRUCTION COMPANY or under its strict supervision, with the understanding that The BUYER will be responsible for any cost incurred in said modifications and any damage caused to the Real Estate Unit or to the Project in the execution thereof.
