Purchasing Realestate in Dr

arrugala

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Nov 7, 2010
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Here is some good intel to know if you are considering purchasing any condo in the DR ... AND IF you have really done your homework to insure you have reduced( not removed) many irritable problems and or nightmares you may be faced with ..so,if you fall in love with Paridise and just have to buy a condo here are some hints by , an expat that could Slow you down considerably not having a cue stick from being Needed to remove the Hemoroids that you will,have accumulated from not covering your Ass ........ Here are the suggestions , of which there are a few more .....But this will do nicely !

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Shopping for a Condo
There are a lot of condos for sale in the Sosua area so buyers have many to choose from. However, my observation is that many are using the wrong criteria in deciding where to buy. Maintenance fees are important, but should not be the primary consideration. And just because something is new does not make it better.

It surprises me how many dissatisfied condo owners that I have come in contact with during the past year. And for the most part, what they are dissatisfied with are things that they should have discovered before they bought.

In no particular order, here are a few suggestions of what to ask or look for when shopping for a condo. All are based on complaints that I have heard. Others will, I'm sure, be able to add to the list.

1. Does the condominium have a paid administrator, or is the supervision done by a couple of volunteer owners.

2. Do the people living there speak positively about the way the condominium is administered?

3. Are there owners who are not paying maintenance fees? If so, what action is being taken to force them to pay.

4. Does the condominium have written rules? If so, read them carefully and ask yourself if all the bases have been covered or if the rules are just intended to meet the requirement that a property have rules in order to get condominium status under the Condo Law. Look for how owners or other residents who disturb you will be dealt with. Loud music, barking dogs, yelling and screaming children,etc., will spoil not only your day but also your enjoyment of your condo. Look for the rule or rules that describes the action that will be taken if an owner doesn't pay maintenance fees and assessments.

5. Does the condominium have insurance, not on contents but to replace the building at full value if severely damaged or destroyed? If insured, is the payment included in the maintenance fee or paid for by assessment.?

6. Are the buildings and grounds being maintained as well as you think they should be? Your new condo won't maintain or increase its value if the building and grounds are not properly maintained.

7. Back to rules, are there rules to protect the aesthetic appearance of the building, or can each owner do his thing. The aesthetic appearance of the building is also a factor in maintaining the value of your purchase.

8. What procedure is described in the rules for dealing with owners and other residents who don't abide by the rules of the condominium?

9. Will anything be done if an owner invites prostitutes to his apartment and they walk around in the nude outdoors?

Based on what I know and have heard from others, if I were choosing a condo to buy, I would take the one that has good administrator with a track record, shows evidence of being maintained, has a good set of rules with procedures for dealing with problems that are likely to spoil your enjoyment of your condo, and has adequate insurance on the building, preferably in dollars rather than pesos.

I happen to live in a condominium that, I think, meets all the criteria and I am very happy that I do. Because there are a large number of condo owners who paid a lot of money but who are not getting the satisfaction from their purchase they deserve. If your selection is based only on the input of your realtor and the maintenance fee in comparison to others, chances are that you, too, will be one of those dissatisfied owners.

If a condominium is new and does not yet have rules or administrative procedures that you can verify, I would be doubly cautious about buying there. The adoption and revision of rules requires the approval of 75% of the owners. Getting a large group of new owners who don't know each other well and who are probably new to condo ownership to come up with a comprehensive set of well thought out rules that most owners can agree to is a monumental task and likely to take years to accomplish, assuming that it can be accomplished with the mix of owners of your condominium. OH BY THE WAY ...have a great thanksgiving. 02-21-2007, 10:01 PM #1 Ken Platinum Join Date Jan 2002 Posts 11,363 Post Thanks / Like Shopping for a Condo There are a lot of condos for sale in the Sosua area so buyers have many to choose from. However, my observation is that many are using the wrong criteria in deciding where to buy. Maintenance fees are important, but should not be the primary consideration. And just because something is new does not make it better. It surprises me how many dissatisfied condo owners that I have come in contact with during the past year. And for the most part, what they are dissatisfied with are things that they should have discovered before they bought. In no particular order, here are a few suggestions of what to ask or look for when shopping for a condo. All are based on complaints that I have heard. Others will, I'm sure, be able to add to the list. 1. Does the condominium have a paid administrator, or is the supervision done by a couple of volunteer owners. 2. Do the people living there speak positively about the way the condominium is administered? 3. Are there owners who are not paying maintenance fees? If so, what action is being taken to force them to pay. 4. Does the condominium have written rules? If so, read them carefully and ask yourself if all the bases have been covered or if the rules are just intended to meet the requirement that a property have rules in order to get condominium status under the Condo Law. Look for how owners or other residents who disturb you will be dealt with. Loud music, barking dogs, yelling and screaming children,etc., will spoil not only your day but also your enjoyment of your condo. Look for the rule or rules that describes the action that will be taken if an owner doesn't pay maintenance fees and assessments. 5. Does the condominium have insurance, not on contents but to replace the building at full value if severely damaged or destroyed? If insured, is the payment included in the maintenance fee or paid for by assessment.? 6. Are the buildings and grounds being maintained as well as you think they should be? Your new condo won't maintain or increase its value if the building and grounds are not properly maintained. 7. Back to rules, are there rules to protect the aesthetic appearance of the building, or can each owner do his thing. The aesthetic appearance of the building is also a factor in maintaining the value of your purchase. 8. What procedure is described in the rules for dealing with owners and other residents who don't abide by the rules of the condominium? 9. Will anything be done if an owner invites prostitutes to his apartment and they walk around in the nude outdoors? Based on what I know and have heard from others, if I were choosing a condo to buy, I would take the one that has good administrator with a track record, shows evidence of being maintained, has a good set of rules with procedures for dealing with problems that are likely to spoil your enjoyment of your condo, and has adequate insurance on the building, preferably in dollars rather than pesos. I happen to live in a condominium that, I think, meets all the criteria and I am very happy that I do. Because there are a large number of condo owners who paid a lot of money but who are not getting the satisfaction from their purchase they deserve. If your selection is based only on the input of your realtor and the maintenance fee in comparison to others, chances are that you, too, will be one of those dissatisfied owners. If a condominium is new and does not yet have rules or administrative procedures that you can verify, I would be doubly cautious about buying there. The adoption and revision of rules requires the approval of 75% of the owners. Getting a large group of new owners who don't know each other well and who are probably new to condo ownership to come up with a comprehensive set of well thought out rules that most owners can agree to is a monumental task and likely to take years to accomplish, assuming that it can be accomplished with the mix of owners of your condominium.http://i44.tinypic.com/24xjo61.jpg
 
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arrugala

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Oh Now one more addition ! Security guard and who is liable! If you are using one or more watchmen, or plan to do so in the future, make sure you have a contract with the security company and be sure it includes in the contract that the company is solely responsible for the actions of its employees, you are using one or more watchmen, or plan to do so in the future, make sure you have a contract with the security company and be sure it includes in the contract that the company is solely responsible for the actions of its employees, agents, etc. *The contract is your protection from liability in case the watchman injures or kills someone. *Many, probably most, security companies do not have liability insurance. They used to have it, but insurance companies no longer are willing to sell only liability insurance, they include it with a complete package that includes buildings vehicles, etc, and the cost is more than the security companies can afford. So they are putting into their contacts that they are solely responsible. *This was the subject of lots of discussion in the condo where I live, concern that we would be liable. However, with the assurance of our attorney that we would be protected by the contract, we signed a contract to use an armed watchman. *If that were not true, said our attorney, he and all other attorneys would advise their clients not to contract with security companies and all the hotels, condominiums, housing projects, etc., that now use them would not be. *If you employ your watchmen, be sure your insurance company knows you have them as employees and that they are included in your liability coverage. *We checked with our insurance company and were told that our liability coverage does not include use of a private company, but that we could get insurance if we employed our own security people.G]
The contract is your protection from liability in case the watchman injures or kills someone.

Many, probably most, security companies do not have liability insurance. They used to have it, but insurance companies no longer are willing to sell only liability insurance, they include it with a complete package that includes buildings vehicles, etc, and the cost is more than the security companies can afford. So they are putting into their contacts that they are solely responsible.

This was the subject of lots of discussion in the condo where I live, concern that we would be liable. However, with the assurance of our attorney that we would be protected by the contract, we signed a contract to use an armed watchman.

If that were not true, said our attorney, he and all other attorneys would advise their clients not to contract with security companies and all the hotels, condominiums, housing projects, etc., that now use them would not be.

If you employ your watchmen, be sure your insurance company knows you have them as employees and that they are included in your liability coverage.
........http://i43.tinypic.com/2zp8v1j.jpg[/IMIf you are using one or more watchmen, or plan to do so in the future, make sure you have a contract with the security company and be sure it includes in the contract that the company is solely responsible for the actions of its employees, agents, etc. The contract is your protection from liability in case the watchman injures or kills someone. Many, probably most, security companies do not have liability insurance. They used to have it, but insurance companies no longer are willing to sell only liability insurance, they include it with a complete package that includes buildings vehicles, etc, and the cost is more than the security companies can afford. So they are putting into their contacts that they are solely responsible. This was the subject of lots of discussion in the condo where I live, concern that we would be liable. However, with the assurance of our attorney that we would be protected by the contract, we signed a contract to use an armed watchman. If that were not true, said our attorney, he and all other attorneys would advise their clients not to contract with security companies and all the hotels, condominiums, housing projects, etc., that now use them would not be. If you employ your watchmen, be sure your insurance company knows you have them as employees and that they are included in your liability coverage. We checked with our insurance company and were told that our liability coverage does not include use of a private company, but that we could get insurance if we employed our own security people.G]
We checked with our insurance company and were told that our liability coverage does not include use of a private company, but that we could get insurance if we employed our own security people. [IMG]http://i43.tinypic.com/2zp8v1j.jpg
 
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Alexandradebrian

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Yes! All good advice. However, I would add. Always, Always use a reputable Lawyer. In 2009, we bought a Condo and used a Lawyer recommended to us. We gave all the money along with the transfer taxes and fees to the Lawyer. The Vendors received their part but mysteriously the rest of the money along with all the original documentation, Original Title etc. just disappeared. Now nearly 5 Years later we still have no Title and therefore no Ownership so we cannot sell.
 

Criss Colon

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Best advice on this thread is by, "Alexandra"!!!!
Mine is, Don't Buy ANYTHING in the DR!
You don't need to "Buy Happiness", here in the DR.
It's MUCH safer just to "RENT IT"!!!!!!!!!!!!!!!!
When you want/need/have, to leave, you don't have to sell a rental!!!!
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And your capital is "Safe At Home"!!!!


Does anyone actually read posts THAT LONG???????????
 

Alexandradebrian

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Jun 8, 2013
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Best advice on this thread is by, "Alexandra"!!!!
Mine is, Don't Buy ANYTHING in the DR!
You don't need to "Buy Happiness", here in the DR.
It's MUCH safer just to "RENT IT"!!!!!!!!!!!!!!!!
When you want/need/have, to leave, you don't have to sell a rental!!!!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
And your capital is "Safe At Home"!!!!


Does anyone actually read posts THAT LONG???????????


Yes!! In retrospect extremely good advice. Not only did we lose a great deal of money on the Condo, we also lost even more with A----- CXA but unfortunately getting information on this continuing disaster is worse than being a dentist. (Pulling Teeth). Rent. Leave your money in a Country where a thieving Lawyer ends up in Jail unable to practice, instead of a country where the law society (capitals intentionally omitted) applauds fraudulent 'lawyers'.
 

gandolf50

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Apr 17, 2011
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Judging from most posts here, most foreigners pay "gringo" pricing times 10 for property here and then wonder why they cant sell it. There are lots of properties for a few thousand dollars available. You just need a Dominican to help you look for them and buy them. My "better half" and her brothers find me a few properties every year. But if you want to live in Sousa or Punta Cana you can pay through the nose and continue paying. The DR does not have to be so expensive if you take your time and look.
 

Alexandradebrian

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Jun 8, 2013
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Judging from most posts here, most foreigners pay "gringo" pricing times 10 for property here and then wonder why they cant sell it. There are lots of properties for a few thousand dollars available. You just need a Dominican to help you look for them and buy them. My "better half" and her brothers find me a few properties every year. But if you want to live in Sousa or Punta Cana you can pay through the nose and continue paying. The DR does not have to be so expensive if you take your time and look.

The problem is not the price, it is ensuring your money is used to pay for what it is intended for and not to buy a new car or some fancy clothes and jewellery. Like ours was or to buy Range Rovers and properties Overseas like the A-----CXA did and is still not held to account. Unless someone knows more than most.

By the way where is Sousa? And do you know of a normal Western Expatriate who wants to live in a wooden shack without plumbing, water or even walls? I think not. Probably slightly better than living under Westminster Bridge in the Summer time. Each unto his own. Not for us and my wife is Dominican.
 
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arrugala

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Nov 7, 2010
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Many people have made the fatal mistake of not researching a lawyer that has along track record of good business . When you purchase here , the lawyers rep and experience is More important than the legal description of what you. Are buying !!!! f you have not had several long term expats living here who recommend an honest ( rare as hens teeth ) knowledgeable and have a long standing business , then you will likely have a Greek style introduction to realestate here ... Even with Tthais good lawyer , the LONG LIST AT THE beginning of this post. Is necessary as the good lawyer isn't checking if people are happy who have purchased , etc etc . His job is to get you good title and ensure there are no debts ... A lot of the accounting of the condo association ,personal history of people living there that can share whats up and a bunch of other stuff are your job ... Best to rent in place u want to buy a few months to get an idea if its mange well , if people are basically happy with their purchase and who will be your Neighbor ! ... Renting if you have an outright A,,HOLE , YOU CAN hit the road , purchase and have real bad neighbor(s) can destroy a .... Whatever you call purchasing a condo
 

arrugala

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Without researching a good RARE lawyer in the Dr you are in for a Greek style intro
 

Criss Colon

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Worst lawyer you will EVER FIND, is one that comes "Highly Recommended" by a family member!!!!!!
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