Purchasing real estate in the Dominican Republic can be very tedious, bureaucratic, and even risky. The newspapers are full of stories of people getting ripped-off by scoundrels selling things that are not theirs to sell or that, in some cases, do not even exist. For this reason, the Association of Housing Builders and Promotors (Acoprovi) has prepared a list of pointers to look out for when buying property here.
First among the recommendations is that a potential buyer should always look for experience, which is to say to ensure you are buying from a company that is solid and with long-standing credibility in the marketplace.
Then comes legality. Is the project or property legally situated? A look at records at the local city government or at the Ministry of Housing (Mived) will serve to locate the bona fides of any project.
Buyers should search the legality of the property title. The mercantile registration of the seller needs to be checked. Is the seller a real business? and the location of the seller. Is there a real address with a real office? What kind of financial backing does the project have?
Check for the guarantees for delivery of what is promised and on time.
Always look for references from other persons who have dealt with the company or persons you are dealing with.
Check on the quality of the materials being used in the project, or have an engineer friend do this for you.
Another question to ask is whether or not the taxes and permits for the project have been paid.
What local banks are involved in the project?
Finally, there is the financing of the purchase. The major banks always verify down to the most minute detail any housing project, whether it be one family or an apartment complex that they will be financing.
These points will help any person avoid the consequences of being scammed by someone who is not completely aboveboard in real estate dealings.
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Diario Libre
Acoprovi
22 April 2024