Jose Luis Taveras, editor of Gaceta Judicial, the leading Dominican journal on legal affairs, strongly recommends when buying a home or apartment during the construction phase to sign the contract only if the asset is covered by a fiduciary (fideicomiso).
A fiduciary is a company that is responsible for holding the property in trust for the benefit of the buyers. This means that the property cannot be seized by the developer’s creditors and that the money from the buyers is used to pay for the construction of the project.
Taveras also urges that when buying a property, the purchaser do so with a lawyer expert in real estate matters. He explains that the lawyer can review the contract and make sure that the buyer’s rights are protected.
The lawyer will be able to make the buyer aware of the risks associated with buying an apartment from a developer, such as delays in completion, poor quality workmanship, and changes to the plans.
In his commentary in Diario Libre, Jose Luis Taveras explains in detail many of the problems he has listened to in his office of victims of abuses of the real estate developers.
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Diario Libre
11 July 2024