[J D Sauser]

Originally Posted by irateskateboards

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1. they say dont need to go through a professional real estate office and they do their own financing.
2. how legit is this?
3. has anyone come across problems buying a condo from them like this?
4. i'm interested to buy one for the price but i though you always should use a professional real estate agent when dealing with property in the R.D.

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1. If they say so, it's because they have chosen to sell direct. This could SUGGEST a lower price, since there is no intermediary.
2. If they own it, they can sell it as they please. The use of an agent will NOT legitimize the deal. I have listed property with agents here without ever been asked for proof of ownership or even show an ID. Agents here have no clearly legislated fiduciary duty in this county. If they did, it would be to the seller. There is no mandatory school or test or really supervising body. No association to come complain to either.
3. I don't know about that particular deal. But people have had reported their share of issues after buying into hotel-to-condo conversions here. PROFESSIONAL, TRUSTFUL legal advice, investigation and supervision of the whole process is your only hope of a possible success. These condos NEED by law to be subdivided and each have their OWN land court issued title (the term is "DESLINDE", meaning segregation), everything else is fishy and pure blah blah. Your lawyer will want to check the financial status of the current owner(s) and if they have "hidden" leans or mortgages on the property. YOU will want him to investigate what your condominium rights and duties really are (fees, maintenance cost, leases, access and right to use without having to sign up for a meal plan or other little extortions, etc). DON'T go out and make a "deposit" on you own to "reserve" the property, not even with your US credit card. Your home country's laws DO NOT APPLY here! BE PREPARED TO ACCEPT FOR THE DEAL TO GO SOUR and pull out at anytime... don't force you Caribbean against sound financial and legal thinking!
4. Price: In these times selling has become a challenge here too. Don't surrender so fast ("i'm interested to buy one for the price"), BARGAIN instead. You got the money, they want it / they have the condoes and don't want them anymore. Virtually everything seems for sale or rent here, if they don't meet your offer, you'll find others. Only 12 years ago, you could buy similar deals on North Miami Beach for about that amount... RIGHT ON THE OCEAN... keep that in mind. I think, I and others above have answered the "agent" re-question.

... J-D.