Buying a Home in the DR!! Yee Haw!

EncoreFun · #1 12-26-2005, 09:08 PM

First off let me tell you guys it took me 3 days to find "the new thread button". I must be losing it?

To make a long story short, I'm going to buy an Apartment/Condo in the DR. So nobody try to talk me out of it!! My mind is made up!

However, Id like to make an informed choice! I have been to PC 4 times in the last 2 years, so this is where I think/thought I wanted to buy? I know that whole strip along Bavaro pretty good. I just returned from a 7 day AI vacation(I'm really starting to hate AI'S) last week in Bavaro.

I walked across the street and found a Real Estate guy, looked at a few properties and decided on one. Unfortunately only 2 days were left in my trip so I had to write up a sale ASAP. Property looked good, almost finished condo, no thrills, 113 Square meters for 130,000 US ( 300 meters from the Beach) That's where the fun started. I went to the builders Lawyer(notary) and we wrote up a Conditional sales agreement. Not being totally daff but still rushing myself into a decision, cause I'm thinking with my heart and other parts of my body, I only laid down a 1000 US deposit(I figured I can afford to lose that if I change my mind). They wanted $10,000 down, however I explained I was on vacation and wasn't carrying 10k with me in cash! I don't want to bore you all with this story and make it to long. But, I'm having second thoughts about this Condo! Why? Well, for starters I have to pay another 40,000 US in 7 days from today and also I wasn't aware of the way real estate purchases work in the DR. I am now!!! Once I pay another 40,000 the remainder is not due until closing March 5th, which I was going to personally bring down and pay in person. However, the 40k is due in 7 days and I have to wire it to the builders account. Once I do that, I absolutely no security, I mean the guy could go bankrupt over night. I'm not sure if title insurance covers that? I should find, huh? A few other things turned me off.
1. The lawyer spoke absolutely no English( ok I can live with that, it's a Spanish Country)
2. Nobody bothered to tell me, the lawyer, the builder or the non helpful real estate agent, that TITLE insurance is a good idea for the DR.
3. The lawyer, the builder, and the Real estate agent all know each other.(maybe thats ok)
4. It's the builders first DR project and its a relatively small, 2 buildings each with 6 units.(you got to start somewhere I guess)
5. I did get a copy of the Title, and I believe the little sketch they gave me is a copy of the land Survey. And a photocopy of the builders Residence Card, he is British not Dominican. But I never got a copy of the Corporation documents, or proof that there are no liens or back taxes on the property? Although he told me there is not.

I never got the feeling that it was a hustle or anything like that. I think they honestly want to deliver me a nice Condo. But where I live(Canada) there are so many more safe guards. And I feel i'm leaving myself open to a potential problem.

So the real questions I have since I have been home for a week, I have had a chance to look at lots of real estate listings in the DR on the Internet! It would be great to live on the beach, and the prices!!!! are really good.
I'm not sure I want to live in Bavaro anymore? I'm not sure the Sales opportunities are there? I see many more listings for real estate in the North. I mean Sosua looks good, Cabarete looks good, and Puerto Plata? All I know is I want to buy something NOW!!!
My plan is to become fluent in Spanish, I already started my Classes yesterday, and sell real estate or sell something there? I should mention I'm not completely a spring chicken at 33 years old, and can run a business or sell you anything you don't need. I have noticed that more Americans and Canadians seem to live out side of Punta Cana and further North!
Where should I buy? Especially if my goal is to sell real estate or other services. I should mention that I can buy a home in the DR and afford not to work for a year or so, I budgeted for that. I can make a mistake and live another day. Thanks for any feedback or help. Cheers!
PS- I'll make sure my posts are much smaller in length next time.

rellosk · #2 12-26-2005, 09:41 PM

Slow down!!

You've already put down (and possible lost) $1,000US deposit on a home in an area where (in a seven day period?), you've since decided you may not want to live.

There is no rush in buying real estate in the DR. (Unless you are like a former poster that knew the market well and used to bottom fish for bargains

).

If you are thinking of moving to the DR, my suggestion is that first you come, rent an apartment, try living in different areas, and then if you are ready to settle, buy something.

Also, read some of the old threads on this board. You will quickly find out the pitfalls of living, working, running a business, buying real estate, and even dying in the DR.

billyidol · #3 12-26-2005, 10:13 PM

buyer beware!!!!!!!!!!!!!!! when ever you buy anything dont rush, dont rush , dont rush. all i picked up as i read your essay was someone who was 'making haste'........slow down dude!
i was pressured by someone to simply pay their lawyer that was looking after the sale and that would 'be it' as far as they were concerned. But the question remained in my mind 'who was looking after my legal interests in a country that is not my own? who was going to explain to me that i had or had not received all necessary legal documents..........the answer was no one. So i hired a lawyer to speak on my behalf and to make sure no bull-s@#t was going to take place. Boy were the sellers surprised when i turned up with my own lawyer! I was surprised that they were surprised......anyways! This is good practice and is probably the practice in uk,us ect. Assuming your lawyer is reputable he/she is not going to be bull-s#$tted by the sellers or their lawyer ect. Dude do your self a favor pm me i will send you the details of my lawyer who is well respected 'Argentina Brugal' or consider using the lawyer on this site (see the legal forum) and get one to to represent you (both speak english).........dont send anymore money to the sellers yet. 1st/ engage your lawyer, 2nd/ get them to renegotiate terms of payment 3rd/ if you want to go further send your monies to the lawyer and take it from there
billy

Quote:

Originally Posted by EncoreFun

First off let me tell you guys it took me 3 days to find "the new thread button". I must be losing it?

To make a long story short, I'm going to buy an Apartment/Condo in the DR. So nobody try to talk me out of it!! My mind is made up!

However, Id like to make an informed choice! I have been to PC 4 times in the last 2 years, so this is where I think/thought I wanted to buy? I know that whole strip along Bavaro pretty good. I just returned from a 7 day AI vacation(I'm really starting to hate AI'S) last week in Bavaro.

I walked across the street and found a Real Estate guy, looked at a few properties and decided on one. Unfortunately only 2 days were left in my trip so I had to write up a sale ASAP. Property looked good, almost finished condo, no thrills, 113 Square meters for 130,000 US ( 300 meters from the Beach) That's where the fun started. I went to the builders Lawyer(notary) and we wrote up a Conditional sales agreement. Not being totally daff but still rushing myself into a decision, cause I'm thinking with my heart and other parts of my body, I only laid down a 1000 US deposit(I figured I can afford to lose that if I change my mind). They wanted $10,000 down, however I explained I was on vacation and wasn't carrying 10k with me in cash! I don't want to bore you all with this story and make it to long. But, I'm having second thoughts about this Condo! Why? Well, for starters I have to pay another 40,000 US in 7 days from today and also I wasn't aware of the way real estate purchases work in the DR. I am now!!! Once I pay another 40,000 the remainder is not due until closing March 5th, which I was going to personally bring down and pay in person. However, the 40k is due in 7 days and I have to wire it to the builders account. Once I do that, I absolutely no security, I mean the guy could go bankrupt over night. I'm not sure if title insurance covers that? I should find, huh? A few other things turned me off.
1. The lawyer spoke absolutely no English( ok I can live with that, it's a Spanish Country)
2. Nobody bothered to tell me, the lawyer, the builder or the non helpful real estate agent, that TITLE insurance is a good idea for the DR.
3. The lawyer, the builder, and the Real estate agent all know each other.(maybe thats ok)
4. It's the builders first DR project and its a relatively small, 2 buildings each with 6 units.(you got to start somewhere I guess)
5. I did get a copy of the Title, and I believe the little sketch they gave me is a copy of the land Survey. And a photocopy of the builders Residence Card, he is British not Dominican. But I never got a copy of the Corporation documents, or proof that there are no liens or back taxes on the property? Although he told me there is not.

I never got the feeling that it was a hustle or anything like that. I think they honestly want to deliver me a nice Condo. But where I live(Canada) there are so many more safe guards. And I feel i'm leaving myself open to a potential problem.

So the real questions I have since I have been home for a week, I have had a chance to look at lots of real estate listings in the DR on the Internet! It would be great to live on the beach, and the prices!!!! are really good.
I'm not sure I want to live in Bavaro anymore? I'm not sure the Sales opportunities are there? I see many more listings for real estate in the North. I mean Sosua looks good, Cabarete looks good, and Puerto Plata? All I know is I want to buy something NOW!!!
My plan is to become fluent in Spanish, I already started my Classes yesterday, and sell real estate or sell something there? I should mention I'm not completely a spring chicken at 33 years old, and can run a business or sell you anything you don't need. I have noticed that more Americans and Canadians seem to live out side of Punta Cana and further North!
Where should I buy? Especially if my goal is to sell real estate or other services. I should mention that I can buy a home in the DR and afford not to work for a year or so, I budgeted for that. I can make a mistake and live another day. Thanks for any feedback or help. Cheers!
PS- I'll make sure my posts are much smaller in length next time.

EncoreFun · #4 12-26-2005, 10:24 PM

Billy and Rellosk , thanks for feedback.

I have always acted quickly in descions- but I usually take calculated risks. So I'm not worried about moving and buying in a short period of time.

Do you guys know why more real estate is offered for sale in the North?

Billy, what's this about Dying in the DR?? Can you send me a link to the thread?
As long as they "send me home to Mother in a Cardboard Box" .

MommC · #5 12-26-2005, 11:14 PM

You're headed for a big crash if you don't.....
Listen to the advice you've been given so far and do a search for threads on buying property in the DR.
Second guessing your decision to buy in the PC area is a GOOD thing.
While that area has developed rapidly in the last few years it is still a very young "tourist" area and has a long way to go to become a "community" especially if you wish to work to earn a living.
Renting before buying and actually living in an area before you buy is a VERY wise move especially as the DR is very much a "Buyers Beware" market and there are many pitfalls to be avoided, more so for a young, nieve, uninformed 'extranjero' such as yourself!
Look well before you leap and get some good legal advice before you send any more money!!
Remember.....in the DR it is much easier to buy than to sell property so unless you want to be saddled with a ball and chain around your neck, proceed with extreme caution!

rellosk · #6 12-26-2005, 11:23 PM

Quote:

Originally Posted by EncoreFun

Billy, what's this about Dying in the DR?? Can you send me a link to the thread?
As long as they "send me home to Mother in a Cardboard Box" .

I had made that statement tongue-in-cheek. A while back there was a thread about someone that had purchased a cemetery plot only to have the cemetery resell the plot to someone else.

EncoreFun · #7 12-27-2005, 12:37 AM

Mommc - extranjero, Moi? I'm sure at one time you where a foreigner too?

However, I must say your advise makes allot of sense. And I appreciate all of the feedback. That makes allot of sense about community, I noticed Bavaro has very little going on outside of the Resorts. It's a really good point. Obviously I want to be part of a Community, and be able to go out to a few bars that don't open up at 12 AM , I hate Discos. Bavaro doesn't have anywhere that I have seen where expats or Foreigners hang out. The all inclusive resorts basically keep you hostage and discourage out side night time activities. Plus those people are tourists. Well there is that Mangu Disco, but it sucks. I know that no matter what I would need Rock and Roll, and if I couldnt find that, its a show stopper.

I speak a little Spanish, and trust me I'm not naive. Maybe a bit?

I guess I should mention it's snowing here and - 4 Celsius.. Oh and the sky has been grey for 5 days straight, no sun. Do you remember what that's like? You don't want to remember trust me..

Rellocks- that is to funny about the cemetery

I know that everything comes with a cost, there is no free ride.

So where should I rent?

Ladybird · #8 12-27-2005, 04:09 AM

Quote:

Originally Posted by EncoreFun

Mommc - extranjero, Moi? I'm sure at one time you where a foreigner too?

However, I must say your advise makes allot of sense. And I appreciate all of the feedback. That makes allot of sense about community, I noticed Bavaro has very little going on outside of the Resorts. It's a really good point. Obviously I want to be part of a Community, and be able to go out to a few bars that don't open up at 12 AM , I hate Discos. Bavaro doesn't have anywhere that I have seen where expats or Foreigners hang out. The all inclusive resorts basically keep you hostage and discourage out side night time activities. Plus those people are tourists. Well there is that Mangu Disco, but it sucks. I know that no matter what I would need Rock and Roll, and if I couldnt find that, its a show stopper.

I speak a little Spanish, and trust me I'm not naive. Maybe a bit?

I guess I should mention it's snowing here and - 4 Celsius.. Oh and the sky has been grey for 5 days straight, no sun. Do you remember what that's like? You don't want to remember trust me..

Rellocks- that is to funny about the cemetery

I know that everything comes with a cost, there is no free ride.

So where should I rent?

Oh for goodness sake you plonker if you know so much why on earth are you posting such stupid questions. BE honest you are lonely and lost at present. Have a good fart and clear out your past before you waste space.

EncoreFun · #9 12-27-2005, 10:52 AM

Ladybird do you find your self haunted by your ABUSIVE personality.

Geesh wasn't expecting to get Flamed on here.

any good feedback is obviously appreciated.

HOWMAR · #10 12-27-2005, 11:07 AM

Quote:

Originally Posted by EncoreFun

Ladybird do you find your self haunted by your ABUSIVE personality.

Geesh wasn't expecting to get Flamed on here.

any good feedback is obviously appreciated.

From her posts we all know that Ladybird is only interested in the size of a man's.................boat or plane. Talk about a waste of space.