Escrow services for buying an apartement in the DR

[iluvdr]

I have just gotten back from SD, where I plan on buying an apartment in the Malecon Center. Off course like many on this forum I have heard of horror stories regarding the transfer of titles in the DR. So I have been reading this forum and particularly Dr. Guzman Thread “http://dr1.com/realestate/info/buying.html " Though I have found this site particularly insightful, I still have a few questions to debate:
First, Can Attorney's and Notaries even with remarkable references be trusted in the DR.?
When I initiated this venture, I address myself to reputable law firm in SD (unfortunately, not Guzman...). They suggested that I make the transfer of the funds for the purchase of the condo directly to them (over $1/2 million US). They assured me that they would only release the money, once the title transfers where effective. I found this offer rather odd! Why should they be more trust worthy then the realtor?

Will an Escrow service assure absolute security that the transaction will be carried on before the funds are disbursed?
Dr. Guzman recommends using the services of an Escrow agent such as Steward DR “http://www.stewartdr.com ". Now, if I understand correctly Steward DR is only an affiliate of Steward International and therefore does not offer the same guaranties as Steward USA. Transferring the funds to a third party, under these circumstances, creates an extra layer of risk in this transaction, since the escrow service itself is not backed by any solid guaranties.

Finally, the seller is putting pressure on me to transfer the funds directly to him once the sale contract as been signed so he can initiate the transfer of the titles.
From what I have read so far this is a definite NO! NO!

However, now I am caught between the devil and his brother... Can anyone help? How can I buy a property in the DR. and conclude this transaction with out risking being defrauded?

[Chris]

I would suggest that you consult with the office of Guzman Ariza directly. They possibly have done more of these transactions than any individual on this board, so the transaction partners that they work with, would be tried and tested. I would trust their guidance and advice, and yes, they have remarkable references and are trustworthy.

[iluvdr]

Originally Posted by Chris

I would suggest that you consult with the office of Guzman Ariza directly. They possibly have done more of these transactions than any individual on this board, so the transaction partners that they work with, would be tried and tested. I would trust their guidance and advice, and yes, they have remarkable references and are trustworthy.

Thanks Chris ! Unfortunately I have already paid up front the attorney office I am presently doing business with for the title investigation and sales contract. All I really need to know is how to go about the payment...

[Robert]

For more detailed info on Stewart in the DR, talk to Iván Guerrero, he's their Marketing & Sales Manager. He's a nice guy and speaks fluent English if you do not speak Spanish.

Email: stdbusiness@verizon.net.do

I would not transfer money directly to the seller. I'm sure Escott will jump in here as he has been involved in a number of closings here in the DR.

You will find that real estate transactions procedures are little more sophisticated or more to USA standards on the North and East coasts. This is due to the fact that lawyers and sellers are more used to dealing with foreigners.

[iluvdr]

Originally Posted by Robert

For more detailed info on Stewart in the DR, talk to Iván Guerrero, he's their Marketing & Sales Manager. He's a nice guy and speaks fluent English if you do not speak Spanish.

Email: stdbusiness@verizon.net.do

I would not transfer money directly to the seller. I'm sure Escott will jump in here as he has been involved in a number of closings here in the DR.

You will find that real estate transactions procedures are little more sophisticated or more to USA standards on the North and East coasts. This is due to the fact that lawyers and sellers are more used to dealing with foreigners.

Thanks Rob... I will post any feedback I get from Ivan, as I am sure this topic may be of interest for any expat looking to purchase property in the DR.