Land transfer question.

Jwb · #1 02-09-2005, 03:44 PM

Humor me on this !

A close friend of mine who now resides in the US, recieved a call from his old neigbor of 15 years in the DR, offering him an opportunity to buy a piece of a large lot for a great price, inorder to raise money for a daughters wedding. I am familiar with the area and I am interested in the lot. Since my friend does not have the cash to make the purchase himself, he has offered to purchase the lot on his name on my behalf then transfer the title to my name shortly after.

Although I trust my friend, and I do plan to consult with one of the attorneys whom is well known on this board, I am wondering if there is a more direct way to conduct this transaction an avoid all of this paper swapping. Another words does the buyer have to sign his name on the title at closing, or can it be made to John Doe?

I can buy the land directly myself but it would cost me an additional $1,500 dollars.

Stodgord · #2 02-09-2005, 04:28 PM

Quote:

Originally Posted by Jwb

Humor me on this !

I can buy the land directly myself but it would cost me an additional $1,500 dollars.

Why would it cost you more? About trust, in the DR back stabbing is a fad. Haven't you heard the many stories where someone let relatives live in their home and when it comes to asked them to leave they refuse unless you pay them money or unless you literally kill them. Be careful, actually your friend is buying the property except that you are paying for.

mikeyone · #3 02-10-2005, 05:13 PM

Quote:

Originally Posted by Jwb

Humor me on this !

A close friend of mine who now resides in the US, recieved a call from his old neigbor of 15 years in the DR, offering him an opportunity to buy a piece of a large lot for a great price, inorder to raise money for a daughters wedding. I am familiar with the area and I am interested in the lot. Since my friend does not have the cash to make the purchase himself, he has offered to purchase the lot on his name on my behalf then transfer the title to my name shortly after.

Although I trust my friend, and I do plan to consult with one of the attorneys whom is well known on this board, I am wondering if there is a more direct way to conduct this transaction an avoid all of this paper swapping. Another words does the buyer have to sign his name on the title at closing, or can it be made to John Doe?

I can buy the land directly myself but it would cost me an additional $1,500 dollars.

If you are in a position to buy the land then the extra $ will be more than worth it. Problems for sure through third party...

Chris · #4 02-10-2005, 07:37 PM

Usually it is safer here to buy land/real estate in the name of a corporation. I would consult with an attorney and buy in the name of a corporation, do it right and pay the extra money.

Jwb · #5 02-11-2005, 08:38 AM

Quote:

Originally Posted by Stodgord

Why would it cost you more? About trust, in the DR back stabbing is a fad.

Last year I made an offer to the owners family, and they passed on the message to the owner who resides in Puerto Rico. The owner replied that he is interested in selling, but in US dollar. When my friends relative (whose home I was staying at) offered to buy, they not only gave him a better price but in pesos.

Nonetheless, I will be in the DR on the 18th, so if anyone has any good leads on the North coast and away from tourists areas, I would be interested in checking it out.

Snuffy · #6 02-11-2005, 01:00 PM

I have revised this three times and finally decided to just post a warning to you.

Don't Do It!

Jwb · #7 02-11-2005, 01:18 PM

Quote:

Originally Posted by Snuffy

I have revised this three times and finally decided to just post a warning to you.

Don't Do It!

Thanks to all who replied, but after recieving numerous warnings, and after reading dozens of past posts, I decided to just leave it alone. But I still am coming down to drink presidentes and look at the chicas.

Hillbilly · #8 02-11-2005, 03:07 PM

If you want to look at land, get somebody that is here to help you out.

Decide where you want to be and see if there is any distressed property. Most of the banks and S&Ls have published lists of property that they are selling to collect debts. There is property all over the country, north south and east. (I am supposing that no many people will want to go Southwest right now.)

Slow is good here, you are to be commended.

HB