Real Estate problems

[timely2]

Do not buy condos, apartments, properties etc. from Far Away Real Estate in Punta Cana, Dominican Republic They will take your deposit and you will not be able to get it back. I just lost $25,000. US to them. They operate in Punta Cana but the office is in Cabarete,Dominican Republic.

They have a website by the same name--
Untitled

[Robert]

Why didn't they refund your deposit?

We need more details, otherwise this thread will be deleted.

[Chip]

In the US at least it is standard practice for a earnest money to be placed in escrow in order for a property to be taken off of the market for the purpose of due diligence and negotiatons. Typically, there will be a deadline where a portion or all of the funds may go "hard", ie no refunds are given. This is standard business practice and I would expect the same here in the DR.

That being said, you should have a Domincan lawyer review your contract to see if the seller cleverly "disguised" these terms in his contract. If it isn't in there, you should have recourse to pursue a "querella". If it is not in there I don't know what you can do.

good luck

[timely2]

Originally Posted by Robert

Why didn't they refund your deposit?

We need more details, otherwise this thread will be deleted.

We gave them the money cash as a deposit for the purchase of a 2bedroom condo in Punta cana. They were to buy the condo in there name and we would buy the condo back from them when we sell the 1 bedroom condo we currently own in Puna Cana. There was a problem with paperwork from the builder, so after 2 months we told them that we are not going to buy the condo. They then told us that they are not going to give us the money back, if we wanted they will give us a loan for $20,000 US and they will hold our 1 bedroom condo as colateral. We are going to try and get some info from a lawyer if they are allowed to do this the beginning of next week.

They offered to help us get the 2 bedroom because we are friends, and we did not need a contract. We now know who our friends really are. If this is not enough please remove the post, I will find somewhere else to post.

Thanks
timely2

[Robert]

Originally Posted by timely2

If this is not enough please remove the post, I will find somewhere else to post.

Thanks
timely2

It's not about finding somewhere else to post, it's about posting facts and not using DR1 as a vehicle to get back at someone.

You could have been a competitor looking to stir trouble, who knows?

I suggest you contact a GOOD lawyer, maybe Fabio Guzman who has an office in Bavaro.

The Dominican Republic Law Firm: Guzman Ariza, Attorneys at Law.

[timely2]

Originally Posted by Robert

It's not about finding somewhere else to post, it's about posting facts and not using DR1 as a vehicle to get back at someone.

You could have been a competitor looking to stir trouble, who knows?

I suggest you contact a GOOD lawyer, maybe Fabio Guzman who has an office in Bavaro.

The Dominican Republic Law Firm: Guzman Ariza, Attorneys at Law.

Iam not posting here to stir trouble, I just wanted to let others know that we trusted them and this is what happened. Thanks for the name of the lawyer, we will talk to them and hear wht they have to say.
Timely2

[Kemo]

Before you entered any buying agreement with a developer you must take your time and do a background and reference check there is allot of Fraud in real state in Punta cana. it is very important that you deal with a Reputable real state agent and when contract comes you must hire a Dominican Lawyer/notario with provisions at law that will guaranteed your investment.

[Ladybird]

I am most concerned about this because the picture they show on their website of their sign proposedly outside their office is in front of a project
belonging to 2 very well respected constructors/businessmen who have been in the DR for many many years. I will check out this office tomorrow, discreetly, as the two businessmen are out of the country at present. I have informed them of this situation.

[Ladybird]

I have confirmed that the picture they have on their website has been copied from the 2 businessmens website. If Robert or one of the moderators want me to give them the link you can contact me,

[mike l]

$25k is an inexpensive lesson, or do you still have your 1 bedroom apt.?

The Loan offer was an insult to injury !

Or not.