things you should beware of before investing in DR

dr_lover · #1 06-05-2009, 02:50 AM

Be very careful when buying property that are in pre development stage because most of the real estate fraud in the Dominican republic involve this type of property, my motto is if I can’t see it I can’t buy it. The problem with these projects is that the money can run out before the project is finish leaving investors caught in the middle or they can also be a scam. This is one of the most common types of Dominican fraud. Some “developers” will start promoting some really unbelievable property at great prices and then just runs off with all of the investor’s money and there is really very little you can do if you fall victim to this kind of Dominican corruption. The sad part is that it’s mostly foreigners that are coming to the Dominican Republic and setting up this type of scam.

The real estate boom in recent years has attracted not only buyers but scam artist looking to prey on people who do not have much experience or knowledge about Dominican laws. It seems like everyday a new story comes out on the news about some kind of real estate fraud and corruption in the Dominican Republic.

Robert added.
Text deleted below. Why?
This post is obviously a sock and a spammer trying to market his website.

BushBaby · #2 06-05-2009, 03:07 AM

Quote:

Originally Posted by dr_lover

............... It seems like everyday a new story comes out on the news about some kind of real estate fraud and corruption in the Dominican Republic.
Before you get a broker you should get a good lawyer, some lawyer handle properties and assist you with all your need. You can also find a trusted lawyer on Dominican Watchdog.
I would recommend that you start with this website....

You wouldn't (by some faint chance) be a Lawyer .......... would you?

DR1 has a very reputable lawyer acting as the moderator on our 'legal' forum & the long term members here have over the years advocated 'caution' on buying property without proper legal representation. There are a number of suggestions as to which lawyers have proven themselves trustworthy already on this site & anyone thinking of buying property would be well advised to do a proper search for the list of names! ~ Grahame.

dr_lover · #3 06-05-2009, 05:21 AM

No I am not a lawyer I am just someone was ripped off, I though I could trust the person I was buying from because I knew him from Canada, he introduce me to his lawyer and I trusted him. It was all one big scam I just don't want anyone to go through what I did. I agree with you that this site had great lawyers and great information. I wish there were more site like DR1. This page is providing a great service.

AK74 · #4 06-05-2009, 05:51 AM

Quote:

Originally Posted by dr_lover

No I am not a lawyer I am just someone was ripped off, I though I could trust the person I was buying from because I knew him from Canada, he introduce me to his lawyer and I trusted him. It was all one big scam I just don't want anyone to go through what I did. I agree with you that this site had great lawyers and great information. I wish there were more site like DR1 and Dominican Watchdog to help foreign investors. This page is providing a great service.

Sad but true. In recent four-five years purchasing a RE in this country by a foreigner became Russian Roulette with very little chances not to be taken and ripped off. Especially North. Sosua. Cabarete.

Very sad!

jrhartley · #5 06-05-2009, 08:01 AM

Your post is indeed quite sad AK , and paints a picture which is a long way short of the truth - what are your examples to back up your statement

mido · #6 06-05-2009, 08:10 AM

dr_lover:

I agree that you have to be careful to buy real estate in the DR, just as everywhere else in the world. But I totally disagree with your generalization of all projects in pre development stage. Most of the ones I know have been a success.

I also disagree to look for good advice at this website mentioned in your first post. It"s nothing else than an attempt to steer traffic to the site and advertising. The owner of this site has been deported from the DR last
year because he was wanted in Europe for commercial fraud.

Robert · #7 06-05-2009, 08:36 AM

Quote:

Originally Posted by AK74

Sad but true. In recent four-five years purchasing a RE in this country by a foreigner became Russian Roulette with very little chances not to be taken and ripped off. Especially North. Sosua. Cabarete.

Very sad!

AK74, what a load of BS! If your going to post, at least make it factual and based on reality.

I can name at least 20 people that I personally know and some post on this board, that are VERY happy with their real estate purchases on the north coast. These are purchases made in the past few years.