Original version from National Dominican Newspaper: Diario Libre, http://diariolibre.com/noticias_det.php?id=260399
I
would like write a few lines my experience as a private investor in the
Dominican Republic, specifically in Bavaro-Punta Cana.
The first reason, the number of
people who offer real estate or real estate to be non-professionals of the
sector and obviously not qualified to do so.
The second is that these people
have no social or physical address, for example; no offices where it can assure
you a legitimate businesses.
Third, any person, and I repeat
anyone, can sell or rent you anything with total normality using deceit and
lies.
Fourth, most, offer properties without titles, which has a
negative impact on future spending from the short and long term customer or client.
Fifth, regarding the poor condition of the properties due to
the lack of interest and non-existence of preventive maintenance.
The sixth, the problems caused common ordinary people, and
even other businesses that incorporate Management of properties in their list
of business activities, even if their main business is not related to the real
estate industry, providing ineffective and
inefficient services.
The seventh, those real estate
agents and sellers who in bad faith and intent to profit by not legalizing the
contracts before a notary, and those who advertise Real Restate licenses from
other countries especially the U.S. which at times are expired, and are not valid here in the Dominican
Republic.
The eighth, those lawyers
who are engaged in businesses, that is, to be purely real estate sellers with
no experience or knowledge, missing values, ethics and professionalism of the
companies themselves creating a Real Estate unfair competition, and a sub
market economy by not declaring or paying taxes.
The ninth, the system of
commissions, that is, all real estate activity understood from beginning to
end, inextricably linked to commissions paid out to different people even
without knowing or working with the client, the minute the client lands at the
airport in Punta Cana.
The
tenth is the legislative and judicial impunity in the broad sense of intrusion
for damages resulting from such mechanisms and modus operandi within the free
and unregulated practice of real estate property system based solely on winning.
In
conclusion, and say, I recommend:
"Never buy or rent a
property from an agent who does not represent a real estate company with the
National Registry of Taxpayers RNC and its corresponding office.
"Never buy a property
without titles.
"Never force anyone to work
with a particular lawyer.
"Never buy from a Agent who
wants to charge a higher 1month’s rent, in concept of commission for 1 year
contract, or ½ month’s of commission for a 6 months contract and a commission
of more than 5% in case of an sales transaction.
Today,
we are obliged to request and require an immediate Real Estate company
/Agent’s Act, implemented to help protect investments present, and
future to avoid this situation of powerlessness, deceit, and image of
deterioration that is affecting the real estate market daily, customers,
builders, and thus ensuring future investments in the country as an
essential basis for successful and innovative development of the
Dominican Republic.
Written by Koldo Mirena Ucedo
Courtesy translation by Punta Cana Lifestyles Real Estate