When purchasing real estate, especially as a foreign national investing overseas, it is generally advisable to have an attorney represent you in the transaction. From protecting legal and financial interests to making sure the deal closes, there is a lot at stake for buyers in a real estate deal. An experienced attorney will be able to help you make informed decisions while negotiating the purchase contract and dealing with any ancillary legal issues on your behalf.
If you are on the fence about hiring a real estate lawyer for your purchase in the Dominican Republic, here are three of the top reasons to seek experienced legal representation:
Reason #1: Your Lawyer Will Provide Unbiased Advice
Your attorney will be able to assess the terms of the transaction objectively, and will advise you with only your best interests in mind. While you may be anxious for the deal to close – and your attorney will certainly do everything in his or her power to make that happen – your lawyer will also be able to tell you if the seller is being unreasonable or if there are concerns with the property that warrant consideration of other options. Your attorney wants the transaction to close, but even more so, he or she wants to make sure it closes on terms that are favorable to you.
Reason #2: You Don’t Know What You Don’t Know
Do you understand all of the terms of the purchase contract? Are you aware of potential legal issues outside of the contract that could undermine your real estate investment? Chances are, the answer is ‘no’.
Real estate contracts and the laws governing real property in the Dominican Republic are highly complex, and most people (including most lawyers who do not practice real estate law) are unaware of the majority of the issues involved in buying a property. An experienced real estate lawyer will be able to advise you of hidden risks, such ambiguous contract terms, mortgage issues, zoning and land use limitations and title-ownership questions so that you can close on your new property with confidence.
Reason #3: Your Lawyer Can Help If Negotiations Break Down
Finally, once you have decided (both financially and emotionally) to pursue the purchase of a property and are satisfied that the transaction presents a favorable opportunity, the last thing you want is for the deal to fall through. Real estate negotiations can – and often do – break down, and when they do it can require strategic intervention to get the deal back on track. A skilled real estate lawyer will not only be able to help you resolve issues before they threaten your deal, he or she can also help you to refocus wayward or contentious negotiations so you can close on time and on budget.
Speak With a Real Estate Lawyer at The Del Carpio Office
The Del Carpio Office is a real estate law firm located in the Dominican Republic. If you are planning to buy a residential or commercial property in the Dominican Republic, we can help. To speak with an experienced local attorney about your transaction inquire online today.