Group Metro says they have an impeccable reputation to protect. We don’t think so! But you will each have to be your own judge and weigh the following mountain of evidence against the reality of their reputation. Based on what we know of them, their business competency is suspect. Do yourself a favor and if you must buy into the white sand and warmth make sure you can touch it. That won’t save you from title headaches, but it will alleviate some of the pain we have gone through.
- The Dominican Republic does not have an escrow account system per se. Therefore, once you decide to invest in some development the money becomes the developer’s co-mingled funds. Our money was likely funneled to complete other projects under the corporate umbrella.
- The second, really precedes the first….you do not require a license to sell real estate in the Dominican Republic.
- The Dominican Republic has a very loose title system; a lot of the land is grandfathered into ownership transfers are very murky; as a result, true ownership is very hard to establish.
- n the Dominican Republic, developers are not required to issue public reports!
- Developers do not need to satisfy a pre-sold hurdled in order to get funding.
There are multiple levels of Obscurity in the Dominican.
- The Dominican Republic is exceptionally corrupt and the trickle down means everyone in power is on the take. Don’t take our word for it Dominicanwatchdog.org has confirmed with FORBES magazine 2013 article the least reliable country in the world – Dominican Republic– It must feel good to be number one!
- He who has your money makes all the rules. Developers views “foreigners who are out-of-sight” are out of mind. (don’t be out of your mind! don’t invest in this country)
- Lawyers in the Dominican Republic do not have a malpractice insurance. Therefore, Dominican lawsuits end up costing foreign investors by as much as 400-800%.