Buying a property off-plan has become a common practice in the Dominican real estate market. And it makes sense: it can represent an excellent opportunity for both those looking for a home and those wishing to build wealth. But it can also become a difficult experience when any of the parties involved—buyer, advisor, or developer—doesn't do their job properly.
After so many years in the real estate sector, I've learned something I consider fundamental: a sale doesn't end with the reservation, or even with the signing of the contract. The true sale ends when the buyer satisfactorily receives what they were promised.
Why buy off-plan?
The advantages can be significant. The buyer generally has the opportunity to enter at an attractive price, have more time to complete the down payment, choose from a wider variety of units, and benefit from the potential appreciation of the property during the construction period.
In a well-conceived, properly structured and responsibly executed project, buying early can represent an excellent asset decision.
But there's another side to the coin. When we buy off-plan, we're essentially buying a promise. The apartment doesn't exist yet. What we have in front of us are blueprints, renderings, contracts, specifications, and, above all, the commitment that what we see represented in images today will become a reality tomorrow.
Therefore, before handing over money, there are questions that I consider essential:
Who is the developer? Who is the builder? Who owns the land? Is there a trust, and who is the trustee? What permits does the project have? What does the contract stipulate regarding delays, modifications, or cancellation? What happens to the money paid if the project is not completed?
Not all answers have to be perfect, but they do need to be clear. Because a beautiful rendering helps sell, but a rendering never replaces due diligence.
The advisor also has responsibility
Those of us who practice this profession need to take a hard look at ourselves. A real estate agent shouldn't limit themselves to asking how much the apartment costs, what units are still available, what the payment method is, and what their commission should be.
Our responsibility must go further. If we recommend a project, we must make sure we know what we're selling and who's behind it. We must clearly differentiate who the developer is, who the builder is, what the role of the trustee is when a trust is in place, and what the fundamental conditions are that our client will be agreeing to.
Nor should we promise what is beyond our control. An estimated delivery date should not, out of commercial enthusiasm, become a guarantee on our part. An advertised facility should not be presented as approved if it is still in development. And an expected increase in value should never be communicated as if it were a certainty.
A good advisor isn't the one who eliminates all the buyer's doubts to get a signature. It's the one who helps the buyer formulate the right questions so they can make a fully informed decision. Our commission is important, but our reputation is worth much more.
The developer must also do their part. Selling off-plan means receiving someone's trust today—and often years' worth of savings—in exchange for delivering something tomorrow. That demands enormous responsibility.
Realistic budgets, a suitable financial structure, reasonable deadlines, quality construction, and above all, transparency. Unforeseen events happen. Costs can vary. A construction project can face difficulties. Even a well-planned project can encounter situations that require adjustments.
What should never disappear is communication with those who entrusted their money to the project. Often, the problem doesn't begin with a delay. It begins when no one explains the delay. And something that experience has taught me: it's better to offer a reasonable date and deliver early than to overpromise to facilitate a sale and then spend months offering explanations.
We shouldn't demonize off-plan sales
It would be a mistake to present buying off-plan as something to be avoided. For decades, I've seen buyers achieve excellent results by acquiring early in well-structured projects. I've also seen difficulties when the speed of sales exceeded the capacity to execute or when commercial expectations were higher than the project's reality.
Therefore, rather than being afraid of selling off-plan, we should professionalize it.
My reflection can be summarized in three very simple responsibilities: The buyer must ask. The advisor must verify.
The developer must deliver.
When these three responsibilities align, buying and selling off-plan can become a powerful tool for building wealth and developing our real estate market. But let's never forget one thing: Reserving a property is not the same as selling it. And signing a contract is not the same as finalizing the agreement.
The real sale is complete when we hand over the keys and can look the customer in the eye, knowing they received what we reasonably promised. After so many years in this business, I still believe the best commission isn't just the one we earn. It's the customer who, years later, returns, recommends us, and trusts us again.
Because ultimately, selling off-plan is selling the future. And when someone entrusts us with part of their future, our primary obligation is to act responsibly. Do you believe that in the Dominican Republic we are conducting sufficient due diligence before buying and selling off-plan?
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