SANTO DOMINGO. – In the heart of Washington Heights, at the intersection of 182nd Street and Saint Nicholas Avenue, the cold has not prevented Brenda from crossing from New Jersey to wait in line for half an hour.
Bundled up in gloves, a hat, boots, a scarf, and earmuffs, Brenda braved the 0°C Sunday chill and the threat of snow to stand in line with dozens of others patiently waiting for one of the most traditional Dominican desserts: habichuelas con dulce (sweet beans).
Some say it's because Lent is approaching; others insist that Dominicans don't need a calendar to indulge in this treat. The truth is, tradition prevails, and so does the craving.
Ana, Brenda's sister, called her at that moment. She took off a glove and put her hand under the earmuff to answer the phone from the "linear".
– Tell me Ana, did you arrive in Madrid safely?
– Oh yes, it's cold! I'm calling you about something else, did you think about the apartment I told you about? The guy called me, asking what you were up to, saying he has other buyers, but that he really liked me and wants to give us priority.
"Oh Ana, I'm not going to stress about it. Let him sell it! That's not mine. César explained all the risks involved in buying without a title.".
The title and the value
Brenda sighed deeply and went on to explain to her sister that in the Dominican market, a property without a title depreciates between 20% and 40%, depending on the level of risk.
If the apartment "with a title" were worth RD$8 million, the price without a title should be around RD$4.8 to RD$6 million. If they're selling it for RD$8 million, they're appraising it as if it were legal, and it isn't.
Suddenly she smiled: “Hey, I’m becoming an expert, I’m even explaining it to others!”
– Ana, if you want, take note of what I'm going to tell you, just in case it happens to you: it's the "checklist" for when you're offered apartments without a title:
1) Seller's documents
• ✔ Mother title of the plot
• ✔ Declaration of heirs (if applicable)
• ✔ Prior notarial acts
2) Technical documents
• ✔ Approved architectural plans
• ✔ Certification of the Legal Status of the Property
• ✔ Report from a certified surveyor
3) Legal risks
• ✔ Check for litigation
• ✔ Check charges and encumbrances
• ✔ Confirm that the building can be demarcated
4) Hidden costs
• ✔ Demarcation
• ✔ Declaration of improvements
• ✔ Legal fees
• ✔ Appraisal
5) Warning signs
• ✘ “That comes out quickly”
• ✘ “The paperwork is being processed”
• ✘ “Everyone here buys like this”
• ✘ “It’s the last one at that price” or “I have another buyer with the money in hand”
Brenda, who is already learning to detect “red flags”, told Ana to write it down with a red marker.
– Ana, in my last conversation with César, he was very clear about this. He told me that an apartment without a title isn't necessarily bad, that the bad thing is buying it without knowing what kind of trouble you're getting into.
Brenda explained to her sister that if there's a legal process and all the paperwork, the purchase is fine. But otherwise, "we have to let that go, sis. And now I have to go, I have to head to New Jersey and it's sleeing. The apartment might be nice and good. I'd probably even like it, but I prefer my peace of mind."
