SANTO DOMINGO– Seeking advice from a reputable, certified real estate agent, researching the builder's reputation and track record, and hiring a lawyer to validate the contract are the cornerstones of a sound real estate transaction. These measures significantly reduce the risk of fraud, according to veteran real estate advisors Bienvenido Paulino and Claudia Castillo.
“There is a common denominator in many of the scams that are happening: it is a promoter or builder who has no prior experience, nobody knows him, and he is not affiliated with one of the institutions such as the Association of Housing Builders and Promoters (Acoprovi),” Paulino says.
For Claudia Castillo, it is necessary to strengthen due diligence and vetting. "In the case of buyers, it's crucial to verify who they are buying from and to use a reputable, ethical, responsible, and formal real estate agency. There are many informal sales conducted by real estate agents who are not certified and who don't vet their builders," she points out.
Paulino believes "not all members are good, but it's a point that needs to be addressed. Before buying, one should investigate who the member is, what they've built, and, more importantly, their moral character. Sellers or buyers often fail to do this.".
Welcome Paulino. (External source).
He recommends that potential property buyers seek advice from a professional, preferably a member of the Association of Real Estate Agents and Companies (AEI), although he maintains that many advisors who are not part of the association are also good, but you have to investigate.
The third aspect that the buyer must know is the registered address of the advisor or builder, says Paulino, after considering that it is not reliable to buy from someone because they make an advertisement on social networks with only a telephone number.
The veteran advisor, with more than 30 years in the national market, said that there will always be scams here and in any country, but the risks must be minimized by each individual person doing those small things.
He lamented the cases of fraud "because it affects all of us involved in the sector, from the developer who does things right to the agent who does things right.".
Claudia Castillo
The director of AEI Mujer states that the first step to avoid being scammed is not to fall in love with what is presented. She suggests investigating further, obtaining the builder's resume, verifying if it is a project with a trust company, if the builder is new, if they have experience, and assessing their compliance and responsibility. "All of this is what we need to work on so that people don't fall into a trap.".
Claudia Castillo. (External source).
He asserts that the default rate is less than 1% annually. He agrees with Paulino that scams have always existed. “We must strengthen legal measures against cases like these; the penalties for fraud are minimal and the sanctions very lenient,” he stated.
Both spoke to El Inmobiliario, regarding the latest real estate fraud complaint published in yesterday's edition, Wednesday, January 17, on our digital portal.
