|Foreign property buyers of vacation homes in the Punta Cana area lost more than US$ 1 billion on unfinished developments like Cap Cana, Punta Perla and Roco Ki among others in the last couple of years. This is only the top of the iceberg in the Dominican Republic were a corrupt justice system and useless title guarantee companies has left foreign buyers without money and property all over the island.|
Those who managed to get their properties delivered in Cap Cana has lost about 40 to 70% of the value of the property and this is just an estimate as sales has stopped. However buyers are still forced to pay monthly service charges to the owners association despite Cap Cana themselves are not paying in their part for all the empty and unsold units.
The only ones who are making money from this tragedy are the law firms as hundreds upon hundreds of lawsuits has been started against developers in the DR. The problem with the legal system is that Class A lawsuits doesn't work, each man has to carry his own claim forward and the process cost a lot of money and can easily take 5 to 8 years to win a lawsuit.
The chances of a foreign investor winning a case is 1 to 10 due to the corruption of the legal system. And even if he wins it can take years to collect on the verdict. In the end it's unfortunately cheaper and less stressful just to walk away from the problem. They Dominican developers know that and therefore keep their scams running with illegal titles and unfinsihed properties.
In the light of these peoblems Dominican Watchdog urge all property buyers who lost money in the Dominican Republic to get on to the internet and facebook!!! Write your story, expose the fraudulent estate agents and developers on blogs and scam forums, setup hate pages, this in end might give you some little satisfaction, but more important it's unfortunately the only way to force a change in the corrupt and fraudulent ways that real estate business is done in the Dominican Republic.
That's what this guy didhttp://golfcapcana.wordpress.com/ and how we got the story about Green Village!
These articles shows only some of the problems!!