Professional Documents
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and on the other hand MR. XXXXXXXXXXXXXXXX, Dominican, of legal age, single,
bearer of American passport No. XXXXXXXXX, domiciled and resident in
XXXXXXXXXXXX, and accidentally in the National District, Dominican Republic, who in the
future of this contract will be called THE BUYER or by their own names .
PREAMBLE:
WHEREAS: THE BUYER acknowledges, accepts and undertakes to comply subject to the
regulations of the CIUDAD LAS NUBIAS, including, but not limited to:
WHEREAS: THE BUYER declares to be aware that the properties in question will be built in a
future period, the beginning of which will be computed from the receipt of the license or
construction permit.
THEREFORE, in the formal understanding that the foregoing preamble is an integral part of
this contract, THE DEVELOPER-BUILDER-SELLER, and THE BUYER, have agreed and
agreed to what is stated below and by virtue of this they undertake to execute the following :
APARTMENT XXXXXX
PARAGRAPH: It is understood and agreed between the parties the fact that the internal
measurements of the property are subject to variations of the construction process, being able to
alter the footage for or against, depending on its location within the scope of the project and the
width or thickness resulting from the columns and walls; that will be shared proportionally
within the adjoining properties; and after distributing them within the particular and total footage
of each property. THE DEVELOPER-BUILDER-SELLER, reserves the right to modify
without prior notice and unilaterally the plant, facade and designated area of the Condominium
and its real estate for everything that according to its criteria tends to improve the project.
FOURTH ARTICLE (4): These properties will be governed within the Condominium Regime
as detailed in the Preamble of this act, constituting the acceptance of this article and its
paragraphs, an essential condition for the validity of this act, all in accordance with the
provisions of the draft Regulations. and Declaration of the Condominium of the CIUDAD LAS
NUBIAS”, Regulations and Declaration that will be approved by the corresponding Title
Registry at the request and steps of THE DEVELOPER-CONSTRUCTOR-SELLER.
FIFTH ARTICLE (5): It is understood between THE PARTIES that with the signing of this
act THE BUYER assumes all responsibilities, obligations and expenses that for maintenance of
the aforementioned Condominium are generated or proportionally attributable to the real estate
object of this contract, from the very moment of the balance of the unit, regardless of whether or
not it occupies the property.
PARAGRAPH I: It is understood between THE PARTIES that THE DEVELOPER-
BUILDER-SELLER, reserves the Right to Manage the Condominium, common areas and
recreation areas for a period of Five (5) years.
BANCO RESERVAS
NO. ACCOUNT: 9604639212 SAVINGS
ACCOUNT IN DOLLARS RNC: 132-
421401.
BENEFICIARY: GARDIZ SOLUTIONS.
PARAGRAPH III: THE PROMISING BUYER accepts and acknowledges that in the event
that it fails to comply with the payment obligation established in ARTICLE SEVENTH (7),
THE SELLER shall retain the equivalent of Five Percent (5%) of the value of the monthly
payment as PENALTY -MORA payment, mainly deducting this, prior to the payment of
capital.
PARAGRAPH IV: In order to faithfully comply with the payment of the sum consigned as the
balance of the selected unit, THE PROMISING BUYER acknowledges that, if it opts for
financing, it undertakes and is obliged to start the process three (3) months in advance of the
date set for the balance, also committing to have the requested financing approved no later than
the day indicated for the balance.
PARAGRAPH V: THE PROMISING BUYER undertakes and undertakes to pay the sum
consigned as the last payment on the indicated date, on the formal understanding that the lack of
compliance with the aforementioned payment will make this contract enforceable in accordance
with the provisions of the CLAUSES relativeto the payment commitment.
PARAGRAPH VI: THE PROMISSORY BUYER, by means of this act undertakes and is
obliged to sign its Sale-Loan Contract (Four-Party-Mortgage) within a period of twenty-four (24)
to forty-eight (48) hours after notification by part of the bank indicating that your contract is
ready for signature. In the formal understanding that if THE PROMISING BUYER does not
appear within the established period, it must cover the bank interest generated by that unit,
computed with the average rate of Three (3)
financial institutions selected by THE DEVELOPER-CONSTRUCTOR-SELLER, from from
that date and until the signing of the indicated contract.
ARTICLE EIGHTH (8th.): THE PROMISING BUYER declares and acknowledges that
THE DEVELOPER-BUILDER-SELLER, will deliver the apartments object of this option
with their social areas and their environment duly furnished and equipped, for which by means of
this act commit and oblige to pay at the signing of this contract the sum of TWO THOUSAND
FIVE HUNDRED AMERICAN DOLLARS WITH 00/100 (US$2,500.00), approximately, for
each housing unit acquired, (NON-REFUNDABLE SUM), for initiation fees. in the
understanding that those areas and goods pass to the common property regime. The indicated
amount must be paid in the hands of THE DEVELOPER-CONSTRUCTOR-SELLER,
seventy-two (72) hours before the moment of signing the Definitive or Quadripartite Sale
Contract.
NINTH ARTICLE (9): THE PROMISING BUYER declares and acknowledges that the
apartment object of this option will be equipped with an electric gate and gas meter installation,
for which he acknowledges and undertakes to pay the sum of FIVE HUNDRED AMERICAN
DOLLARS WITH 00/100 (US$500.00), approximately, non-refundable to cover the cost of the
items mentioned, on the understanding that the amount indicated must be paid by THE
DEVELOPER-BUILDER-SELLER, seventy-two (72) hours before the time of signing the
Sales Contract Definitive or Quadripartite. These values must be deposited solely and
exclusively in the account of Grupo Marfa, SRL.
TENTH ARTICLE (10): THE PROMISING BUYER, by means of this act acknowledges and
agrees to pay the sum of (US$2.00 to US$2.50) monthly, approximately, as a provisional fee to
cover the maintenance of the Residential, at the very moment of receiving the unit purchased or
24-48 hours after its balance, payable to the company THE DEVELOPER-CONSTRUCTOR-
SELLER. The final maintenance fee will be set by the Residential Owners' Assembly when
holding its First Assembly, once the provisional administration has been handed over by THE
DEVELOPER-BUILDER-SELLER.
a) THE PARTIES declare to know and accept that these adjustments will be made based on
the increases reflected in the Index of Direct Costs of Housing Construction (ICDV) for
multi-family housing of four levels or more published by the National
Statistics Office (ONE) and the Dominican Association of Home Builders and Promoters
(ACOPROVI).
b) THE PROMISING BUYER declares to recognize and accept that the Index of Direct
Costs of Housing Construction (ICDV) for multi-family housing of four levels or more that
will be used as the basis for the readjustment of prices (if necessary) will be the one
corresponding to the month prior to the payment date of the property reservation, which
hereinafter will be called the ICDV of the property reservation payment date, and in the
event that it is not available, the latest Direct Cost Index will be used. of Housing
Construction (ICDV) that has been published.
d) THE PROMISING BUYER declares, acknowledges and accepts that to calculate the
price readjustment, the total value of the sale will be taken, which will be divided by the
IDCV of the reservation payment date of the property and the resulting amount will be
multiplied by the IDCV of the month in which the readjustment of the sale price is made,
and that in the event that the IDCV of that month is not available, the IDCV of the
previous month or the last one that has been published will be used.
e) MINIMUM SALARY: THE PROMISING BUYER accepts that the sum pending
payment for the purchase of the Functional Unit corresponds to labor, therefore, in the
event of an increase, the minimum salary will be increased in the same proportion of the
debt that maintain THE PROMISING BUYER on the date on which said increase in the
minimum wage occurred.
f) The ITBIS: THE PROMISING BUYER accepts and acknowledges that in the event that
the Tax on the Transfer to Industrialized Goods (ITBIS), were increased, in relation to the
current level, which is 18% (Eighteen percent), or this will pass to tax assets that were not
included as of today, the unpaid balance of the purchase of the Functional Unit would be
increased in the same proportion as this increase.
THIRTEENTH ARTICLE (13): THE PROMISING BUYER will accept that the
value of the appraisal of the property or any other body or institution, will not necessarily have to
coincide with the sale price agreed in this contract.
FOURTEENTH ARTICLE (14): If THE PROMISING BUYER desists from
making the purchase of the property described in this act, he must indemnify THE
DEVELOPER-CONSTRUCTOR-SELLER with a sum equal to TWENTY PERCENT
(20%) of the total amount of the purchase price. sale agreed in this contract, this agreement will
be considered retroactively terminated as of right without liability for either party and will
proceed to return the remaining amount to THE PROMISING BUYER no later than ten
(10) days after THE DEVELOPER-CONSTRUCTOR-SELLER has sold again the apartment
object of this contract.
FIFTEENTH ARTICLE (15): DATE STIPULATED FOR DELIVERY. THE
DEVELOPER-CONSTRUCTOR-SELLER will notify THE PROMISING
BUYER at least thirty (30) days in advance of the date on which the property will be available,
for which THE DEVELOPER-CONSTRUCTOR-SELLER will make its best efforts to
establish the delivery in the term of (18) eighteen months for the project, in the formal
understanding that said terms will be computed from the date of approval and issuance of the
Construction License issued by the Ministry of Housing and Buildings (MIDE).
SIXTEENTH ARTICLE (16): The parties accept and acknowledge that this contract does not
constitute any obligation for THE DEVELOPER-CONSTRUCTOR-SELLER to carry out
THE PROJECT and is carried out under the suspensive condition that it be carried out until its
completion. In the event that THE DEVELOPER-CONSTRUCTOR-SELLER decides, for
any reason that it understands affects the viability of THE PROJECT at its sole discretion, not
to build or carry out THE PROJECT, it shall notify THE PROMISING BUYER , in which
case, this agreement shall be deemed retroactively terminated as of right without liability to
either party. THE DEVELOPER-BUILDER-SELLER, will reimburse THE PROMISING
BUYER, any sum paid on account of the sale within sixty (60) days of the aforementioned
notification.
SEVENTEENTH ARTICLE (17): FORCE MAJEURE. In the event of any fortuitous event
or force majeure, including lack of demonstrable construction materials, natural disasters,
prolonged rains, political and social changes or disturbances, strikes, riots, situations of stoppage
of activities as a result of the pre- and post-election periods political or causes related to the land,
pandemics, humanitarian cris, wars, international political conflicts, logistical problems of
materials, both regional, local and international, without this indication being limiting and
producing the breach of any of the obligations put in charge of THE DEVELOPER-
CONSTRUCTOR,
SELLER particularly the date of delivery of the property, will release it from any type of fine or
claim in accordance with the provisions that the Dominican Civil Code establishes for this
purpose.
PARAGRAPH I: It is understood between the parties that this period is extended as long as
necessary for the completion of the project.
PARAGRAPH II: THE PROMISING BUYER acknowledges that it must not make any
changes, demolition of internal or external walls that affect the structural safety of the housing
unit it occupies in the Residential.
ARTICLE TWENTIETH (20): THE PROMISING BUYER acknowledges and accepts that
the purchase of the Apartment entails and implies its compliance with Law 5038 of 1958, which
establishes a system for property by flats or apartments, modified by the Real Estate Registry
Law No. 108 -05 of March 23, 2005, its Regulations and Resolutions, the Regulations of the Co-
Ownership and Condominium Administration Statute, and the resolutions or agreements of the
General Assemblies of the Consortium of Owners and the Board of Directors as which will be
established in the same Regulation. En tal virtud, EL PROMITENTE COMPRADOR se
obligan a someterse a las disposiciones de la referida Ley 5038 del 1958, al Reglamento y
Declaración de Condominio, así como a las resoluciones o acuerdos de las Asambleas Generales
del Consorcio de Propietarios y de la Junta Directi
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TWENTY-FIRST ARTICLE (21): The parties acknowledge that to facilitate the construction
operations of the property object of this contract and as a protection measure, for purchasers who
visit the aforementioned property, THE PROMISING BUYER must request written
authorization from THE DEVELOPER-CONSTRUCTOR-SELLER to coordinate day and
time in the same way and manner that does not interfere with the activities within the project.
PARAGRAPH I: THE SELLER issues a guarantee of One (01) year from the moment the
property is settled, or the definitive or quadripartite contract is signed, on the understanding that
the aforementioned guarantee adheres to the provisions of the Civil Code Dominican.
ARTICLE TWENTY-FOUR (24): THE SELLER guarantees that the property object of this
operation has been built according to the plans that may have variants before the final delivery of
the project, always adhering to the current specifications and construction laws and accept to the
guarantee for hidden defects, for a period of One (1) year, computed from the date of signing the
quadripartite contract, corresponding to the balance of the unit in accordance with the provisions
of this line by the Dominican Civil Code.
A) In case of installation of iron in windows and doors which may generate future leaks,
paint deterioration, cracks in the bandana
B) In the case of the apartments located on the top floor and when they have the right to the
area of use of the roof established in their property registration, they will lose the
guarantee of impermeability of the roofs as soon as they are intervened with
constructions or modifications for their future use.
C) Breakers Box: In case of alterations caused by any electricity generation or control
device attached to the electrical installation with which the property was delivered.
D) In case of leaks generated in the showers or bathroom floors due to having been
intervened by the installation of screens, curtains or any other accessory placed on the
walls and floors and have had penetration due to a crack, they will not be covered by
THE SELLER.
E) The company is not responsible for gas leaks caused by poor installation of stoves and
heaters.
F) Or any other situation caused by physical modifications of the aforementioned property
that is the object of this contract.
It is understood between the parties that THE PROMISING BUYER will cover all expenses
and fees that may arise from the execution of processes motivated by the breach of any of the
clauses of this contract.
ARTICLE THIRTY (30): These Purchase and Sale Option Contracts represent the total
understanding between the parties in relation to the object of the same, and replaces any and all
previous contract or arrangement between the Parties in relation to the object of the same. The
parties expressly agree and acknowledge that these Real Estate Purchase Option Contracts,
including their annexes, if any, contain all the terms agreed upon by them, and that they assume
said terms and conditions without any reservation or suspensive or resolutive condition.
b) ACCEPT that the relationship of said credit information does not violate
professional secrecy for the purposes of article 377 of the Penal Code or bank
secrecy provided for in paragraph b of article 56 of Monetary and Financial Law
No.183-02 dated November 21 , 2002.
c) AUTHORIZE THE DEVELOPER-CONSTRUCTOR-SELLER or the Bank that
finances the Project to share their personal and/or credit information to the central
and corporate areas, in strict commercial interest.
● Email:
● Address:
DONE AND SIGNED in Three (3) originals of the same tenor and effect, one for each of the
contracting parties, in the National District, Dominican Republic, on the XXXX (XX) day of the
month of XXX of the year two thousand and twenty-two ( 2022).
XXXXXXXXXXXXXXXXXXXXXX
THE BUYER: