Real estate in the Dominican Republic can be purchased for both private entities and legal entities, which can be registered quickly without restrictions or encumbrances by the state. The basic outline of the purchase is detailed below and does not depend on who will be the registered real estate agent, be it a company or an individual. Foreigners without restrictions can acquire residential and commercial real estate. When you buy a property in the Dominican Republic, invest your money in a plan for the future. The process of buying a property is completely transparent and simple. There are no complex schemes or long chains, including many intermediaries.
The process of buying a property:
-Choose the property you like: a villa, an apartment, a plot of land, etc.
-Reserve the property to see it.
-After deciding on a specific property, you must reserve it. The property will be reserved for you and will not be sold for 10 days.
-After your election, you make a proposal to the seller to buy (offer) and deposit a security deposit of 3 to 10% of the value of the property. In case of rejection of your offer, we make a full refund.
-After making the deposit, the preparation of the contract begins. Depending on the degree of availability of documents for real estate and the congestion of lawyers, the preparation can take from two weeks to several months (for large objects). The contract is concluded between the seller (the owner of the property) and the buyer (you), and also notarized.
-The process of issuing documents starts from the moment you decide to buy and makes a promise. The object is placed “offline” and is automatically removed from the sales market. The date of signature of the contract is established: the preliminary contract and the final contract of sale.
-get a contract ready in Spanish, for your reference. With your consent, we provide a certified translator with an experience of more than 15 years of graduating from the Russian University of Friendship of the Peoples, knowledge of English, Spanish and Russian at a high level. If you wish, we can translate the contract into Russian or English.
-The transfer of money is a common way of transferring money through the banking system, including cash or traveler’s checks. The money can not be transferred to the hands of a real estate agent and in the hands of the seller, only at the expense of an independent notary! The contract is signed by a notary public that defends the interests of both parties.
-The contract is signed by three parties and comes into force after the total payment of the property. From now on, you own the property.
-In addition, within a few months, the registration procedure of “Title” and “Demarcation” in your name in the registration chamber and the payment of all taxes is ongoing.
Note: there are additional costs incurred by the buyer. For example, when buying a property, the cost of the services of a notary for the preparation of the contract, re-registration “title and demarcation” pay a lawyer to work in the new record of the property is between $ 1,000 and 1 (%) of the amount of the transaction. In addition, it is necessary to pay a 3.5% tax on the purchase of real estate, if you are making a property for a local company, 3.5% is not provided by law.
We work in accordance with the legislation of the DR.
