Valuable information regarding the property purchase process in
The Dominican Republic?
There are no restrictions on foreigners ownership of property in the DR.
Residents and non-residents enjoy the same rights, obligations and also benefits.
Dominican Republic villas, apartments and condominiums.
To purchase a property, the first thing you should do is hire a real estate lawyer. In this country there is a history of fraud committed by real estate agents and little protection is offered to you as a buyer. Be extremely vigilant. Real estate agents tend to offer higher prices to foreigners.
A 10% deposit is required to hold and reserve a property and take it off the market. After which, the lawyer will conduct the process of due diligence. This involves a title search, overseeing the survey, and obtaining the important documents from the seller, including a photocopy of the title. After this has been done and the buyer is satisfied with the information, the buyer proceeds to pay the remaining balance. Payments are typically made by depositing to the escrow/trust account of the lawyer. When everything has been cleared, the lawyer will transfer the money to the seller’s account before closing.
Some of the documents that must be provided by the seller, to begin with, the due diligence are:
Copy of Certificate of Title
Copy of the survey of the property
A copy of the seller’s Passport or “Cedula or Passport; including that of spouse’s, if married.
Copy of last property tax receipt; if exempt from property tax, copy of certificate of exemption
Copy of the approved construction plans if property is a house
Dominican Republic upper-class residential properties. The notary/lawyer authenticates the “Contract of Sale” signed before him by the seller and the buyer. The Sales Contract is processed in the Internal
Revenue Office where upon the taxes will be paid.
After the transfer, the lawyer will submit
the documents to the
Title Registry Office where the title
will then be changed to bear
the new owner’s name.
The whole process of registering a
property can be completed in
around 47 to 52 days.