Construction with us is starting at 670 USD / m². For this money you´ll get a sound villa with cement blocks and concrete roof and finishings regarding western standarts. All construction details, price and duration will be fixed in a contract. In the contruction period you can downgrade, upgrade each construction detail. We have some proposals for designs and layout which can be modified as well. Usual contruction time is 4 - 6 months.
YOU DON`T NEED RESIDENCY OR VISA TO BUY SND SELL OR TO INHERT PROPERTIES HERE IN DR !
YOU WILL BE 100 % OWNER WITH FULL RIGHTS AND WITHOUT ANY RESTRICTION!
The legal costs can vary between 1 & 2% of the purchase price We can put you in touch with a reputable local law firm who will only charge 1% for Dominican Estate clients, although you have every right to use any lawyer of your choice.
For property with an appraised value of more than 6,000,000 pesos ($126,850 US approx) there is an annual tax of 1% of the amount that is in excess of the 6,000,000 pesos.
Example: if a property has an appraised value of 7,000,000 pesos ($147,991 US) you would pay 1% of 1,000,000 pesos, which would be 21,000 pesos ($447 US) PER YEAR!
These calculations are based on an exchange rate of 47,3 pesos to the US dollar, which can fluctuate.
Here at Dominican Estate we are committed to providing our clients with the highest level of service possible to make it a straightforward process to turn your Caribbean dreams into a reality.
If you have any further questions, please contact us at firstname.lastname@example.org or call us on + 1 809-377-0886 ( whatsapp ) or skype: dominican-estate
They are no restrictions for for foreigners buying and selling real estate properties in the dominican republic, whether you are residents or non-residents enjoy the same rights under dominican law!
here are the steps!
1 Preliminary Steps: After verbal agreement is reached by the buyer and seller on the price, a binding Promise of Sale is prepared by an attorney (lawyer or solicitor) or notary public which is signed by both parties. (Notaries in the Dominican Republic are required to have a law degree.)
Legal Contracts for Real Estate business in the Dominican Republic
The attorney may proceed with the due diligence first, before preparing the Promise of Sale, or alternatively, prepare the Promise of Sale first, conditioning the purchase to the results of the due diligence to be done in a specified term.
2 Promise of Sale: This is a formal document, binding on both parties, and signed by them in the presence of a Notary Public. From a practical point of view, it is more important than the Deed of Sale, since it generally contains a complete and detailed description of the entire transaction up to the time when the purchase price has been paid in full and the property is ready to be conveyed to the buyer. A well-drafted Promise of Sale should contain at least the following provisions:
(a) Full name and particulars of the parties. If the seller is married, the spouse must also sign.
(b) Legal description of the property to be purchased.
(c) Purchase price and payment terms.
(d) Default clause.
(e) Date of delivery of the property.
(f) Due diligence required or done.
(g) Representations by the seller and remedies in case of misrepresentation.
(h) Obligation by seller of signing the Deed of Sale upon receipt of final payment.
3. Power of Representation which the seller or the buyer may give to a third person to sign the documents on their behalf.
4 Deed of Sale (Contrato de Venta): This is also a formal document binding on both parties, and signed by them in the presence of a Notary Public. It is used primarily for the purpose of conveying the property from the seller to the buyer.
In case of a cash purchase, it is simpler and cheaper to go directly to the signing of a Contrato de Venta, instead of taking the preliminary step of signing a Promise of Sale.
• Determination and Payment of Transfer and Registry Taxes: The authenticated Deed of Sale is taken to the nearest Internal Revenue Office where a request is made for the appraisal of the property. The Internal Revenue Office checks if the seller is in compliance with his tax obligations and selects an inspector to do the appraisal. The determination of the amount of taxes to be paid may take a few days or weeks, depending on the availability of the property inspector.
• Filing at the Registry of Title: Once the property has been appraised and taxes paid, the Deed of Sale and the Certificate of Title of the seller are deposited, along with the documentation provided by Internal Revenue, at the Title Registry Office for the jurisdiction where the property is located.
• Certificate of Title: At the Title Registry Office, the sale is recorded and a new Certificate of Title is issued in the name of the buyer. The property belongs to the buyer from the time the sale is recorded at the Registry. The time for the issuance of the new Certificate of Title may vary from a few days to a few months depending on the Title Registry Office where the sale was recorded.
Real Estate Investigation or Due Diligence
To start the due diligence, the seller should provide the buyer or the attorney with the following documents:
• Copy of the Certificate of Title to the property.
• Copy of the official survey to the property or plat plan. Under the new Property Registry Law, the sale of properties without a government-approved plot (deslinde) cannot be recorded at the registry, except in the following cases: (1) Sales executed before April 4, 2007, which may be recorded during a two-year period ending on April 4, 2009, and (2) Sales of the entire property executed after April 4, 2007 (sales of portions are not allowed), for just one time.
• Copy of his or her identification card (Dominican Cédula or Passport and that of the spouse, if married.
• Copy of the receipt showing the last property tax payment (IPI) or copy of the certificate stating that the property is exempt from property tax, and certification from the Internal Revenue Office showing the seller is current with his or her tax obligations.
If the seller is a corporation:
• Copy of the corporate documentation, including bylaws, up-to-date registration at the Mercantile Registry and resolution authorizing the sale.
• Certification from the Internal Revenue Office showing the corporation is current with its tax obligations, specially Income Tax and Tax on Assets.
If the property is part of a condominium:
• Copy of the condominium declaration.
• Copy of the condominium regulations.
• Copy of the approved construction plans.
• Certification from the condominium administration showing the seller is current with his or her condo dues.
• Copies of the minutes of the last three condominium meetings.
If the property is a house:
• Copy of the approved construction plans.
• Inventory of furniture, etc.
• Copies of the utilities contracts and receipts showing that the seller is current.
Once the documentation listed above is obtained, the attorney should address every item on the following checklist:
• Title Research ( Due to Dilligence ): A certification should be obtained from the appropriate Title Registry Office regarding the status of the property, stating who the owner is and whether any mortgages, liens or encumbrances affect it. The buyer should insist that his or her attorney confirm the results of the Registrar's search by investigating the pertinent files at the Title Registry Office.
• Survey: An independent surveyor should verify that the property to be sold coincides with the one shown on the survey presented by the seller except when the property is located in a previously inspected subdivision. Cases have occurred in which a buyer acquires title over a property some distance away from the one he or she believes to be purchasing due to careless work by a previous surveyor or to fraud by the seller. The survey should be checked even when the seller provides a government-approved plat.
• Permits: The attorney should confirm that the property to be purchased may be used for the purposes sought by the buyer. There are many legal restrictions which should be taken into account before purchasing. For example, Law 305 of 1968 establishes a 60-meter maritime zone along the entire Dominican coastline, measured from the high tide mark inland, which in effect converts all beaches into public property. No building is allowed within the maritime zone without a special permit from the Executive Branch. Also, in tourist areas, there are building restrictions administered by the Ministry of Tourism.
• Possession: The attorney should check that the seller is in possession of the property. It should be ensured that no squatters' rights of any kind exist. Special precautions should be taken with unfenced properties outside known subdivisions. Fencing them before closing is advisable. If there are tenants on the property, the buyer should be informed that Dominican law is protective of a tenant's rights and that evicting a recalcitrant tenant is time-consuming and expensive.
• Employees: The seller should pay any employees working on the property their legal severance, otherwise the buyer may find himself liable for the payment later.
• Utilities: The attorney or buyer should check that the seller does not have any utility bills pending by enquiring at the appropriate power distributor, water, cable and telephone companies.
4 Signing the Definitive Sale-Purchase contract containing the main information of the seller and buyer, the property catastral description, beiing puchaesed, the price on sale and any other particular agreement betwenn the buyer and the seller.
If the seller is a physical person married under the community property regime, the definitive puchase contract must be signed by both spouses.
Costs around Real Estate business in the Dominican Republic
5 Transfer Taxes
The tax on property transfer is three percent (3%) of the sales value, established of the sale / purchase contract or the price resulting from the valuation established by the tax department (DGII), whichever price is higher. The tax must be paid within the 6 following months to the signature of the definite sale / purchase contract. The payment of the property purchase tax make you to the legal owner regarding the dominican laws and in the face of the goverment.
Taxes must be paid before filing the purchase at the Title Registry Office. Taxes and expenses on the conveyance of real estate are approximately 3.5% of the government-appraised value of the property, as follows:
• 3% Transfer Tax (Law # 288-04)
• Minor expenses such as cost of certified check required to pay taxes to Internal Revenue, sundry stamps and tips at the Registry.
Taxes are paid based on the market value of the property as determined by the tax authorities, not on the price of purchase stated in the deed of sale.
Buyers wishing to lessen the impact of transfer taxes have the option of using a loophole in the law which allows the contribution in kind of property into corporations without paying transfer taxes. For this, cooperation from the seller is essential.
It would normally be safe to assume 5% as an overall figure to allow for all taxes, fees and documentation.
Medical care is surprisingly good in the Dominican Republic but limited outside the key cities and the quality of care varies among facilities.
Real Estate in the Dominican Republic – Construction, Build with us
You need to make sure that the size of the Lot is large enough to allow the Villa to be built spacious and comfortable and to have enough space for the construction of a pool, and to give you a reasonable distance to neighbors to guarantee your privacy. Any person, Dominican or foreigner can legally own Property in the Dominican Republic . We will be glad to assist you to locate the right Lot for your project or your dream Villa. Lots are starting up from 14,000 USD.
Building costs vary between 500 US per sqm to 950 US per sqm, depending on the construction quality, materials used, and the location of the Lot.
Together with our architect you will plan your dream project or villa based on your imagination and individual ideas, or you can choose from one of our many already finished building plans.
Payments are structured based on payment steps; pay as you see the results, to make sure your money is safe and you really receive what you pay for.
We do your supervising the entire construction process based on german construction quality. Even if you are out of the country during the construction period of your property, we will keep you up to date with independent reports and pictures of the progress.
We will take care of obtaining all legal permits etc. necessary to start the construction. These costs are included in the total construction cost.
The construction time varies between 5 to 8 months, only stopper is rain, This time frame includes the construction of the pool and landscaping.
Garden / Landscaping:
We have experienced landscaping artists working for us; they will suggest which plants will fit the best in to your garden to make it cool and comfortable. We also build natural stone walls, brickwork, hibiscus hedges or whatever you want us to build for you, you name it.
You can individually design your pool, with no limits set from an infinity pool to a Jacuzzi with waterfall.
Furniture and Appliances:
There is a lot of great furniture built in the Dominican Republic, from bamboo, rattan, wicker to teak and mahogany furniture. It is also possible to find designer furniture from Europe and the USA . All internationally known appliance products are available, just as we are used to from home.
35% of construction price sign construction contract by this payment we will start the construction.
30% construction if the roof is poured.
35 % third payment if the walls are poured, electric and plumings are basically done by the start of installation of the tiles.
Example Houses - Build to Order : http://www.dominican-estate.com/index.php?action=searchresults&pclass=6
Land to Build : You would first need to find your land where you want to construct, and then lease with us for it to be built to your requirements.We can help you with viewing various lots we have for sale
Read more at http://www.dominican-estate.com/construction/
Getting Your Home Ready for the Market Dominican Republic Property for sale
Ready for the Dominican Republic Real Estate Market - Getting Your Home Ready for the Market
When considering selling your home, the presentation is very important and can greatly affect the market assessment. When there is a large variety of property on the market in the Dominican Republic, it is vital to present your real estate in its best light. Try to see your home through the eyes of the Buyer. This should help save you time and money in selling your homes and houses, maximizing your opportunity to realize your asking price in the shortest possible time.
Christian Vogt, real estate broker, assists sellers in Sosua and Cabarete, and offers guidelines for selling property in the current market.
Un-personalize Your Home for the Dominican Republic Real Estate Market
When considering a home to purchase, the buyer often visualizes what it would be like living there. If overly striking decoration, unpleasant odors, loud music or TV, noisy children or barking dogs, strong political or religious statements, or very unusual art or furnishings dominate your property, the potential buyers may not be able to imagine it as their own.
Always consider having fresh flowers and make a pot of coffee when potential buyers are expected. The smell is irresistible.
Ready for the Dominican Republic Real Estate Market - Checklist:
Please consider how each of these areas of your home is presented in terms of state of repair, decoration, maintenance, and cleanliness:
- Landscaping and boundaries
- General Exterior Condition
- Main Entrance (first impressions are important)
- General Interior Condition
- Living Rooms
3 proven tips to stage your home to sell
Williams, an interior designer, and Cook, a senior vice president with Space City Credit Union, have more than five years of experience with Showhomes, managing and staging luxury homes for high-end Realtors and clients.
Staging is a science more than an art, and has become an integral part of selling homes, Williams said. Unlike interior design, staging is done not to suit the current homeowners’ tastes, but to make the home appealing to a wide range of prospective buyers.
“Our goal is to bring out the positive features of the property and improve its show quality,” Williams said. “We want to show the buyer the potential that the home has for them. Everything we do is geared toward getting more money at closing.”
Here are five tips to stage a home to sell, according to Williams.
1. Update carpets, wall paint and countertops.
Remodeling is costly, but replacing the carpets, putting a fresh coat of paint and upgrading the countertops can really make a difference in selling a home.
Williams recommends carpets that are low-profile, sleek and don’t take over the space; light, neutral paint colors; and light-colored quartzite or Carerra marble countertops that are more durable and dense than dark granite countertops.
“Buyers have certain expectations,” Williams said. “They don’t want fixer-uppers anymore. They want immediate gratification.”
2. Declutter. Less is more.
Williams recommends using a few focal point pieces — larger-scale art and furniture — to bring buyers’ eyes to the space, but not detract from it.
In particular, buyers pay close attention to the kitchen and master suite, which are often cluttered with knick knacks.
Williams recommends decluttering the kitchen and creating a spa-like atmosphere in the master bedroom and bathroom. That means: removing unused appliances from kitchen countertops, getting rid of decorative pillows from the bed and putting clean white towels in the bathroom, he said.
3. Homes need a lived-in look.
Vacant homes often take longer to sell because buyers think the homeowner is desperate to sell.
Getting a so-called “home manager” to live on the property to give it a lived-in look can help reduce the chance of getting low-ball offers, Williams said. Even when staging homes, the changes should feel organic, he added.
“Homes shouldn’t have that staged look,” Williams said. “They should look like someone lives there.”
Dominican Real Estate in the Dominican Republic - Selling your Property
Selling your Property here in the Dominican Republic
If you are considering selling your property in the Dominican Republic, one of our experienced real estate listing agents will be happy to visit, give a market assessment/advise on asking price and discuss the selling procedure. Whether your property is in a prime location, gated community, beachfront or a town centre, we would like to talk to you about selling your property. With over 10 years experience of selling Dominican realty, Dominican Estate is the agent to trust.
Listing your Real Estate Property with an Agent.
Inviting a Listing Agent over to take your details will allow them to assess a good market price, dependent on various factors:
Your Timing Requirements for Selling the Property.
The Listing Agent would ask to have sight of and keep a copy of:
The Title of Deeds
Where Possible a plot plan.
We would also ask that you ensure that all utility (water, electricity, maintenance, telephone etc.) bills are up to date and all the property taxes paid. This may cause delays if not in hand.
Both the Seller and the Listing Agent sign an agreement for either an exclusive or non-exclusive listing.
Selling your Real Estate Property with an Agent.
When a buyer wishes to proceed, an "Offer to Purchase" is put forward which, if accepted, is signed by both parties.
A deposit is taken from the Buyer to be placed in their lawyer’s escrow account.
On closing (between 30 days to 90 days), the net funds are transferred to your account when you sign over the Title to the propert
The tax on property transfer is three percent (3%) of the sales value, established in the sale / purchase contract or the price resulting from the valuation established by the tax department (DGII), whichever price is higher. The tax must be paid within the 6 following months to the signature of the definite sale / purchase contract. The payment of the property purchase tax make you to the legal owner regarding the dominican laws and in the face of the goverment.
New Property Law for Real Estate.
This new law came into effect January 1st, 2013, and the main changes are:
1.- Properties owned by an individual and assessed by the government below 6.5 Million Pesos 143,172 USD ( 45,4 pesos = 1 USD ; 24.1.2016 ) will be exempt of yearly property taxes and any excess will pay 1% per year.
2.- The value for all the properties that a person have will be added together and 6.5 Million Pesos will be exempt of yearly property taxes and the excess will pay 1% per year.
3.- There were no changes to corporate owned properties. All properties owned by a company will pay 1% per year of the assessed value with no exemptions.
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If you have questions about the homebuying process, look no further. We’ve compiled a comprehensive guide detailing what first-time homebuyers can expect as they negotiate the real estate market. Use this as a resource, and before you know it you’ll be sending out change of address cards.
Before You Start Looking for your First Home
Take a Look at Your Finances
You’ll need to examine your finances and get them in the best shape possible before applying for a loan. Remember, the better you look financially, the better position you’ll be in when it comes to having your offer accepted. Here’s what you can do:
- Develop a budget. Make a list of your monthly expenses, even the little ones. Create a budget that allows you to live below your means, and stick to it.
- Reduce your debt. Banks understand that everyone carries debt, but in order to be seen as readily financeable, they prefer that cost take up no more than 10 percent of your monthly income.
- Build your savings. When you buy a house, you’ll be expected to make a down payment on the property (typically 20 percent of the purchase price). There are also initial deposits, inspection fees and closing costs to consider.
- Pay your bills on time. You should also pay as far above the minimum payment as possible. It’s a red flag to banks if they feel you are inconsistent when paying smaller bills.
Getting your finances in good shape may take some time and effort, but it’ll be worth it when you and your family are able to finance your dream home.
The idea of applying for a mortgage, especially if you’re a first-time homebuyer, can be overwhelming. There are so many types to consider. http://www.bhdleon.com.do outlines the most common ones:
- Fixed-rate mortgage. The interest rate will stay the same for the entire length of the loan, meaning that your payments will be consistent no matter how the market fluctuates.
- Adjustable-rate mortgage. This type of loan has a lower initial interest rate than a fixed-rate mortgage, meaning that buyers may get approved for a larger sale price. After a few years, however, your loan will be subject to periodic adjustments based on the current market.
- Government loan. These loans are offered by private lenders but insured by the federal government.
- FHA loan: The Federal Housing Administration aims to help low- to moderate-income buyers by offering low down-payment requirements and flexible qualifying guidelines.
- VA loan: This has many of the benefits of an FHA loan but is backed by the Department of Veterans Affairs. It is available only to veterans or active-duty military personnel and their spouses.
In addition to the type of loan you prefer, you’ll want to have an idea of the length of loan that will work for you. Typically, mortgage terms are 30 years, but there are options available ranging from 1 to 20 years. Longer-term loans often come with lower monthly payments, whereas shorter-term ones will likely offer better interest rates.
Don’t worry too much about deciding upon the exact type of loan that you’d prefer. A qualified loan officer should be able to make recommendations for you after reviewing your financial information. Just focus on familiarizing yourself with the options available so that you can make educated decisions when the time comes.
Get Preapproved For a Loan
The next step is to bring your financial information to a mortgage company and ask for a preapproval. Keep in mind that a preapproval is not the same thing as a prequalification, which generally only estimates what you can borrow. In contrast, a preapproval involves a thorough credit check and in-depth look into your finances.
In the end, you’ll get a written commitment letter with the amount that the mortgage company is willing to lend you. It will give you a much more accurate picture of what you can afford.
It’s also important to remember that your preapproval will show the maximum amount that you can borrow based on your finances. You do not have to buy a house at that price point. Instead, we recommend that you look at your budget and decide upon a monthly mortgage payment range that will allow you to comfortably afford your other monthly expenses.
Hire a Real Estate Agent
At the end of the day, buying a home is a legally binding transaction. While hiring an agent is not required, it only makes sense that you would want someone on your side of the settlement table who is invested in representing your interests. A qualified agent will also take care of coordinating any logistics during the showing process and guiding you through paperwork so that you’re able to focus on identifying your new home.
By no means should you choose just any agent. Do your research and interview a few with good reputations in your area. Before signing a contract, you should feel confident that you’ve found a real estate agent who will be able to listen to your needs and translate them into results.
Finding Your First Home
Set Search Parameters
One of the first things you’ll do with your agent is sit down together and talk about the type of home you’d like to buy. This will help both you and your agent focus on what’s most important to you in a property. We recommend coming to this meeting with two lists in hand: a must-have list and a wish list.
As the name suggests, your must-have list should be comprised of the non-negotiable features that need to be present in order for you to buy a property. These are typically things like location, price point or the number of bedrooms and bathrooms. Meanwhile, your wish list should include the features that you’d like to see in your home, such as a pool, an updated kitchen or a finished basement.
Sift Through Listings
Using your parameters, your agent will likely set you up on an automated listing search, which will regularly send you information regarding the available houses in your area that meet your criteria. Each listing should contain photographs of the property as well as information on its price, location and features. Look through them carefully before deciding which ones you’d like to see in person.
Keep in mind that not every listing is going to match your wish list perfectly. You never know where you’ll find your new home, so be willing to look at those that fall outside of your desired aesthetic but still fit your needs. At the same time, it’s perfectly fine to pass on any property that you know won’t work for you.
Go On Showings
After you’ve found a few homes you’re excited about, your agent will set up showings. As you walk through the homes, keep in mind that it’s easy to get caught up in small details like paint color, but most cosmetic changes can easily be made. Do your best to focus on big-picture items such as the size, layout and condition of the home.
You may receive a Seller’s Property Disclosure for each listing; this document details the condition of the home, including any known problems and repairs. If you’re interested in a particular home, read this over carefully to understand the scope of the work that may be required if you were to purchase it.
Negotiating an Offer
Submit an Agreement of Sale
Once you’ve finally found your dream home, it’s time to submit an offer. You’ll sit down with your real estate agent and draw up an Agreement of Sale, or your formal offer to purchase the home. In this document, you’ll propose a potential transaction to the seller.
The agreement includes information such as sale price, settlement date, your financial information, time frames for performing an inspection and clearing the title, as well as the allotment of closing costs. If the seller is open to your offer, the two of you will negotiate details until you reach mutual acceptance.
It can be tempting to submit a low offer in an attempt to score a deal, but we recommend this only if you’re OK with the possibility that the seller could reject the offer without a chance for negotiation. If, however, you’ve fallen in love with a property, aim for an offer that’s within a realistic range of the list price. Especially if multiple offers are on the table, always go in with your best foot forward.
Get a Home Inspection
As the buyer, inspections are optional, but they are for your benefit. They’re essentially to make sure that you go into the transaction knowing what to expect from your new home. Consult your real estate agent on which inspections are appropriate for your particular property; agents typically have a list of certified professions who they would recommend to do the work.
After the inspection is complete, you’ll have an opportunity to review a thorough report that details any problems with the property, as well as recommendations for repair. If you’re unhappy with the results, as long as you’ve completed your inspections within the time frame outlined in the Agreement of Sale, you’re entitled to walk away from the transaction. Otherwise, you and the seller will move forward by negotiating who will shoulder the cost of repairs.
Apply For a Mortgage
If you’re planning on receiving any financing to buy your new home, you’ll need to submit a mortgage application and have it approved before you can move forward to settlement. To do so, financial institute says, you’ll need to work with these people:
- Loan officer. Reviews your financials, helps you decide which type of loan is appropriate for you and helps you complete the application.
- Loan processor. Collects the documents necessary to verify the information given in your loan application (bills, income statements, etc.) and packages them for easy review by the underwriter.
- Mortgage underwriter. Approves or rejects your mortgage loan application based on information such as credit history, employment history, assets and debts.
- Appraiser. Reviews the property to make sure it’s priced fairly at its current market value.
Overall, mortgage approval involves a lot of waiting; it can be one of the longest components of the home-buying process. But there are a few things that you can do to help it along. Respond to requests for information or clarification as quickly and thoroughly as possible, and avoid making any major changes in your finances during the review. For example, it’s best to wait to buy new furniture or appliances until after your loan has been approved.
Close the Sale
Once your loan has been approved, you can look forward to closing day. On the day of settlement, you and your agent will complete a pre-settlement walk-through, wherein you’ll walk through the property and make sure it is in acceptable condition.
This is also your opportunity to ask the seller any last questions you have about the property. From there, it’s just a matter of signing paperwork and settling finances before you get the keys to your new home.
The idea of finding your dream home amid a sea of properties can be overwhelming, let alone negotiating an offer afterward. However, when you understand the individual steps it takes to buy a house, the whole process will seem more manageable.
Use this homebuyer guide as a resource. We hope to show you that anyone can achieve their dreams of finding a home that is a perfect match. Are you interested in buying a home? If so, feel free to post your questions in the comments below.
1. Financing : What should you know
In the Dominican Republic, financing, as in many countries outside North America and Europe is seldom available as you are accustomed.
The majority of purchases are cash in full.
In the rare exception when financing is available then the following applies:
1) Local mortgage rates run approximately 20% to 21% per annum.
USD mortgage rates run approximately 7,5% to 9,5% per annum
2) If you think of borrowing at home you will find that most North American banks do not offer home or property financing outside continental North America
unless you take an equity loan on existing property you own there or take out a personal loan. Most European banks operate the same.
3) Rarely will a seller will offer to take back/hold financing (since he also paid cash and needs cash back to move on or purchase elsewhere)
BUT WHEN A SELLER DOES OFFER FINANCING it is generally a term no longer than 3 to 5 years
with a minimum 50 to 60 % down payment of the sale price, at 4 to 6 % interest and equal payments to be made
so that the full balance is paid off during that 3 to 5 year period.
So you see that IF you are to find affordable financing it will usually be direct from the seller.
In those cases the seller will not transfer final title until the property is paid for.
To protect your position the lawyer will hold the title in trust and the conditions of sale etc are registered at the land registry office.
Upon payment in full the title is then transferred to you. This system works very well in the DR.
** PROPERTIES WITH FINANCING AVAILABLE FROM THE SELLER WILL HAVE A NOTE IN THE LISTING INFO** other wise there is none available