Fortunately the Dominican Republic is a country without exagerated bueraucracy. However, when buying Real Estate, be it a piece of land, a house or an apartment, it is important to verify the legal situation of the “Titulo” (Land register title). Otherwise, if you did not use a serious real estate agent or lawyer, you may be faced with uncomfortable surprises.
At this point we can only advice that you should use only known and trustworthy agents, lawyers and notary. Once the title is verified, a contract can be drawn.
Our advice in this regard
- All contracts in the Dominican republic are legal only if drawn in Spanish.
- Let a certified translator make you a translation, even if your Spanish is passable.
The full price is not to be paid upon handover, but earlier. Hence the amount must be transferred to a notary-account. The notary will then transfer the amount to the account of the seller, once the “Titulo” has been signed over.
When buying real estate through a private person, a TAX ON REAL ESTATE TRANSACTIONS (once only) of 5,75 % (January, 2013) of the peso amount of the selling price. Added to this must be then the 1 % notary fee for the complete transaction, checking of the “Titulo” for third party legalities (outstanding embargos, credits, etc), as well as translation of the contract into your language.
For the purchase of real estate you do not need a residency. But we can arrange one for you so you wish (cost aprox. 1,500 US $).
Contrary to other nations, here in the Dominican republic you are sole owner of YOUR real estate. And of course you can leave it to your children in your will.
We work only with serious and well respected legal firms. The secret of our success is our good name! And we want to keep it that way!
One more thing
We are even after the transaction at your disposal!