Tel:  D.R: 809 571 2820 / 809 856 2962 or U.S: (646) 688 5923  CANADA (416) 619 0890 or (780) 628 2154

Buying Real Estate in the Dominican Republic

Summary (Intended purely as a guideline)

In the Dominican Republic foreigners can easily purchase all types of real estate. As with any purchase outside your native country, extra caution is advisable and therefore the help of your real estate agent and lawyer is recommended.

After negotiating the price, a binding "Offer of Sale" is prepared by the real estate agent and signed by both parties.

At this time, a deposit is normally made of around 10%, and the lawyer usually holds this in 'Escrow'. (This reserves the property and takes it off the market).

The lawyer will then do his Searches to disclose any problems and establish full Title of the property. At this point he will ensure that all debts, accounts and taxes are fully up to date on the property.
When he is satisfied, the balance will be requested to tie in with the 'closing date'. The process usually takes around 4 - 6 weeks from start to finish.

Upon completion of the money transactions, the title is transferred to the name of the buyer or the company and registered with the registrar of titles in the Dominican Republic. You should have the title in your name in the next 90 days.

Costs at this time - 11th May 2007: There is a one-time transfer tax of approximately 5% of the purchase price of the property. The lawyer's fees are an additional 1-2% of the purchase price. Normally it would be safe to assume 6% as an overall figure to allow for documentation etc.
This can differ if the property is held in and purchased as a Corporation.

It is recommended that to fully understand all aspects of Buying and Owning property in the D.R., you refer to the following link written by one of our most respected Law Firms;

Please click here www.drlawyer.com

Calle David Stern # 6    El Batey,    SOSUA    Dominican Republic

Tel: D.R: (809) 571 2820  U.S. (646) 688 5923 CANADA (416) 619 0890 or (780) 628 2154

Email: info@westindies-realestate.com