REAL ESTATE BUYING PROCESS IN THE DOMINICAN REPUBLIC
The DOMINICAN REAL ESTATE GROUP INT'L. specializes in serving foreign buyers and international investors looking for a reliable and professional REAL ESTATE COMPANY to attend to ALL their Real Estate needs.
The REAL ESTATE BUYING PROCESS in the DOMINICAN REPUBLIC is very simple and very friendly to foreign buyers and international investors. In fact, YES a foreigner can buy real estate in the DR, and there are special tax incentives and legislation in place that give foreigners the same rights and privileges as Dominicans when it comes to foreigners buying REAL ESTATE IN THE DOMINICAN REPUBLIC.
The steps to purchase real estate in the DR are very similar to those in North America. REAL ESTATE transactions in the DOMINICAN REPUBLIC are governed by Property Registry Law No. 108-05 which documents ownership of properties by “Certificates of Title” issued by Title Registry Offices.
REAL ESTATE BUYING PROCESS
#3. MAKE YOUR OFFER
After selecting the property you want to purchase, the next step is to make an offer to purchase the property. The offer is formalized with a purchase/sell agreement that specifies the amount of money being offered, the property, and the terms of payment. If the property is being purchased from an individual, the agreement will be prepared by your realtor and signed by you before it is presented to the seller.
#2. CHOOSE YOUR PROPERTY
Go visit a few predetermined properties, and pick the one that will best suit your needs. Whether land, commercial, or residential properties, discuss your needs with your realtor. Based on their professionalism, knowledge of the area, and resources, he/she will help you select the right property for you.
#1. SELECT YOUR REAL ESTATE AGENT / REALTOR
Select the professional realtor you will be working with wisely i.e. make sure it is a realtor you feel comfortable with, who speaks your language, understands your needs, and is a real estate agent who is knowledgeable and resourceful.
It is always recommended to work with only one realtor, but not just anyone!
#4. SEPERATION DEPOSIT
Once the offer is negotiated and accepted, the seller signs the agreement and a seperation deposit is given to take the property off the market (generally between $2,000 and $5,000). At that time (or before) you will select the attorney who will represent you and handle the transaction—if you do not have an attorney your real estate agent will recommend you a reputable one to represent you.
#5. PAYMENTS & DUE DILIGENCE
Within a week after the separation deposit is made, the "reservation deposit" and the legal fees are due. The reservation deposit is generally between 10% and 20% of the purchase price, and the legal fees are generally around 1.5% of the price.
At this time the attorney prepares the PROMISE OF SALE CONTRACT to be signed by both the seller & the buyer.
NOTE: In the DR title companies are NOT used, it is the attorney who does the due diligence to ensure that all the papers are in order with the property.
#6. WELCOME HOME!
Closing is usually scheduled 15 to 30 days after the reservation deposit and the legal fees are paid.
Before the closing takes place the balance of the purchase price is to be received, which are generally held in the attorney's escrow account.
At closing the final contract is signed, the keys are handed to you, and a celebratory bottle of champagne is opened!