Buying Real Estate in the Dominican Republic:
A Simple Guide for Foreign Investors
Owning Property in the Dominican Republic: A Simple and Secure Process
The DOMINICAN REPUBLIC is a magnet for foreign investors seeking Caribbean real estate, and for good reason. At DOMINICAN REAL ESTATE GROUP INT'L, we understand the importance of a hassle-free buying process for international clients. We specialize in guiding you through each step, ensuring transparency and security throughout your journey.
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Why Choose the Dominican Republic?
• Foreigner-Friendly: Enjoy the same rights and privileges as Dominican citizens when buying property, and benefit from potential tax incentives, such as exemptions on property transfer taxes and income tax breaks on rental income.
• Simple & Secure: The process follows a clear and familiar format, similar to North American procedures. Ownership is secured through officially registered Certificates of Title.
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Dominican Real Estate Group Int'l: Your Trusted Partner
We prioritize clear communication and your peace of mind at every step. Whether you're searching for your dream property or navigating the legalities, our expert guidance ensures a smooth and stress-free buying experience.
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Ready to Own Your Piece of Paradise?
Contact DOMINICAN REAL ESTATE GROUP INT'L today, and let's turn your dream of owning property in the DOMINICAN REPUBLIC into reality!
REAL ESTATE BUYING PROCESS
#1. FIND YOUR PERFECT AGENT / REALTOR
Select your professional realtor wisely. Ensure you choose a realtor with whom you feel comfortable, who speaks your language, understands your needs, and possesses extensive knowledge and resources in the real estate market of the DOMINICAN REPUBLIC.
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It is highly recommended to work exclusively with one realtor, but not just any realtor!
#2. SELECT YOUR PROPERTY WITH ASSURANCE
Explore several predetermined properties and choose the one that best suits your needs. Whether it's land, commercial, or residential properties, communicate your requirements to your realtor. Rely on their professionalism, local knowledge, and resources to guide you in selecting the property that is perfect for you.
#3. MAKE YOUR OFFER WITH CONFIDENCE
Once you've chosen the property you wish to purchase, the subsequent step is to make an offer. Formalize your offer with a purchase/sale agreement detailing the proposed amount, property details, and payment terms. If purchasing from an individual, your realtor will prepare the agreement for your signature before presenting it to the seller.
#4. SECURE YOUR NVESTMENT
Once the offer is negotiated and accepted, the seller signs the agreement, and a deposit is provided to secure the property (typically ranging between $2,000 and $5,000). Concurrently, or beforehand, you'll choose an attorney to represent you and oversee the transaction. If you don't have an attorney, your real estate agent will recommend a reputable one to ensure your interests are protected.
#5. GET EXPERT LEGAL GUIDANCE
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.
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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. CLOSE & CELEBRATE — WELCOME HOME!
Closing is typically scheduled 15 to 30 days after the reservation deposit and legal fees are paid. Before the closing, the remaining balance of the purchase price, usually held in the attorney's escrow account, is to be received. During the closing, the final contract is signed, the keys are handed to you, and a celebratory bottle of champagne is opened!