The procedure for buying real estate in the Dominican Republic

How is the procedure for buying real estate in the Dominican Republic?

1. We choose a real estate object in the Dominican Republic and decide on its purchase.
2. We prepare a preliminary purchase and sale agreement, which specifies: description and location of the purchased property, terms of purchase, payment terms, deposit amount and other conditions by agreement of the parties.
3. Further, the preliminary agreement, or rather the real estate purchased under it, must be checked for the purity of the transaction by a public notary, namely:
- the property is not mortgaged in a bank, has no encumbrances by the court, is not burdened with a mortgage loan.
- has no debts on utilities and tax payments.
- the presence of a certificate of state ownership of the object - the Title.
- the location and description of the property corresponds to the cadastral number on the certificate of registration of the property - Title.
The notary will need about 2-3 weeks on average to check the object.
In the Dominican Republic, a notary is the guarantor of the legality of the transaction.
4. After verification by a notary
the notary sets the time for signing the main contract. The contract is signed in triplicate in the presence of a notary, who certifies the signatures of the parties. Also, at the signing of the main agreement, the buyer makes a deposit in the amount of 3-5% of the value of the property, and the seller removes this object from sale.
5. The agreement is drawn up and signed in Spanish, if necessary, with an additional translation into English, Russian or another language.
6. Next, the buyer pays the remaining amounts to the seller's account on the terms and conditions prescribed in the contract, if the property is purchased at the construction stage.
If the purchase of real estate in the Dominican Republic is carried out on the secondary market, then 100℅ payment takes place at the time of signing the main contract with a notary public.
7. After registration of the transaction in the Registration Chamber, a Title (ownership document) is issued in the name of the new buyer.
As you can see, the procedure is quite simple and does not take much time.
Additionally, before registering at the Registration Chamber, the buyer is obliged to pay:
- a one-time tax in the amount of 3% of the amount specified in the main contract of sale.
- notary services average 1% of the cost of the object.