Located in the Caribbean, this island is one of the most beautiful US countries owing to the variety of landforms found here. Foreigners invest thousands of dollars in various kinds of properties in Dominican Republic, all thanks to the ambient location of the country. But that’s not the sole reason why foreigners are so involved in striking the most lucrative property deal in this western island. The major driving factor for such a huge involvement is the fact that both the foreigners and the locals enjoy similar rights on the property purchase process.
- The very first step in the property buying process is the hiring of the real estate agent. While hiring one, one must be vigilant enough to judge between the agents. Fraud cases have been reported often and that’s why proper scrutiny is a must. You must verify the way of working, the deals they provide and other factors before finalizing.
- If you fix your attention on a property, you need to secure it by paying a 10% down payment. This will remove that concerned property from the market and hence you won’t have to deal with any other buyer.
- The lawyer’s duty will be to verify the condition of the property and various other factors.
Photocopy of the title
Seller’s ID proof
Last paid property tax receipt
Construction plans and blueprints obtained from the corporation
- Once satisfied with the information, you need to pay the remaining balance to the bank trustee’s account which will be transferred to the seller’s bank before the date of closing.
- After the buyer and the seller sign the Contract of Sale, the notary will verify the document. This signing of the document will be done in front of him.
- It is in the Title Registry Office where the title will be changed after the submission of the signed Contract of Sale.
- This entire property transfer process takes place for 47 to 52 days roughly.
- Transfer tax, notary fees, document stamp tax, and the real estate agent’s fee needs to be included in the transaction costs.
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