Dominican Republic Property Purchase Guide
The buying process here in the Dominican Republic is very straight forward and more transparent than in many other countries. Once you have chosen the villa or apartment you want to buy and agreed upon the purchase price, your lawyer will draw up a conditional contract. This contract sets out details of the seller, the details of the buyer, the exact details of the property being sold and the agreed price. This contract is signed by all parties and at that point a deposit is payable, this is normally 10% of the purchase price. The contract will also include the agreed closing date which is when the balance is payable. On the agreed closing date you sign the final contract and the lawyer can begin the process of transferring the title into the buyer’s name.
The legal costs are normally 1% of the purchase price but may be subject to a minimum payment for lower priced properties. We can put you in touch with a reputable local law firm who we have dealt with for many years, although you have every right to use any lawyer of your choice.
You should also be aware that there is a one off property transfer tax, which is 3% of the assessed value, this is normally lower than the purchase price. It is possible, under some circumstances, for your lawyer to get this tax bill reduced but you should budget for the 3%.
Here at Watson Homes we are committed to providing our clients with the highest level of service possible to make it a straightforward process to turn your Caribbean dreams into a reality.
The information contained on this page is correct at the time of publishing but property and tax laws are subject to change and should be clarified with your legal representative before purchase.
If you have any further questions, please contact us at firstname.lastname@example.org or call us on 809-571-1748