Dominican Republic Real Estate Buying Process
A Straightforward Guide for International Investors
Buying Property in the Dominican Republic: A Simple and Safe Process!
The DOMINICAN REPUBLIC is a magnet for foreign investors seeking Caribbean real estate, and for good reason. But, at DOMINICAN REAL ESTATE GROUP INT'L, we understand the importance of a safe and hassle-free buying process for international investors, and that is why we vouch to helping you through each step of the process, ensuring transparency and security throughout your journey.
Why Choose the DOMINICAN REPUBLIC to buy property?
• Foreigner-Friendly: Enjoy the same rights and privileges as Dominican citizens when buying property, and potentially benefit from tax incentives such as with the CONFOTUR LAW - click for details.
• Simple & Secure: The process follows a clear and familiar format, similar to North American procedures. Real estate ownership is secured through officially registered Certificates of Title which will be in your name, and can be passed to heirs.
THE REAL ESTATE BUYING PROCESS
#1. CHOOSE YOUR REALTOR WISELY!
Choosing the right realtor is crucial because they act as your guide and advocate throughout the complex process of buying property in a foreign country.
A professional realtor who speaks your language, relates to your vision, and possesses deep knowledge and resources in the DR's real estate market will significantly streamline your experience and ensure you make informed decisions.
NOTE: In the DR, most realtors have access to the same properties due to limited exclusive listings. Therefore, it's advisable to partner with only one qualified realtor which ensures you avoid repeating your objectives to multiple agents and unnecessary visiting to the same properties.
#2. CHOOSE YOUR PROPERTY WITH CONFIDENCE
Explore a handpicked selection of properties and discover the one that embodies your dream.
Whether it's land, commercial spaces, or residential properties, share your vision with your realtor and trust in their expertise, local insights, and resources to guide you in selecting the property that perfectly captures your fantasy.
#3. MAKE YOUR OFFER WITH CONVICTION
After selecting your ideal property, the next step is to confidently make your offer.
Formalize your proposal with a comprehensive purchase/sale agreement outlining the proposed amount, property specifics, and payment terms. If you're buying from an individual, your realtor will expertly prepare the agreement for your approval before presenting it to the seller.
#4. SECURE YOUR INVESTMENT
Once your offer is negotiated and accepted, the seller signs the purchase/sale agreement, and the buyer makes a deposit to secure the property (typically 20% of the purchase price).
Concurrently, or beforehand, you'll select an attorney to represent you and oversee the transaction. If you don't already have one, your real estate agent will recommend a reputable attorney to represent you and protect your interests throughout the process.
#5. CONFIRM EXPERT LEGAL GUIDANCE
Within days of signing the purchase/sale agreement, the selection of the attorney is confirmed and the corresponding legal fees are paid ― usually around 1.5% of the purchase price. At this time the attorney prepares the closing contract and related documents which, if all is in order, will take around 21 days.
NOTE: Title companies do not exist in DR, therefore it is attorneys who does the due diligence to ensure all property documentation is in order.
#6. CLOSE & CELEBRATE — WELCOME HOME!
At closing, the most exciting moment of the process, the remaining balance is settled from the attorney's escrow account.
During this final meeting, you and the seller(s) sign the final sale contract, you receive the keys, and a celebratory bottle of champagne is opened to mark your official ownership of a peace of "Heaven on Earth!"
Are you ready to turn your dream of owning property in "Heaven on Earth" a reality?
CONTACT US now to get expert guidance and answers to all your real estate questions.
Let's begin your journey to paradise today – your dream awaits!