Buying a property is always something that get up to our minds and worries us, especially if your investment is in a foreign country.
You would be happy to know that there are no restrictions on foreign ownership of property in the Dominican Republic. Residents and nonresidents enjoy the same rights and obligations in the country.
In Altea we like to offer our customers transparency from the first contact, always aiming to offer you a personalised service.
Find out with us the MUST check list to get a clear and successful transaction, from the banning until the last step in your property purchase.
Lets get learning!
1. First on the list and the most important is to get a verified agent to guide you in the process. A well-experienced and professional realtor can save you a lot of time in search for your ideal Dominican home. Most importantly, a competente agent would be able to explain the government incentives, therefore, explain to you which developments are better fit to your investment idea, and they would always provide you truthful information about the actual Real Estate market and the safest communities for self living or rentals investment.
2. It is very indispensable to hire advice of a good lawyer to handle all the paper work with the seller and the governmental offices. The real estate buying process in the Dominican Republic normally consists of 3 essential steps and contracts.
- The Offer to Purchase.
- Promise of Sale.
- Closing Contract including the exchange of money and the transfer of the ownership title.
Depending on the wishes of the parties, the prosecutor (attorney) may proceed with due diligence first, before preparing the Promise of Sale, or alternatively, prepare the Promise of Sale first, conditioning the purchase results due diligence to be done within a specified period, normally 30 days.
3. Be aware of the financial possibilities offered by the developer. That makes the whole purchase process much easier.
Usually developers offer great payment facilities to their investors.
It goes like this:
- You make a reservation to block the unit for a 20 to 30 days period. Around $3,000 to $5,000 USD.
- Within that period you need to make a downpayment, you arrange that amount with the developer or choose one of their financial models.
- You pay a fixed % of the pending amount while the development is being constructed.
- Finally you make you last payment when they deliver the unit.
Moreover, a you also have the option of a mortgage with a local Dominican bank or the developer. Ask your agent to help you find the perfect loan for you.
Hope this guide will help you to understand the buying process of the Dominican Republic. We will happy to assist you if you have any questions.
Altea Real Estate
Owner broker / Financial Admin