Sale and construction of real estate in the Dominican Republic
The procedure for buying real estate.
For foreigners, there are no restrictions in the local legislation on the purchase of any real estate. Caribbean Mega Group will help you correctly, in accordance with the current laws, to purchase real estate in the Dominican Republic.
The purchase procedure is as follows:
- Meeting the guest at the airport.Transfer to the place of temporary residence (hotel). The approximate cost of staying at the hotel is $ 45.
- View selected properties.
- We pass the documents for the purchased object to a lawyer, who checks them for the absence of legal encumbrances, credit claims, etc.
- Signing of the purchase and sale agreement with the approval of the payment schedule. After the last payment under the contract, when calculating in parts, or a one-time payment, with a one-time payment, the lawyer submits the property documents to the registration chamber for re-registration of the change of owner.
- Within 3 months, you will receive a Title to the land and become the proud owner of real estate in the Dominican Republic.
- The cost of the lawyer's services is 1 % of the transaction amount.
- The land tax on the re-registration of property rights is 3% in favor of the state.
- As the owner, pay the land tax — 1% per year.
- When buying a property in the Dominican Republic, the main document is the TITLE TO THE LAND.
To check the property, the seller must provide the buyer or the lawyer representing him with the following documents:
- A copy of the Title to the property.
- Land survey plan for the property.
- A copy of the identity document of the owner of the property.
- A copy of the property tax payment documents from the Tax Committee or a copy of the Certificate notifying about the property tax benefits.
If the seller is a company:
- A copy of the company's founding documents, the Charter, and the Resolution for sale.
- Certificate of the State Department. Information about the payment of all necessary taxes.
If the property is part of a Condominium:
- A Copy Of The Condominium Declaration.
- A copy of the Condominium Regulations.
- A copy of the certified Construction Plan.
- Certificate of payment of all the fees of the Condominium by the seller.
- Copies of the Minutes of the last three Condo meetings.
If the property is a house:
- A copy of the certified construction plan.
- Inventory list.
- Copies of service contracts and receipts for their payment.
The received documents are checked by the lawyer for their legality and authenticity. The cost of maintaining real estate/ The cost of maintaining apartments in residences is $ 100-200 per month (security, cleaning of the territory) + electricity. Villas — from 150 to 3000 dollars per month (security, cleaning of the territory) + electricity.