Considering purchasing a property in the Dominican Republic? We admire your choice. It is our company’s passion to make that positive decision a hassle free reality. Discover Your Destination has the years of experience necessary to accomplish this. It’s also a fact that we are very familiar with all aspects of Real Estate in “our area” of the North Coast. We concentrate on the areas spanning from Rio San Juan through to Nagua with offices located in the up and coming town of Cabrera. Our area of expertise has a straight line distance of 150.91 Km. (93.77 Mi.) and an actual road distance of Approx. 179.2 Km. (111.35Mi.) We refrain on claims of being experts of the whole country or whole coast. Would a Realtor in Montreal claim to be a local expert of Laval Quebec, or a Realtor in Miami claim to be an expert of Tampa? Real Estate has and always will be local in nature. All Real Estate purchases whether the buyer is Dominican or of foreign decent are equal in nature. Both parties’ legal rights are viewed equally by the courts and that is a strong plus for clients looking for a safe investment overseas. Real Estate purchases in the Dominican Republic are done in a title and plat basis. The seller will be conveying title to the buyer. There is a Deslinde done for each sale. While the steps are somewhat different than traditional North American, Canadian and European standards the end result is exactly the same. As a general rule it is safe to consider 5% of the total purchase to be sufficient one time closing costs. There are no annual property taxes in the Dominican Republic on properties held in an individual’s name with a government appraised value under RD 5,000,000 or approximately 143,500.00 U.S.D. On properties exceeding this value there is a 1% annual property tax. There are several exceptions to this 1% tax, some examples are is the land improved or unimproved, farm land, outside city limits and owner’s age and length of time property has been owned. If the property is held in a corporation, No government property tax is owing. Alternately there is a 1% tax on the assets of the corporation. While we are not legal experts this has been supplied solely as an informal general idea of how the system works conveying property in the Dominican Republic. For complete up to date information on this and any other subject relating to the purchasing or selling of Real Estate in the Dominican Republic we invite you to visit Guzman Ariza Attorneys at Law. Guzman Ariza is one of the most respected legal firms in the Dominican Republic in the areas of Real Estate and immigration. With affiliated offices numbering over 270 worldwide their expertise is well valued and respected. Please visit them at www.drlawyer.com for a wealth of useful information. Of course we at Discover Your Destination are always available to answer your questions or concerns. Simply click on the contact us tab and one of our team members will be in touch promptly.
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