Are you thinking of purchasing real estate in the Dominican Republic? While we respect your decision, our company’s passion is turning that wise choice into a hassle-free reality. We at “Discover Your Destination” have the years of expertise required to make this happen. Additionally, we have extensive real estate knowledge in “our area” on the North Coast.
We focus on the regions from Rio San Juan to Nagua, therefore our office is in the emerging town of Cabrera. The real road distance in our area of expertise is around 179.2 km (111.35 mi), whereas the straight-line distance is 150.91 km (93.77 mi). We do not pretend to be experts on the entire nation or the entire coast. Would a Miami Realtor pretend to be an expert in Tampa, or a Realtor in Montreal claim to be a local authority in Laval, Quebec?
Real estate is primarily local and always will be. All real estate transactions are the same, regardless of the buyer’s nationality—whether they are Dominican or not. Also for clients searching for a secure offshore investment, the courts evaluate the legal rights of both parties equally. Purchases of real estate in the Dominican Republic are made based on title and plat, thus the seller will transfer the title to the buyer. Also, a Deslinde is completed for every sale. The process may change slightly from conventional Canadian, American, and European practices, but the outcome is the same.
Closing Cost when purchasing real estate in the Dominican Republic
When purchasing real estate in the Dominican Republic, it is generally safe to assume that 5% of the total purchase price will cover the closing fees. Properties held in an individual’s name and valued under RD 5,000,000 (about 89,286.00 U.S.D. based on an exchange rate of 56) by the government are not subject to annual property taxes in the Dominican Republic. There is a 1% annual property tax on properties that are worth more than this amount.
This 1% tax has several exclusions. These include land that is farmland, unimproved, outside of city limits, the age of the owner, and the length of time the property has been owned. Government property taxes are not due if the property is owned by a corporation. However, the corporation’s assets are subject to a 1% tax. Although we are not attorneys, this information has only been provided as a loose overview of the procedures involved in transferring property in the Dominican Republic.
We cordially encourage you to visit Guzman Ariza Attorneys at Law for comprehensive and current information regarding the buying or selling of real estate in the country. One of the most reputable law firms in the Dominican Republic for real estate matters is Guzman Ariza. Their knowledge is highly regarded and valued, evidently with over 270 affiliated offices they have around the globe. For a plethora of helpful information, please visit them at www.drlawyer.com.
Naturally, Discover Your Destination is here to assist you with any questions or concerns you may have. After completing the contact form, a member of our team will get in contact with you right away.
