Steps to Buying Property in the Dominican Republic
Retiring in the Dominican Republic is becoming more popular amongst Americans, Canadians and Europeans. The beautiful weather, gorgeous beaches, and delicious food create the perfect home for retirees looking to relax.
Buying property in the Dominican Republic is very similar to buying property in North America. All the purchases are viewed equally, allowing both foreigners and Dominicans equal legal rights to purchase a property. Read on to discover the steps to buying a property in the Dominican Republic.
The first step a property owner has to take is finding the right property. In the Dominican Republic, you can choose your property based on your unique needs. Depending on your budget and home needs, you can purchase new properties such as villas or condos or buy existing resale properties – you can even build your own villa or condo!
The second step to buying a property is to contact your real estate agent and go over the purchase details. A detailed offer that outlines all the conditions of the sale you have discussed and agreed to is prepared by your real estate agent and presented to the vendor or developer. Conversations between you and the vendor might go back and forth a few times as you iron out the details and reach a mutual agreement.
Once the vendor agrees to your purchase offer, they will sign off on the purchase price and the conditions previously stated in the offer. You must meet up with a property lawyer to give you legal guidance and information about how buying a property works once the offer is accepted. This information will help you better understand the legalities of purchasing a property in the Dominican Republic.
After the offer has been accepted, you will need to either completely pay for the property you are buying, send a deposit or a staged payment. In the Dominican Republic, this money is wired to your lawyer’s trust or escrow account. The money is held pending the next contract and the completion of the lawyer’s due diligence on the property, including condo fees, clean title, liens, etc.
The contract of sale is similar to the accepted offer mentioned previously, but it is prepared by the property lawyer in Spanish. The conditions of the sale that you have agreed on are outlined in the contract, and you are provided with an English version to sign off.
If you’re buying a property that is either new or existing, you will then send the balance of the funds owing. If your property is being built from scratch and it’s still in progress, then the money is sent at scheduled intervals during construction. In both cases, once the property is ready for you to move in, you will have had to pay the full balance prior.
The final contract for buying a property in the Dominican Republic is called the deed of sale. This contract conveys the property from the seller to the buyer. In the case of resale or quick sale, the law firm will often go directly to the deed of sale contract and skip the step of the promise of sale.
Once you complete the deed of sale, you will now receive ownership of the property, and the title is registered in your name. All that’s left is moving into your new home!
From finding the perfect property to moving in, Dominican Listings will help you with all stages of buying a property in the Dominican Republic.
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