Dominican Republic Real Estate FAQs

Dominican Republic Real Estate FAQs

This article is an overview of the various aspects of real estate buying and selling in the Dominican Republic. Please note this is an overview and you should consult a Dominican Republic lawyer if you require legal advice.

Can a foreigner buy real estate in the Dominican Republic?

Yes, foreigners are allowed to buy real estate in the Dominican Republic.

What Is The Process To Buy Real Estate In The Dominican Republic?

The process to buy real estate in the Dominican Republic includes the following steps:

1. Research the Dominican real estate market.

2. Find a reputable real estate agent or lawyer.

3. View properties and select the one you want to purchase.

4. Negotiate a purchase price.

5. Sign a Promise of Sale.

6. Arrange financing.

7. Pay closing costs.

8. Finalize the sale and transfer the title.

What Is A Promise Of Sale for real estate in the Dominican Republic?

A Promise of Sale for real estate in the Dominican Republic is a legal document or contract that is used to record the intention of a buyer to purchase a property from a seller. It is a binding agreement that typically contains the details of the property, the purchase price, the payment method, and the conditions of the sale. The Promise of Sale is typically signed by both the buyer and seller and serves as a way to ensure that all parties involved will adhere to the terms of the agreement.

Is my real estate title registered in the Dominican Republic?

Yes, all real estate titles in the Dominican Republic must be registered with the Central de Registro de Bienes Raíces (CREBR) in order to be legally valid. The registration process is simple and straightforward and involves submitting the deed of sale and other required documents to the CREBR. Once registered, your title will be recorded in the national real estate registry, granting you full legal ownership of the property.

What is a Contrato de Venta in Dominican Republic real estate?

A Contrato de Venta is a legally binding contract that is used to record the sale of a property in the Dominican Republic. It is generally prepared by a lawyer and outlines the details of the transaction, including the purchase price, payment terms, and any other conditions of the sale. The Contrato de Venta must be signed by both the buyer and seller and will serve as evidence of the sale should any disputes arise in the future.

Should I do a Title Search when buying real estate in the Dominican Republic?

Yes, it is highly recommended that you do a title search when buying real estate in the Dominican Republic. A title search will help to ensure that the property you are purchasing is free from any liens or outstanding debts. It will also provide information on the legal status of the property, such as any restrictions or easements that may exist.

How much are property taxes in the Dominican Republic?

Property taxes in the Dominican Republic are based on the size and value of the property. Generally, the rate of taxation is between 0.5% and 1.5% of the property’s value. Property tax payments are due annually and must be paid to the local government authority.