| Dominican Republic |
There are very few sales in the Dominican Republic that are conducted on a mortgage basis.
Most sales are cash (not physical!) purchase only with a few home owners willing to finance the
new owner. If owner financing is available, the terms in general are 25% down payment with the
balance payable over 3-4 years. Interest is generally charged at approximately 8%.
If you view a property that you would like to purchase, in general the following applies:
- An "Offer to Purchase" is drawn up by the Real Estate Broker which is signed by yourself. On
acceptance of the owners signature, the offer is accepted and the following takes place.
- 10% deposit payable to your lawyers Escrow account (This reserves the property and takes it
off the market).
- Your additional fees would be 3% of purchase price for Government taxes + 1%
documentation tax + 1% legal fees to the lawyer acting on your behalf
- If you purchase via a corporation (preferable for higher value purchases of above $US
100,000), the lawyer will establish a corporation for you with a share capital in line with the
value of your home. A $RDS 1,000,000 share capital costs approx. $US 2,500. The main
advantages for this method are to avoid any inheritance issues.
- Closing can take from between 30 days - 90 days depending upon the condition set in the
offer to purchase. Before the closing date, you should have transferred the balance of the
purchase price in to your lawyers account. On closing, when both parties (owner and seller)
sign the final agreements, the money is transferred to the seller (less any amount held against
the property e.g. mortgage etc.) and the title to the new owner.
- The title is held by the lawyer to conduct rest of the transfer with the Dominican Republic
registrar of titles. You should have the title in your name in the next 90 days.
Most sales are cash (not physical!) purchase only with a few home owners willing to finance the
new owner. If owner financing is available, the terms in general are 25% down payment with the
balance payable over 3-4 years. Interest is generally charged at approximately 8%.
If you view a property that you would like to purchase, in general the following applies:
- An "Offer to Purchase" is drawn up by the Real Estate Broker which is signed by yourself. On
acceptance of the owners signature, the offer is accepted and the following takes place.
- 10% deposit payable to your lawyers Escrow account (This reserves the property and takes it
off the market).
- Your additional fees would be 3% of purchase price for Government taxes + 1%
documentation tax + 1% legal fees to the lawyer acting on your behalf
- If you purchase via a corporation (preferable for higher value purchases of above $US
100,000), the lawyer will establish a corporation for you with a share capital in line with the
value of your home. A $RDS 1,000,000 share capital costs approx. $US 2,500. The main
advantages for this method are to avoid any inheritance issues.
- Closing can take from between 30 days - 90 days depending upon the condition set in the
offer to purchase. Before the closing date, you should have transferred the balance of the
purchase price in to your lawyers account. On closing, when both parties (owner and seller)
sign the final agreements, the money is transferred to the seller (less any amount held against
the property e.g. mortgage etc.) and the title to the new owner.
- The title is held by the lawyer to conduct rest of the transfer with the Dominican Republic
registrar of titles. You should have the title in your name in the next 90 days.
2 bed, 2 bath, quality construction, very few houses in this
area have these high building standards. It is located in a
gated community with fantastic mountain views. It has plenty of
space to add a guest house. $169,000.
area have these high building standards. It is located in a
gated community with fantastic mountain views. It has plenty of
space to add a guest house. $169,000.
Charming house in the middle of a beautiful garden. Walking
distance from the white sanded Coson Beach. To respect the
environment, this house was built integrating the tropical
landscape. A roof anchored with the wall and a biological
garden are only two of the few extras of this home. $271,300.
distance from the white sanded Coson Beach. To respect the
environment, this house was built integrating the tropical
landscape. A roof anchored with the wall and a biological
garden are only two of the few extras of this home. $271,300.
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