Dominican Republic Real Estate

When searching for a new piece of property it is always important to perform research in order to find what he or she is looking for. The Dominican Republic is a beautiful city located on the island of Hispaniola. For the last several years the city has witnessed a steady growth in its tourism population. The Dominican Republic real estate market has gained momentum as more and more people travel to the area. Construction projects for new homes and businesses are steadily increasing. Whether he or she is looking for a beautiful vacation home or seeking a permanent residence the Dominican Republic real estate section has something to fit their needs.

People flock to this island to take advantage of the beautiful scenery, peaceful atmosphere and friendly people. The Dominican Republic real estate market has something to offer everyone. The cost of living is not very high in most areas so generally beautiful property can be located regardless of one’s budget. He or she can find or build their ideal residence and rest assured that they will be pleased. Prices of brand new properties in the Dominican Republic real estate spectrum, when compared with other places are usually a fraction of the price. The majority of the properties are oftentimes more spacious and luxurious than their counterparts in other countries such as the US.

There are generally four steps that must be completed before ownership of a Dominican Republic real estate sale can be finalized. First the potential buyer along with the person who is selling the property must sign a document known as a “Contract of Sale”. The signing of the document must take place in the presence of a licensed Notary. This binding contract describes the details of the sale such as the description of the property, the agreed upon price and any stipulations that are a part of the sale. The signed contract must then be taken to the local Internal Revenue Office and the buyer must pay any applicable taxes. Another plus about Dominican Republic real estate is that the property taxes are extremely low so the taxes owned are generally small.

After completing the payment of taxes, the Contract of Sale and the seller’s Certificate of Title are taken to the Title Registry Office and the sale is recorded. The paperwork must be taken to the office in the jurisdiction where the property is located. Lastly the brand new owner is given a new Certificate of Title by the Title Registry Office in their name. The previous Certificate, which is in the name of the seller, is promptly canceled.

It is a relatively simple process for foreigners to buy Dominican Republic real estate. However the process does differ from other places in the world such as the US so it is important to know exactly what to do. Anyone making a Dominican Republic real estate purchase especially foreigners should get as much information as possible upfront. Don’t be afraid to ask questions or ask for explanations if there is some confusion.