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New 5 star luxury gated development in a prime location in Hurghada city centre.
Apartments from only £19,964 to £60,000 Easy Payment Plan More »
Buying a Property in The Dominican Republic
The Buying process
The Contract of Sale
Buyer
and seller sign a “Contract of Sale” before a Notario who authenticates
it. (Notaries in the Dominican Republic are required to have a
law degree.) The Contract of Sale contains the legal description
of the property, the price, and conditions of sale.
Payment of Taxes!
The authenticated Contract is then taken to the nearest Internal Revenue Office for payment of the appropriate taxes.
Recording
the Sale
The Contract of Sale and the Certificate of Title of the seller are deposited at the Title Registry Office for the jurisdiction where the property is located, and the sale is recorded.
A New Certificate of Title
The Title Registry Office issues a new Certificate of Title in the name of the buyer and cancels the old Certificate issued previously to the seller.
The whole process can take from a few days to a few months.
Taxes and Closing Costs
Expect
to pay approximately 5% of the sale price for taxes and closing
costs. This amount includes a transfer tax of 4.48%, document
taxes, special stamps for registration, and tips. Taxes must be
paid before filing the purchase at the Title Registry Office.
Many buyers, with the complicity of their attorneys or notaries, have been known to evade paying part of the transfer tax by lowering the true purchase price in the Contract of Sale. This is common practice in the DR and it has become so blatant and widespread that the tax authorities have now set a minimum value for properties in some locations.
In association with our experienced Partners in Dominican Republic we are happy to take you every step of the way for a trouble free purchase.
» Domincan Republic Property Buyers Guide - Part 1
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