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Buying in the Dominican Republic PDF Print E-mail
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Monday, 14 March 2011 17:35

The purchase of real estate in Dominican Republic is an excellent investment alternative for any foreigner interested in this activity. Whether to purchase a second home, settle permanently or as an investment to build a housing project or the popular and profitable purchase for resale.

There should be a good lawyer in real estate law for the purchase of real estate risks, are significantly reduced. This will advise you and take all legal precautions to ensure a reliable purchase.

The known real estate lawyer handle the sales contract after the necessary investigations aimed at ensuring that the purchase is completely reliable and complete all customer expectations is very important to ensure that the contract be drafted, sales contracts, which is that that subscribes usually when you start the checkout estate in the Dominican Republic, outlining the terms and conditions of payment therefore, the characteristics of the property.

The contract must be notarized by a notary public who certifies the signatures of the parties which ensures that important aspects of negotiation are honored by each party if there is some disagreement in the future to be going to court, likewise, attorney draft and handle the contract, including changes that are favorable to the client legally.

1. Basic steps before closing a real estate transaction
• Review the legal status of property
• Investigation of title to ensure its authenticity
• Certification of the National Internal Revenue (DGII). To ensure that the property has no outstanding debts to the Treasury or mortgaged to third parties that
• Have on hand detailed information on the laws of construction zones
• Inspection of the property if it is built or where they will be raised if presales, to clarify the boundaries and dimensions of the property.
For the transfer of title should be to have the following documents:
• Sales contract legalized final
• Owner's Title
• Act of assembly which permits a company representative (if applicable) to execute the deed of sale and to sign the document on behalf of this
• copy of identity card or passport of the buyer if a natural person or not. RNC if legal person
• Certification of tax payment on property (IPI)
• Pay the transfer tax is an amount equal to three percent (3%) of the total amount of property value plus a $ 20.00 bill from the Dominican Republic Law 33-91 the title transfer costs are almost always an amount equal 3.1% of total value of the property.
2. Annual Taxes
Properties with a cost of over RD $ 5,000,000.00 annually are required to pay 1% on the excess of the sum mentioned exempts those with 65 or more and rural properties

Last Updated on Monday, 14 March 2011 19:15