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Investments in the Dominican R...
The process of buying real estate
Making a purchase of real estate in the Dominican Republic
is not so difficult, Since the procedure is quite clear and very simple. To purchase you must have a passport, and the rest -care of lawyer, notary and the
estate agent.
For a start it is recommended to open an account in a
Dominican bank. A standard set of documents for opening the most comfortable
current bank account in pesos in this country includes the statement, a copy of
the passport or cedula (temporary residence permit), if any is available,
another proof of identity (for example driver's license), two recommendation
letters from organizations that exist at least a year (you can ask a local
estate agent and lawyer).Some banks may also require statements of account (for example savings) in another Dominican bank.
Such an account allows you to make payments via personal
checkbook, with it there is no need in conducting major deal to bring a suitcase of cash, simply write a check. This safe and prestigious. To the
account is attached an electronic debit card that allows you to pay in shops or withdraw cash at the ATM. On a monthly balance on the account and earn
interest.
Returning to the purchase procedure: after the buyer has found the right housing option, he with the help of an agent makes a written
offer for purchase of real estate (Offer to Buy Real Estate) and making a security deposit — usually 7−10% of the purchase price (after the final
calculation this amount will be considered).
At the payment of the bail buyer and seller sign the
preliminary contract for the sale before a notary. At this stage there is the
lawyer, who will accompany the transaction. By own strength real estate deals
can not be solved carry out even the locals, so good lawyer will guarantee that the purchase is successful.
Once the buyer and seller sign the preliminary contract for the sale in the office of a notary, who assured their signatures, the buyer
pays the remainder. As a rule, the final payment must occur within a month. The agreement, in addition to the conditions and terms of payment, the rights and obligations of the parties shall attend the description of the object and its
background. Conformity with the plan object is checked by an independent
appraiser. This stage is important because it allows you to insure against
fraud when unscrupulous seller trying to sell, for example, an object that is
similar to the plan described, also does not correspond to its
characteristics.
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