Buying Your Dominican Republic Real Estate
The process for buying your vacation or investment home in the Dominican Republic is very similar to purchasing real estate in North America.
Wildefire Properties specializes in finding the right investment property for you. We take into consideration the location of the property, security, fully-managed rental programs, developer financing and most importantly the best value for your dollar.
Below is a general outline of the buying process.
1. Choosing your Property
We will show you villas and/or condos in the best gated developments. Both beachfront and ocean views.
2. Offer to Purchase
Wildefire Properties will complete the Offer To Purchase in detail and review with Buyer and lawyer for Buyer’s signature. Once Buyer’s signs the Offer to Purchase, Wildefire Properties will submit to the Seller/Developer.
3. Acceptance of Offer
When the Offer has been accepted by the Seller/Developer and all terms and conditions have been agreed upon. Wildefire Properties will assist the Buyer through the legal process to complete the Promise of Sale Contract by the Buyer’s lawyer.
4. Promise of Sale
The Buyer’s lawyer will review the offer of acceptance and prepare the Promise of Sale contract to be signed by the Buyer and the Seller/Developer. The Buyer will wire-transfer the deposit to their lawyers escrow account. The Promise of Sale (legal document) is completed in Spanish and a translated copy will be provided to the Buyer. It is the lawyers responsibility to ensure the Buyer understands the Promise of Sale. Note: In some cases where it is a quick sale/resale the Lawyer may go from Offer to Purchase to The Final Contract and omit the Promise of Sale.
5. Disbursement of Funds
The lawyer will disburse funds from the escrow account according to terms in the Promise of Sale Contract.
6. The Final Contract (Deed of Sale)
Once all terms and conditions are fulfilled under the Promise of Sale Contract, the Buyer’s lawyer prepares the Final Contract which is signed in the presence of a Notary Public and is binding on both parties. The land transfer tax of 3% (of appraised value) will need to be paid by the buyer before the title can be transferred. The new title will be issued in 45 working days.
7. Welcome to your new Caribbean home!
For a more detailed buying process please see Guzman Ariza, Attorney’s at Law