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Abogado Punta Cana

 

Real Estate

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REAL ESTATE LAW

 

Buying or selling real estate is more than just completing the steps required to transfer the property to the buyer. It requires the assistance of a lawyer with expertise in real estate law, as well as in the other legal and administrative matters involved in buying or selling property. The lawyer is responsible for carrying out the appropriate due diligence and strategies, and for clearing the purchase through an investigative screening. He or she must consider the legal status of the property, as well as the tax benefits and liabilities affecting the process, and must effectively comply with national and international prevention policies.

Purchasing property with the assistance of a real estate agency involves the following steps:

  • The buyer makes an offer to purchase through his or her real estate agent or lawyer, which must contain: a) the purchase price offered, b) the sum deposited to reserve the property, c) the condition that the property be taken off the market, d) the closing date and any items that need to be corrected or repaired on the property.

 

  • Once the offer has been accepted, it is vitally important to use the services of an expert real estate lawyer to begin the process of carrying out due diligence and structuring the file. Due diligence is a process that is conducted to determine whether there are any legal or tax issues that may affect the free transfer of the property to the buyer.

 

  • Once the due diligence has been successfully completed, the lawyer will confirm the closing date. Before the closing it is important to verify that all the specifications and conditions set forth in the purchase offer have been met, as well as the details of payment, which can be made by bank transfer or certified check. The following documents must be available on closing day:
  1. Original certificate of title.
  2. Copies of seller’s and buyer’s passports.
  3. Copies of seller’s and buyer’s national identity documents.
  4. Proof that no outstanding maintenance fees are owed.
  5. The bill of sale is signed on the day of the closing, at which time the buyer becomes the new owner of the property.

 

  • In the Dominican Republic, real property rights are certified by the Dominican State through a certificate of title, which contains all the information needed to identify the property, as well as the owner’s name and identity document.

REAL ESTATE TAXES:

1. REAL ESTATE PROPERTY TRANSFER TAX:

In the Dominican Republic, real estate transfers are subject to a tax equivalent to 3% of the property’s purchase price or 3% of its registered value, whichever is greater.

2. REAL ESTATE PROPERTY TAX:

There is a 1% tax on the excess value of properties held by the same owner, the individual or joint value of which exceeds 7.5 million Dominican pesos or its equivalent in dollars.

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