Buying A
Home Guide
For The
Dominican
Republic
Super Pola Plaza, North Coast Dominican Republic
Buying A
For The
EXECUTIVE SUMMARY
Congratulations!
You’ve made a wise decision to interview the best Real Estate team on the North Coast of the Dominican Republic.
Goals
Our goal is to satisfy your wants and needs so well that you’ll be happy to refer us to others. We work diligently to help you buy your new home at the best price in the shortest amount of time.
- Superior marketing and service
- More referrals
- Outstanding, exceptional work during each and every transaction
- Lifelong relationships
Purpose
The purpose of this consultation is to provide the information you need to help select the most qualified person and company to represent you when buying your home.
After reviewing this material, you’ll have a clearer understanding of how much we value your business.
RealtorDR has put together a team of dedicated professional buyer specialists. We go above and beyond the normal activities required by a real estate agency.
Working together, we will achieve your goals. We truly appreciate the opportunity to interview for the position of your Realtor.
We consider it an honor and take our job very seriously. This is our career, not a part-time hobby. We will strive to serve you beyond your expectations.
We look forward to working with you!
About
The DR
Location and Size
The Dominican Republic is at the center of the Caribbean, right between Cuba and Puerto Rico, and shares the island of Hispaniola with Haiti.It is the second-largest nation in the region (after Cuba,) 48,445 square kilometers (18,705 square miles,) slightly larger than Switzerland or Denmark
Topography and Climate
For a small nation, the Dominican Republic exhibits exceptional geographical diversity.
The Atlantic Ocean on its North Coast and The Caribbean Sea on its South Coast. The highest peak in The Caribbean (Pico Duarte at 3,098 meters or 10,417 feet) Low temperatures below 0 °C (32 °F) have been recorded here. The lowest elevation (Lake Enriquillo at 45 meters or 374 feet below sea level) Rugged mountain chains, fertile valleys, semi-deserts 1600 kilometers (1000 miles) of coastline and beaches. Annual average temperature is 25 °C (77 °F). In the central mountains January and February are the coolest months of the year; August is the hottest.
Population
The Dominican Republic has a total population of 11.27 million people.
Why
The DR
- Wonderful vibrant culture
- Dominican People are happy to share culture with foreigners
- Gorgeous landscapes
- Warm weather year round
- You Get More for Less (Real Estate Investment / Short term airbnb)
- A diverse international community with many languages spoken in one place
- Food security, We produce more than we consume.
- Quality Food at an affordable price
- Island Life
- Amazing beaches, mountains and rivers
- Growing Economy
- Booming Tourism industry
- Stable Government that incentivizes foreign investments
- Outdoor Adventure Paradise
- Watersport capital of the caribbean
- Quality Of Life
- Affordable health care
- Excellent internationally accredited schools
Why HIre
RealtorDR
When you hire RealtorDR, you get more than one agent who is trying to be all things to all people.
Expertise:
Our top-notch team has streamlined and organized every detail of the home buying and selling process to make it enjoyable and stress-free for you. We handle everything with the utmost care and support.
Largest Inventory:
We have access to the largest inventory of accurate property listings in the Dominican Republic; hence, choosing the right property for you has never before been easier!
Professionalism:
With more than 20 years of combined real estate experience, we are experts at handling a variety of circumstances, which makes the buying process simple for our clients. The team approach provides top-dollar value for the same price as a single agent.
Relationship:
We have built strategic partnerships with brokerages across local, regional and international boundaries allowing us to facilitate real estate purchases faster than any other agency or freelance agents in the Dominican Republic.
Your real estate representative must be:
Your Property Specialist
Your Experienced Negotiator
Your Community Consultant
Your Marketing Manager
Your Transaction Coordinator
Your Real Estate Professional
Your Trusted Advisor and Consultant
Meet
The Team
When you hire RealtorDR, you get more than one agent who is trying to be all things to all people.
Experience
Possessing proven real estate sector experience, our team aligns each seller’s goals and expectations with market realities, thereby achieving optimal results.
Dedicated Specialists
Our job is to make sure you are informed throughout the process. Our Team also pays careful attention to every detail in the process. We are ALL here working for YOU!
BUYER-AGENCY
RELATIONSHIP
THIS IS WHAT WE DO
- Explain real estate agency relationships.
- Maintain communication and respond in a timely manner.
- Familiarize you with current market conditions.
- Provide helpful community data.
- Explain local real estate practices and procedures.
- Provide information on lenders and financing alternatives.
- Search the local Listings for suitable properties.
- Coordinate appointments and show all properties of interest, whether the properties are our listings or not.
- Provide relevant market data.
- Disclose all known material defects of the property.
- Deliver accurate Property Titles.
- Carefully explain and prepare Offer to Purchase forms.
- Strive to obtain the best possible price and terms for you.
- Explain post-purchase activities and responsibilities.
- Keep confidential any information that you designate in writing as confidential.
In return, we ask that you:
- Communicate responsibly and honestly.
- Promptly inform us of changes in timing, requirements, or other critical information that may affect our service commitment to you.
- Enter into contracts in good faith and make every effort to adhere to all negotiated contingencies.
- Willingly provide pertinent information as needed.
- Submit a loan application and all lender-required information within the time frames of the contract when financing.
- Inform all other real estate agents that you are represented by us.
The Buying
Process
Choose a Property
The buyer tours the area, views real estate, meets other owners, and sees a good overview of the DR. He or she chooses either a condo or villa for purchase – new or resale.
Offer of Purchase
A detailed Offer to Purchase is prepared by RealtorDR, signed by the buyer, and then presented to vendor/developer.
Accepted Offer
The vendor agrees and signs of on the price and conditions as set out in the offer to Purchase.
Buyer meets with property lawyer for in depth instructions and information.
Deposit and Due Diligence
Buyer wires the deposit to their lawyer’s trust/escrow account. Monies are held pending the next contract and completion of lawyer’s due diligence on the property (clean title, condo fees, liens)
Contract of Sale
This document is similar to the Offer of Purchase but is prepared by the property lawyer in Spanish.
It outlines the conditions of the sale (English version provided).
Balance of Funds
Buyer sends the balance of the monies (unless it is a progress draw construction, then the monies are sent at scheduled intervals during construction).
Deed Of Sale
Or A Contrato de Venta. This is the final contract that is used to convey the property from the seller to the buyer. Often, in the case of a resale or quick sale, the law firm will go directly from an Offer to Purchase to the signing of a A Contrato de Venta and delete the preliminary step of signing a Promise of Sale.
Welcome Home!
The buyer receives ownership of the property, land titles is notified and title changes hands. In the case of a company then a new company is established with the buyers owning the shares, or in the case of a resale, the share ownership is transferred to the buyers upon completion of the transaction
FAQs
Yes! The buying process for foreigners and Dominicans is exactly the same. No matter your citizenship status, you can own property in the DR.
Closing costs are typically 3.5% additional to the sales price. 1% would be for the lawyer’s fees and 2.5% go straight to the government for title transfers and taxes.
Not only can you receive quality healthcare in the DR, it is very affordable. A standard visit to your General Doctor would cost less than $25 USD without insurance and you can get a top tier insurance policy for $400 USD per year.
Yes. Property taxes are 1% per year of the appraised value of the property in the tax office of approximately over $150,000USD. So if your property is officially valued at $200,000USD, you would pay 1% yearly property taxes on just $50,000USD.
The DR’s policy for extended stay of non-residents is one of the most relaxed in the world. You only need to pay a fee if you stay longer than your tourist visa. Your tourist visa from the airport expires in 30 days, so if you leave 30 days – 3 years after your visa expires, you will pay a fee at the airport that is calculated based on how long you stayed.
No. It is just as easy to own property in the Dominican Republic for citizens as it is for visitors. That being said, getting residency in the DR is a straightforward yet lengthy process that can be beneficial for some.
For non-residents it is possible to get financing from local banks like Scotiabank or Banco Popular however, it is not common and most property transactions in the DR are cash purchases. Having residency or citizenship in the Dominican Republic can be advantageous when getting financing to buy property.
It's Your Life,
Time To Live It!
Thank You for Choosing
RealtorDR to Help You!
Call: +1 (647) 370-8819 | Email: [email protected] Super Pola Plaza Sosua North Coast Dominican Republic
