1. Can foreigners buy property in the Dominican Republic?
Yes, foreigners are allowed to purchase property in the DR with the same rights and obligations as a Dominican citizen.
2. What is a Promise of Sale(Promesa de venta)?
This is a binding agreement for seller and buyer signed in presence of Notary Public. It contains a complete and detailed description of the entire transaction, like price and payment terms, legal description of the property and due diligence required done.
3. What is a deslinde?
Survey or GPS survey. That the property has been surveyed and mapped to all neighboring lots. Registered in the land court and has a unique title.
This is required by Law No. 108-05 since 2007 on all properties, except condos. Before 2007 land was sold without this specific requirement.
4. What is the property tax?
No property tax if held in a company name.
Property that is held in individual name pays 1% on the government-appraised value in excess of 7.4 million Dominican pesos. Except for unbuilt lots or farms outside city limits.
5. Do I need a lawyer to buy property?
Yes, the lawyer will do due diligence to confirm that the property that you are making an offer on is free of legal claims and that it is possible to have it transferred to your name. The lawyer will also make the promise of sale and final sales contract. All legal documents must be in Spanish, so you need to have a legal translation made of the contract, and the lawyer will help with that also.
The buyer is free to choose whichever lawyer to do this, and we can recommend a few of the best in the area that we after many years of experience know will protect you as a buyer. Check the links on the right to some of the lawyers we recommend.