Transaction implementation and property registration.
In the Dominican Republic, simple rules for the sale of real estate under construction. In practice, to acquire land, the buyer will need:
- Select a property. You should instruct a lawyer to verify the property for “legal cleaning.” This means that the buyer must ensure that the documents are in perfect order and that the property has no liens.
- Then, a preliminary contract is concluded and an advance payment of 10% is paid.
- The third step is the work on the conclusion of the main sales contract. The main conditions are agreed for the price, payment terms. At the time of signing the document, the Seller receives the total price of the item sold. The buyer takes possession of the property.
- The fourth stage is the registration of a plot of land in the state registry, the receipt of a new title: a document. Pre-payment of taxes and fees.
Conditions for the acquisition of real estate for construction:
- To acquire a plot of land for construction it is not necessary to be a citizen of the Dominican Republic and even a tax resident of the country.
- A residence permit is not required for the purchase of real estate. The residence permit does not affect the sale process. It is usually received so that a foreigner can live and work freely in the territory of the Republic.
- The purchase of real estate for construction does not affect the issuance of a residence permit. But obtaining permanent residence and greater citizenship can be a good reason, since it is a significant investment in the economy of the Dominican Republic.
In the Dominican Republic, any property, including land, can be purchased by everyone, any foreigner who has money for this and a passport. But this procedure has a certain algorithm and characteristics, which we will talk about next. Let’s start with the scheme of purchase and registration of land ownership.