Frequent questions
See below the categories of frequently asked questions
b. Passport and legal money
c. Living in the DR is not a pre-requisite for purchasing property
d. No, you can own the property in your own name or in the name of a company that you establish.
e. Between 2-5% of the purchase price depending on whether or not the property has a tax abatement.
f. The agent/brokerage and the lawyer. Title companies are not regularly used in the DR. The lawyer does the job of the title company and due diligence etc.
a. Bank to Bank International Wire Transfer
b. The Dominican Peso, but property is bought in USD and it is accepted everywhere.
d. When the contract is signed
c. No, only in undeveloped areas in the interior of the country, not tourist areas
d. Of course!
e. It’s not enough time. Plan for about a month to close
a. Depends on bank. over 600 good chance, very similar to US
b. From 3 years to 25 years with the most common 5-7 Years.
c. Depends on your credit score, debt to income ration, etc. just like up north.
e. Both, for a USD loan you have to have proof of income in dollars
h. It’s not a factor
a. It’s a buyer’s market and has been that way for the past 20+ years
b. Our website puntacanakw.com is everything we have available, but for the offers with the special commission go to www.globalya.com
c. The average price is about US$ 150,000 but you can find properties as low as US$ 45,000 and as high as US$ 15MM
a. Depends on agreement with company.
b. They will send it where you want them to. You pay the wire fees.
f. Price can range from 20-30% for services with the average being about 25% of the income generated
g. HOA covers insuring the common areas and exterior and structural. Home-owner’s insurance covers interior.
h. Property management cares for the cleaning and reporting of any problems from the door in. HOA responsible for everything outside of the door. (maintain the pool, gardens, insurance, etc.)
a. Resale on CONFOTUR properties.
b. Touristic zone, size, economic impact.
c. The title office would know this.
a. Property Taxes are paid in March and September to the tax office
b. 1% of the value of the property that exceeds RD$ 8,000,000 (about US$ 140,000)
c. Ban Reservas
d. When you close on the purchase you will get an ID number and you use that number and log into the website to see your account and when is due and when. http://www.dgii.gov.do/servicios/consultas/Paginas/ConsultaCuotasIPI.aspx
b. All of the normal types that we are used to (Sole Proprietor, Partnership, LLC, Corporation etc.)
c. US$ 1,200 more or less
d. Yes, for resale purposes to extend the benefits of CONFOTUR to the 2nd
a. It is recommended, but not an obligation (pay when you go if you over extend your 30 day tourist)
b. Consult with lawyer, pay money get docs from country of origin
a. About 0.8% of the value insured
b. Not at all
b. Absolutely, and it’s very reasonable (a fraction of the cost of medical insurance in the US).
a. Yes, just exercise the normal precautions as you would anywhere.
b. Very low. There is actually a special and additional police force specifically for tourists called “Politur”
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