For the purchase of real estate, once its credibility and legal certainty have been identified and confirmed, the steps to follow are:
- Copy and original of the certificate of title.
- Appraisal of the property carried out by one of the authorized appraisers of Banco Múltiple Activo Dominicana.
- Certification of No Encumbrance issued by the Title Registry
- IPI Certification (Real Estate Property Tax)
- If the property is used, I do not have condominium fees pending payment.
- Property sale act.
- Copy of identity documents of all parties.
Once this is obtained, the payment is made by transfer to the DGII, which is 3% of the value of the same and is deposited before the Dominican Republic Real Estate Jurisdiction – Registry of Titles, so that a title is delivered to you in your name.
Property acquired through a financial institution in the Dominican Republic
In this case, it is necessary to meet the requirements requested by the financial entity, which with fine differences; the interested party must demonstrate their economic solvency.
By the client is required:
- Copy of ID or passport if you are a foreigner.
- Income certification (employment letter).
Account statements for the last three months.
If the client generates his income with an independent commercial activity, he must present a copy of the legal documentation of said activity and the company’s account statements for the last three months.
For the property or seller is required:
- Copy of certificate of title.
- Appraisal of the property carried out by one of the authorized appraisers of Banco Múltiple Activo Dominicana.
- Certification of No Encumbrance issued by the Title Registry.
- IPI Certification (Real Estate Property Tax).
- Sale intention.
General recommendations for the purchase of the property
The best recommendation is that you always go to an advisor, who in principle (and the best) is a lawyer, because he will be able to validate all the documents in place, and even more important: who you are giving your money to.
To do this, it is best to ask yourself the following questions:
- Does the company or construction company exist?
- Is the project true?
- Have you done other projects?
- Who am I negotiating with? Who are they?
- And something important: Where is that project, does it cost the price that they indicate?
These questions will be able to give you the answer of whether you can proceed immediately to formalize the purchase or negotiation.
