What Should I Investigate Before Buying A Property In The Dominican Republic?

Before  buying a property it is important to take into account some aspects and in this article we will refer to it as ALERT / CAUTION that anyone should take into consideration when considering buying a property (house, apartment, land, villa, among others) in the Dominican Republic, this for the reasons and motives detailed in this article.

Therefore, the questions to be asked is, what should I take into consideration to start negotiations, make any payment, sign purchase or commitment documents for real estate purchase in Santo Domingo, Dominican Republic?

Yes, those two questions are the most important that you should ask yourself at the time of initiating any purchase transaction or commitment to purchase a property, in a nutshell it is always good to carry out a verification of the property before making the purchase and with it I assure you, that you will avoid great worries and above all that you are deceived before a purchase of a property , which would present great inconveniences if you do not take it into consideration, for the purposes we quote:

  • Certificate of Legal Status of the Property, this will indicate the status of charges and liens that this property may have.
  • Tax Certification, this will indicate the Tax status of this Property.
  • Mercantile Registry, if it is a Society or Company that is in the negotiation of the purchase of the Property, and if it is a natural person with an identity card.
  • Credit condition of the seller (company and its legal representative).

Important Points and Recommendations:

The Broker / Real Estate Agent in general is not the builder or developer of a project, it is only the intermediary, payments are never delivered to it, much less a contract is signed with it, until it is validated that there is a power and all the documentation in order, it is recommended that, in this step, you be directly with the Owner of the Property.

Knowing who you buy or sell from and their condition is not only due to the above, but also due to compliance with the provisions of the Money Laundering Law No. 155-17, which indicates that you must know to whom he buys and sells (Due diligence), under penalty of being prosecuted in court, in the event of any situation arising with it.

A clear reality is better than surprises, which is why real estate verification would be the best initiation in a real estate purchase process.

These are the main recommendations that you should take into consideration, when you are considering buying a Luxury mansions available in Dominican Republic, if you require more information or details, we invite you to contact us, through the enabled forms that we have, see HERE .

In our law firm Dr-luxuryrealestate, we have a division specialized in Real Estate and Business Law, through which we can assist you with any questions or queries that you require regarding Verification of real estate documentation in the Dominican Republic or verification of real estate, our lawyers are available to assist you anywhere you are in Santo Domingo Rep. Dom., and the world, in an Online Lawyer – Virtual way or in person at our firm.

Comments are closed