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As a starting point, any buyer must be aware of the fact that all the buying and selling of real estate in the Dominican Republic must obey the Land Registry Law of the Dominican Republic. According to it, the first and most important step in acquiring a property in this country is the making of a sale contract between the parties involved, which is between the buyer and the seller.
The Dominicans seem to care a lot for the laws and regulations in their country, as this contract for sale must by all means be signed in front of a notary public, who has a law degree. All the general terms and conditions of the sale must be stated in this contract for sale, together with a full description of the real estate which is the subject of the sale. Another thing that must be recorded in the contract is the agreed upon sales price. Without fulfilling these requirements, the contract is good for nothing! Of course, other matters relating to the selling or buying of a certain property can be stated in the contract between the seller and the buyer. As a general rule, the buyer will make a deposit for the property, but this amount of money must cover a minimum of 10% of the total purchase price of the real estate. After the signing and notarizing of the contract, the Internal Revenue Office comes into action, as the taxes which will be due and owing because of the sale must also be determined. The required taxes must by all means be paid in advance for the property involved in the selling process, from the seller to the buyer. The final step of the whole procedure is the filing with the Title Registrar's Office of the contract for sale and of a certificate of title.
Well, should you think that these steps are not too difficult to take, you are free to start making investments in the Dominican Republic.
Category: Real EstateThe Best Tips On Buying properties In The Dominican Republic was written by:Author:Dalvin RumseyAdded: Thu, 26 Apr 2007 11:38:17 -0400 This Article Has Been Read 222 times View all Dalvin Rumsey's articlesAbout the Author: RAID Data Recovery and server recovery specialists for RAID 1 Data Recovery and RAID 5 Data Recovery . |
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