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The laws of the Dominican Republic are based on French law there are many legal issue that will seem simple, however they are in fact very complex. Our recommendation is and always will be to consult with a reputable attonery. As of April of 2009, there are new laws on the bookU regarding having a deslinde, which in the United States, is simalar to have property land courted. This new step while is time consuming, it will help protect land/prperty owners in the furture.
Some of the most highly regarded attorneys in the country, in our opinon is, are with the firm of Guzman Ariza. They have offices in Sousa,and in Cabrera. We do have names of several other attorneys which will also would be happy to recommend.
An outline of Purchasing Real Estate in the Dominican Republic
Promise of Sale:
a. Full name and particulars of the parties. If the Seller is married the spouse must sign as well
b. Legal description of the property to be purchased.
c. Purchase price and payment terms.
d. Default Clause
e. Date of Delivery of the property
f. Due diligence required or done.
g. Representations by the seller and remedies in case of misrepresentation.
h. Obligation by the seller of the signed in the deed of sale upon receipt of final payment.
This is also a formal document binding both parties, and signed by them in the presence of a Notary. It is used for the purpose of conveying the property from seller to buyer.
Determination and Payment of Transfer and registry Taxes: The authenticated Deed of Stale is taken to the nearest internal revenue office where a request is made for the appraisal of the property. The IR office checks if the seller is in compliance with his tax obligations and selects an inspector to do the appraisal. The determination of the amount of taxes to be paid may take a few days or a few weeks depending on the availability of inspectors.
Once the property has been appraised and taxes paid, the Deed of Sale and the Title of the seller are deposited, along with the documentation provided by Internal revenue, at the Title registry office for the jurisdiction where the property is located.
At the Title Registry Office, the sale is recorded and a new certificate of title is issued in the name of the buyer. The property belongs to the buyer from the time the sale is recorded at the registry. The time for The issuance of the new title can vary from a few days to a few months depending on the Title Registry office where the sale was recorded.
Certificate of Title
Filing at the registry of title
Deed of Sale
This is a Formal Document, binding on both parties, and signed by them in the presence of a Notary Public. It is more important than the Deed of Sale, since it generally contains a complete and detailed description of the entire transaction up to the time when the purchase price has been paid in full and the property is ready to be conveyed to the buyer. A well drafted Promise of Sale should contain at least the following provisions:: After a verbal agreement is reached by the buyer and seller on the purchase price, a binding promise of sale is prepared by an attorney or notary public, which is than signed by both parties. It is higley recommended that the perspective buyer retain a attorney prior to signing any documents or making a deposit. Depending on the wishes of the parties, the attorney may proceed with the due diligence first , before preparing the Promise of sale, or alternatively, prepare the promise of sale first, conditioning the purchase to results of due diligence to be done in a specified term.
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