There is no doubt that real estate Dominican Republic is a great idea if you are looking to invest some money in property or land. However, before you buy any kind of real estate in the Dominican Republic, it is very important that you are aware of all the issues you may have to face.
Real Estate Dominican Republic: What to Know Before You Buy
Many foreigners are of the belief that buying property in Dominican Republic will not require them to pay any title transfer charges or real estate taxes. While that may be the case in some situations, it does not apply to everyone.
Whether or not you will be liable to pay taxes will depend on the type of property you buy, as well as how you have bought it. Thus, do ensure that you consult some property lawyers in the area to ascertain your real estate tax liabilities.
Another critical aspect of real estate here is that property owners are never sent any reminders to pay their annual property taxes. Thus, many owners simply forget to do so, which may result in huge tax arrears. If this is the case with the property you are planning to buy, you could end up having to pay the entire amount that remains in tax arrears. Thus, before signing on the dotted line, make sure you ask the owner to hand over all previous receipts for tax payments on that particular piece of real estate.
While an owner may not be open to handing over the original property papers before the deal is closed, they should always be open to providing at least one copy of their title deed. This enables you to check whether there are any liens on the real estate, or any other kind of outstanding loans or payments.
You can also ensure that the title to the real estate is clear and will be transferred easily. Thus, if the owner refuses to provide you with a copy of the title deed, you may want to look at another piece of real estate in the Dominican.
It is very easy to get carried away with the stunning beauty of the real estate here in the Dominican Republic and buy property without doing your due diligence. However, if you want to buy property here, you should hire the services of a good property consultant so that you do not get cheated in any manner. This is more necessary if you are buying real estate Dominican Republic as a first time buyer.