How to buy a property in DR?
The Dominican Republic’s real estate prices are among the lowest in the Caribbean, also foreigners or locals can easily acquire real estate. Whether for individual use during the holidays, or as a secondary home, or for investment. After agreeing on the price of the property, a compromise of sale is signed between the two parties with a down payment of around 5-10 % of the total amount. Generally, the funds required to acquire the property are deposited by the buyer by bank transfer or by check. After the remittance of the funds, the title is transferred in the name of the buyer or the company and then registered in the Dominican title register. Financing as well is a common discipline when buying a property. No matter if you buy a villa, an apartment, a piece of land , you will always find a list of developers that offer direct owner financing. You will only need to put the down payment and he rest is financed under a fixed interest rate for 5-20 years. While you are paying, the developer holds the title which you get after the final payment is made and the Closing Contract is signed.
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