Thank you for your interest in our services. We would be more than happy to assist you in the purchase of property in the Dominican Republic. For general information on buying real estate in the Dominican Republic, please refer to our articles on that subject found in our website www.drlawyer.com . You may go directly to them by clicking here: http://www.drlawyer.com/txt/articlesreal.html .
As an initial advice we recommend all of our clients to not have any monies wired to the seller before our attorneys have either conducted the due diligence on the property and/or a promise of sale has been signed conditioning the final sale to the due diligence findings. Please obtain a copy of the Certificate of Title from the seller in order for us to begin the title investigation.
As for fees, our standard fixed fee for real estate purchases ranges from 0.1% to 1.0% of the gross purchase price, depending on the value of the transaction. Our fees for purchases below $500,000 US is 1% with a minimum fee of US$850 for cash purchases requiring only one contract and US$1500 for purchases requiring more than one contract. The fixed fee covers the following: (a) title investigation and due diligence, (b) negotiation, preparation, authentication and recording of the deed of sale, (c) short-term escrow services and (d) obtaining from the Internal Revenue Department an appraisal of the property purchased in order to ascertain the amount of transfer taxes to be paid, (e) payment of taxes, (f) recording of the deed of sale at the Registry of Titles, and (g) obtaining the Certificate of Title in the name of the buyer.
Not included in the fixed fee are transfer taxes (approx. 3.1% of appraised value), surveyor’s fees ($150+ depending on the size of the property) incorporation costs ($1400 + depending on the capitalization), fees and expenses related to the representation of the client by power of attorney in case the client will not be present at closing ($250). We strongly recommend using a corporation for the purchase for the reasons found in our website article. Legal fees in the Dominican Republic are subject to a 16% service tax.
Finally, we would be most grateful, if you could take a second of your time and fill out this quick four-question Prospective Client Survey by clicking on the following link or pasting it on your browser’s address bar.
Skype Address – dlhussmann
Las Terrenas, Samana, Dominican Republic