Closing as a foreign buyer

Foreign buyers may hold property in the Dominican Republic in their own name. There is no rule that forces you into a local company. A company is sometimes useful, and sometimes only extra cost. That choice belongs with your lawyer, made for this purchase, not copied from a friend.

The path is usually three steps. A reservation holds the property for a short time and should say what happens to the money if you withdraw. A promise of sale sets the price, the deadline and the conditions. The deed is then signed before a notary, and the title is taken to the registry. The certificate does not appear the same afternoon. Registration takes weeks.

Money, named plainly

Transfer tax is 3% of the declared value or the appraised value, whichever is higher. Legal fees, registry costs and, if you choose it, title insurance sit on top. A working budget for a straightforward purchase is often in a band around that tax plus one to two percent, and your file may land outside the band. Ask counsel for a figure before you reserve, not the week of the signing.

Wires should name the beneficiary you were given in writing. If you cannot attend, a power of attorney can be prepared so someone signs for you. Do this early. A document issued abroad needs time to be valid here.

Who sits on your side

Use a lawyer who is not the developer’s lawyer and not only a friend of the seller. We will introduce one. We do not replace one. Our job on closing day is to make sure the appointment, the translations and the keys match what you already agreed.