Results 1 to 10 of 10

Thread: Normal Fee

  1. #1
    Regular
    Join Date
    Feb 2006
    Posts
    179
    Post Thanks / Like

    Default Normal Fee

    I want to purchase a condominium, I have the estimate and I want a attorney to complete the process. What is the "normal" average fee for this process. If all parties agree on price, how long should I expect the process to take? I also want to do some remodeling so should I require the blue plans or would the construction company I hire for this remodeling provide this information?

  2. #2
    DR1 Expert
    Join Date
    Jan 2002
    Posts
    2,171
    Post Thanks / Like

    Default

    Closing costs on a typical real estate transaction are as follows:

    1% of the purchaser price for the attorney/notary; 3% of the fiscal value of the property in gov't taxes.



    Time to obtain a new title is now uncertain with the application of the recent law against money laundering.
    Fabio J. Guzman
    Guzman Ariza
    Attorneys-at-Law
    Sosúa, Santo Domingo, San Francisco de Macorís, Cabrera
    Las Terrenas, Samaná, Bávaro (Punta Cana) and La Romana
    Dominican Republic


    info@drlawyer.com


    Website

    The opinion above should not be construed to be formal legal advice and was given without reviewing the facts and documents pertinent to the case. The reader should NOT act based upon this opinion without seeking professional counsel.

  3. Likes spmc liked this post
  4. #3
    Silver
    Join Date
    Jul 2010
    Posts
    4,858
    Post Thanks / Like

    Default

    Quote Originally Posted by Wanna View Post
    I want to purchase a condominium, I have the estimate and I want a attorney to complete the process. What is the "normal" average fee for this process. If all parties agree on price, how long should I expect the process to take? I also want to do some remodeling so should I require the blue plans or would the construction company I hire for this remodeling provide this information?
    First of all where are you purchasing this property? Is it is a gated or a have a condominium association. Is this new construction or an existing building? It sounds like this is a builder you are buying from and you want to change some of the features either inside or out? Yes, it would be helpful to have blue prints. Depending on when you actually sign a contract it should be about 30-45 days. Just remember it is of the utmost importance that get receive a legal title when your lawyer completes the transaction. Are you paying cash? Are you a citizen or legal resident of the DR? As you can see there are many questions based on the little amount of info you provided.

  5. #4
    Regular
    Join Date
    Feb 2006
    Posts
    179
    Post Thanks / Like

    Default

    Quote Originally Posted by LTSteve View Post
    First of all where are you purchasing this property? Is it is a gated or a have a condominium association. Is this new construction or an existing building? It sounds like this is a builder you are buying from and you want to change some of the features either inside or out? Yes, it would be helpful to have blue prints. Depending on when you actually sign a contract it should be about 30-45 days. Just remember it is of the utmost importance that get receive a legal title when your lawyer completes the transaction. Are you paying cash? Are you a citizen or legal resident of the DR? As you can see there are many questions based on the little amount of info you provided.
    Sorry I left out these details: The property is in Santo Domingo in an existing building that does have a condominium association ( I am purchasing it from the proprietor), and I want to change some features in the condominium. I am a single permanent resident paying cash for the condominium intent on giving it to my daughter when she comes of age and certainly after my demise. Thank you for those valid pointers.

  6. #5
    Gold
    Join Date
    Nov 2002
    Posts
    5,168
    Post Thanks / Like

    Default

    I recently sold my house and the buyer was charged 1000 dollars fixed fee for making the contract, legalizing it and getting the title (excluding the transfer taxes to be paid ofcourse). That was about 0.3% of the value of the sale. There were some small mistakes in the original title I was holding and they were fixed in the process too. (Square meters of the solar and of the constructed meters were inverted). 

    We signed the contract end of June and buyer got the new title end of August. 

  7. Likes spmc liked this post
  8. #6
    DR1 Expert
    Join Date
    Jan 2002
    Posts
    2,171
    Post Thanks / Like

    Default

    Again, this was before the anti-money laundering law came into effect.

    Conveyance taxes cannot be less than 3% of the assessed value of the property.
    Fabio J. Guzman
    Guzman Ariza
    Attorneys-at-Law
    Sosúa, Santo Domingo, San Francisco de Macorís, Cabrera
    Las Terrenas, Samaná, Bávaro (Punta Cana) and La Romana
    Dominican Republic


    info@drlawyer.com


    Website

    The opinion above should not be construed to be formal legal advice and was given without reviewing the facts and documents pertinent to the case. The reader should NOT act based upon this opinion without seeking professional counsel.

  9. #7
    Regular
    Join Date
    Sep 2013
    Posts
    483
    Post Thanks / Like

    Default

    I just bought an apartment in Santo Domingo and paid just over US$ 2000 in legal fees. It should have been a simple case but ended up more complicated. I was quoted a wide range of fees by different law firms, the most expensive was US$ 5500. Make sure you don't just choose a law firm on price. What drove me crazy about using one of the firms that others rave about on DR1 is that their lawyers are almost always in meetings and it takes then 24 hours to return your calls. The guy I used gave me his whatsapp and returned calls quickly.

  10. #8
    Gold
    Join Date
    Nov 2002
    Posts
    5,168
    Post Thanks / Like

    Default

    Quote Originally Posted by Fabio J. Guzman View Post
    Again, this was before the anti-money laundering law came into effect.

    Conveyance taxes cannot be less than 3% of the assessed value of the property.


    I’m not talking about the tax but about the notary fee. That’s highly negociable and my buyer paid 0.3%, not 1%.

  11. #9
    Regular
    Join Date
    Sep 2013
    Posts
    483
    Post Thanks / Like

    Default

    Quote Originally Posted by Mauricio View Post
    I’m not talking about the tax but about the notary fee. That’s highly negociable and my buyer paid 0.3%, not 1%.
    Agreed, mine worked out much lower than 1%. Both of the lawyers - mine and my sellers - were excellent, both speak very good English, they both specialise in property and both responded very quickly. I'm happy to recommend either if you'd like some names - not sure if we're allowed to post names and contact details on here, so please PM me if needed. I know that my sellers paid US$ 2000 as well.

  12. #10
    Bronze
    Join Date
    Oct 2005
    Posts
    751
    Post Thanks / Like

    Default

    If the condo is in the name of a Dom. Corp. It is a lot easier and usually cheaper.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •