Buying A Property

Your last question is easy. Fabio Guzman, the attorney who answers questions in this section of the board is an outstanding real estate attorney. A great many foreign investors, both large and small, use his services. His website is http://www.drlawyer.com/index.htm and you can email him at info@drlawyer.com

I highly recommend him. He has offices in Sosua, Santo Domingo, Samana, Las Terrenas, and Samana. Also, he either has or will soon have offices in La Romana and Punta Cana.

A few questions about buying a property in the D.R.:

1. From start to finish, how long does it usually take to purchase a property in the Domincan Republic?

With proper due diligence, 2 to 3 weeks from agreeing on the deal until closing.

2. What, normally, is the required deposit to hold a property?

Depends on the seller and the broker.

3. How much do they normally require as a down payment?

5 to 10%

4. Do Dominican realtors lie about a property or are they legally bound (as they are in the USA) to be honest with the buyer regarding the property?

There is no legal regulation of realtors in the DR.

5. What is a "Promise to Sell" in the D.R., and how do they work?

Go the Publications Section of my website www.drlawyer.com

6. Can anyone recommend a good Dominican real estate attorney?

As a follow up to his question regarding the down payment amount, I was under the impression that for foreigners, getting financing on DR property was very difficult and that sellers normally required payment in full. And even with those sellers willing to finance, they were looking for a 60+% down. Please clarify. Thanks.

Down Payments are not 5% they are anywhere from 20% to 50% ..assuming that they give the option of selling a property in payments buying a property financed will at times end up costing almost double of the true price

Financing in the DR is much different than from where you come from. A finance house in POP I am familiar with will only finance 30-40 percent of the value. Rates are from 3-6% a MONTH depending on how big a dirtbag you are.

My advice is not to buy a property you cant pay for!

Escott

Just as I thought..... Thanks for the advice.

I think his 2nd question about down Payment was confusing to many.