I know this topic has probably been discussed before, but I tried a search on "land sale" and it did not seem to come up with the information I was looking for.
When a purchase is made of a parcel of land, as I see it there are a number of taxes involved. One tax is the 5% tax for the transfer of title, there are other taxes involved in the closing which are typically presented in a table included with the title. That is, when I receive the title, I also have a transfer document included which states who legal title was transfered from, and also a third page which tablizes all taxes paid at to where they went. My lawyer seems to use a rule of thumb of about 9% of purchased value for everything, is that about right, and what are the other taxes associated in a transfer of title?
For what I am dealing with, I am buying a portion that is currently labled as a "Resto of Parcela" in Puerto Plata proper which will mean that it will need to be Surveyed and process as a new titled lot in a Manzanna.
-Lee
When a purchase is made of a parcel of land, as I see it there are a number of taxes involved. One tax is the 5% tax for the transfer of title, there are other taxes involved in the closing which are typically presented in a table included with the title. That is, when I receive the title, I also have a transfer document included which states who legal title was transfered from, and also a third page which tablizes all taxes paid at to where they went. My lawyer seems to use a rule of thumb of about 9% of purchased value for everything, is that about right, and what are the other taxes associated in a transfer of title?
For what I am dealing with, I am buying a portion that is currently labled as a "Resto of Parcela" in Puerto Plata proper which will mean that it will need to be Surveyed and process as a new titled lot in a Manzanna.
-Lee