Costs of buying an apartment

Taxes and expenses on the conveyance of real estate are now (after a recently enacted law) approximately 3.1% of the government-appraised value of the property, soon to be raised to 5.1%, as follows:

- 3% Transfer Tax (Law # 288-04)
- 2% Registry Tax (Law #108-05), applicable to properties valued at RD$5 million pesos or more, which will come into effect sometime in the near future upon creation of the Indemnity Fund established by the Law.
- Minor expenses such as tax on certified check, sundry stamps and tips at the Registry.

The standard legal fee for the lawyer/notary is 1%.