- Thread starter oakboy
- Start date
Realestate fees?
No it doesn't. You will have to pay transfer and registry fees plus your attorney plus other closing costs. Here is a summary:
Dominican Republic Real Estate - Buying Property
Sales commissions vary from 6% to 10% to whatever an unscrupulous agent can gouge from you. I prefer 6% in my dealings because it is reasonable. The additional closing fees will vary but assume they are 1% to 1.5% of the sale and you should be okay. This doesn't include legal fees, tho. I only use Guzman Ariza or Jeanette Garcia (Cabarete) because they are the most trustworthy I've ever met on this coast and their fees are very reasonable.
Because it is an unregulated industry it is "open season" for the agents towards the clients. It is best you acquire an "honest" lawyer before trading the jewels away for property.
Research everything about the property before entering a deal. In this country some properties have many owners.
Regards,
PJT
Research everything about the property before entering a deal. In this country some properties have many owners.
Regards,
PJT
The seller pays the realtor, my fees this year have averaged at 5.2%. The buyer pays the lawyers fee = 1% of purchase price and the title transfer tax, the lawyer can give you the exact cost of that once you know what property you want to purchase. A reputable lawyer is a must!
at the inside of the country, the regular comission is 5%, no dominican will pay you more then that.
in tourist areas, usually the comission is 10 % most realtors wont even list your properties for less, which does seem kind of abusive.
closing cost is 3% transfer tax of property value
1% yearly property tax
your lawyer cost
in tourist areas, usually the comission is 10 % most realtors wont even list your properties for less, which does seem kind of abusive.
closing cost is 3% transfer tax of property value
1% yearly property tax
your lawyer cost