Buying and selling a home in the D-R without a Dominican bank account ?

Yes you woul place it your lawyers escrow acct and receive funds from your lawyers escrow account . Just make sure u use a reputable lawyer !!!!!!!! Who has an escrow acct in the usa

Hispanola said:

My question is can I buy a home in the D-R and wire transfer (or give a Bank-Draft) from my account in the U.S.A. to the seller ?

Also when the time comes for me to sell that home, could the potential buyer transfer his dollars from his Dominican bank account to my U.S. account ?

Thus saving the need of me opening a Dominican bank account in both cases, or deal with any other currency other than U.S.D. ?

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The answer to both is "yes". International bank transfers are alive and well. costs me about $45 U.S. service fee to do it. BUT... be VERY VERY sure about the recipient before sending. Once gone... it's gone for good, no way to get it back. My bank is very particular and careful ... even though I've done it about 5 or 6 times.

BTW... use of a lawyer's escrow account it not a necessity. I've done it both ways, paying directly to the builder's account; and also through my lawyer for transfer taxes, (but paying the lawyer's escrow fee just adds to the costs.)

CaptnGlenn said:

The answer to both is "yes". International bank transfers are alive and well. costs me about $45 U.S. service fee to do it. BUT... be VERY VERY sure about the recipient before sending. Once gone... it's gone for good, no way to get it back. My bank is very particular and careful ... even though I've done it about 5 or 6 times.

BTW... use of a lawyer's escrow account it not a necessity. I've done it both ways, paying directly to the builder's account; and also through my lawyer for transfer taxes, (but paying the lawyer's escrow fee just adds to the costs.)

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My bank made an error once. I was sending wires - a bit here , a bit there and more to another.
The screwed it up - sent one amount to the wrong place - they managed to claw it back and correct it but you need to be fast.

The Cap'n is right - it goes fast and then is unrecoverable.

Having said that - don't let any of this frighten you.
Wiring is an everyday event and when using the lawyers - its their problem, not yours.

Hispanola said:

Wouldn't a Bank-Draft be slower but more secure, in both directions ?

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You need to get that draft into the country... must declare it.

Could be couriered, I suppose..... wiring is pretty simple.

Wire. Most, if not all, lawyer escrow accounts who are lawyers of repute are outside of the Dominican Republic. Someone told me that in the DR lawyers are subjected to too many scrutinies and possible taxes on escrow accounts which is why they are outside of the country. Anyhow, a lawyer such as Guzman Ariza has a US account where you wire the funds and they take care of getting it to the intended recipient (with receipts). Smoooooth.

~We have wired many times from US accounts to RD accts,both escrow atty accts and personal accts...we have only had one encounter where a large sum wire was "Stopped" by the "intermediary" bank...it took over three weeks for the bank error by the Dominican Bank to accept and correct the one font error by the intermediary bank and have the funds wired properly,,,in the mean time, the US bank was pointing at the Miami Branch, the Miami branch was pointing at the Dominican Branch...and we were out of trust with the RD attny's awaiting the funds..........long story short....dot "your" "i"s and cross "your "t's" and due your due diligence in making sure that your wire information is on point and correct regardless of what the bank rep states to be correct!!!!