Thanks for the info. I am hoping the residents forum might have some more info about buying property.
- Thread starter Sluggo
- Start date
Buying Property Recommendations
Thanks for the info. I am hoping the residents forum might have some more info about buying property.
If that’s what you’re looking for, it’s all here in the regular forums.
Where are you looking? Condo, house, city, campo, land only?
I have already signed agreements on two properties. One in SD and one in La Romana. They won't be ready until next year. I will probably be looking for a villa in the Punta Cana area late next year. I'm mainly wanting to gather as much info as possible about all aspects of the legal end of it (corp vs not), confotour, furnishing, etc. Just any info I can get to make life easier as a newbe.
Not trying to put the horse before the cart but do you have residency in the DR? If you havn't started the process you should. It's difficult to do anything legally without a cedula card. It sounds like you are building to rent out or resell?
Why? I opened a company and bought a property here a few years ago before getting Residency. It was done with the advice off a legal firm very well-known on this site.
Actually owning a property gives you a leg up on residency - but yes that cedula is your ticket to banking and getting a Driver's license and conducting a business
The times are changing. The practical landscape of just a couple of years ago, looked and functioned differently than it does today. Despite the beliefs of some, legal residency does have intrinsic value - both practical and ethereal.
It may make sense for some to do everything they can to build a bushiness or acquire real estate holdings with the most solid legal footing possible. This is real money people are investing and it is not particularly easy or quick to get one's investment out when progress throws up legal and procedural hurdles that cannot easily be overcome from an easier but potentially disadvantaged legal position.
Residency/citizenship can be viewed as a sort of insurance against future changes. A means to ensure you can always be here to oversee your business and manage your assets to their fullest potential.
It may make sense for some to do everything they can to build a bushiness or acquire real estate holdings with the most solid legal footing possible. This is real money people are investing and it is not particularly easy or quick to get one's investment out when progress throws up legal and procedural hurdles that cannot easily be overcome from an easier but potentially disadvantaged legal position.
Residency/citizenship can be viewed as a sort of insurance against future changes. A means to ensure you can always be here to oversee your business and manage your assets to their fullest potential.
The real estate industry here is unregulated - that creates differences in many areas
there is little/no consistency to real estate dealings.
I would say each one will present its own set of circumstances.
Pick an area - hunt up a decent agent (might be easier said) - and then gird yourself.
I have done it - twice.
I agree with Gringo - there is an undefinable benefit to ownership and residency.
Just having my own car gives me a fuzzier feeling.... not renting.
Intangibles....
there is little/no consistency to real estate dealings.
I would say each one will present its own set of circumstances.
Pick an area - hunt up a decent agent (might be easier said) - and then gird yourself.
I have done it - twice.
I agree with Gringo - there is an undefinable benefit to ownership and residency.
Just having my own car gives me a fuzzier feeling.... not renting.
Intangibles....
Provide no funds up front; negotiate this and use a reputable international law firm to construct all contracts;
If possible, have the contract negotiated in the USA, and select jurisdiction of USA state court of your residence.
Pay funds to a USA escrow account as required in the contract.
Get all the information of the seller, personal data, do a search for any issues/reputation etc...
Assume the property will be delivered very late; also, assume the finishes will be faulty and require retouching before paying.
Ensure the electric/ plumbing/sewage are all at USA standards and inspect the systems well before paying.
Check to ensure that property taxes are paid up on the project / property you are purchasing.
Assume all is not what it seems.
If possible, have the contract negotiated in the USA, and select jurisdiction of USA state court of your residence.
Pay funds to a USA escrow account as required in the contract.
Get all the information of the seller, personal data, do a search for any issues/reputation etc...
Assume the property will be delivered very late; also, assume the finishes will be faulty and require retouching before paying.
Ensure the electric/ plumbing/sewage are all at USA standards and inspect the systems well before paying.
Check to ensure that property taxes are paid up on the project / property you are purchasing.
Assume all is not what it seems.
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