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  1. #11
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    A note of interest on this topic. There is presently a bill in Congress to allow property owners to "update" the value of their properties paying 3% on the difference with the declared value.
    Fabio J. Guzman
    Guzman Ariza
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    Sos�a, Santo Domingo, San Francisco de Macor�s, Cabrera
    Las Terrenas, Saman�, B�varo (Punta Cana) and La Romana
    Dominican Republic

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    The opinion above should not be construed to be formal legal advice and was given without reviewing the facts and documents pertinent to the case. The reader should NOT act based upon this opinion without seeking professional counsel.

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  3. #12
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    Quote Originally Posted by Danae View Post
    Actually, let me clarify what has happened - we do not live un DR yet. For our future life there we have bought a property in Jardin Deportivo with "help of friend" from our homeland who lives there for 3 years already. As he kept our POA we trusted him and did not deal directly with the seller. We have got contract in hand (looks like original signed with the notary) with value we really paid via this "friend", but we did not pay to the seller directly. Also property transfer tax, notary fees and commision was paid to the "friend" from that price as if it was official. Now we learnt from someone else that second contract exists with almost 30% lower price and that is our first time to hear about. It is also signed with the notary. We are afriad to be cheated, therefore we posted such questions in DR1. Sorry if it was not appropriate.
    Since you were not told about this directly by your friend, I suspect your friend is not a very good friend. At least he is 30% less of a friend than you thought.

    It still could be that this was done to save on transfer taxes, but your not being made aware of it only by a third party certainly would make me think he pocketed a hefty 30% commission.

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  5. #13
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    Quote Originally Posted by Fabio J. Guzman View Post
    A note of interest on this topic. There is presently a bill in Congress to allow property owners to "update" the value of their properties paying 3% on the difference with the declared value.
    Similar to the frequent amnesties provided to gun owners who have not paid their annual fees, that sounds. How many takers would they get if that is signed into law? 3% now versus 20% later..

  6. #14
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    Quote Originally Posted by windeguy View Post
    Similar to the frequent amnesties provided to gun owners who have not paid their annual fees, that sounds. How many takers would they get if that is signed into law? 3% now versus 20% later..
    I don't think that is the intent. I would think is similar to US tax law of "Stepping up the base". This is a good thing that is used in estate planning and various ways so as to reduce the capital tax due on inheritances, gift giving and other. My opinion only.

  7. #15
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    Quote Originally Posted by windeguy View Post
    Since you were not told about this directly by your friend, I suspect your friend is not a very good friend. At least he is 30% less of a friend than you thought.

    It still could be that this was done to save on transfer taxes, but your not being made aware of it only by a third party certainly would make me think he pocketed a hefty 30% commission.
    Also my thoughts.

    My shenanigans sensors went off.
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  8. #16
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    [QUOTE=cobraboy;1992483]Also my thoughts.

    Thank you. That is what my feeling is. But I do not know how to find out what price was really paid as all payments were made in cash and seller has no reason to admit his fraud.

  9. #17
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    Finding out what was paid and filed should be very easy information to get. I know exactly how to do it in States but I will this question in the hands of people more knowledgeable than me in matters of DR procedures.

  10. #18
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    [QUOTE=Danae;1992593]
    Quote Originally Posted by cobraboy View Post
    Also my thoughts.

    Thank you. That is what my feeling is. But I do not know how to find out what price was really paid as all payments were made in cash and seller has no reason to admit his fraud.
    Most likely this is now water under the bridge. Chalk it up as one of life's experiences here in the DR. If the deal was done under the table, how could you possibly find out? "Commissions" are common practice here for facilitators of real estate deals.

    It is very likely you will have more similar experiences if you live here for any length of time.

  11. #19
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    It doesn’t matter what your contract says for sale they will come out and audit and say what value they place for taxes paid anyways!

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  13. #20
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    Quote Originally Posted by lifeisgreat View Post
    It doesn’t matter what your contract says for sale they will come out and audit and say what value they place for taxes paid anyways!
    My wife said the same thing.

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