Buying a property in DR. What documents I need?

I will be in DR next month and would like to find out what type of documents do financial institutions ask someone to live in the US that will like to finance a property there in DR. Any information will be appreciated.

Re: Buying a property in DR. What documents I need

What you need will vary with the institution. The minimum you will need is: Two forms of official photo ID, one being your passport; some type of official document to disclose your income ...copies of last years income tax filing, a letter from your present employer on company letterhead (if you plan to move and work in the DR, get a letter of intent from your prospective new employer, noting start date, length of employment and salary); documents of other sources of income; savings and checking statements; outstanding debts and proof of on time payments; bring anything you can to prove your solvency; plans of the house/building you wish to build or copies of the title of the property you wish to buy. It's just like in the states.

Good Luck!

Regards, PJT

Re: Buying a property in DR. What documents I need

Financing is much more expensive here than it is in the States or Britain (18% - 24% p.a. generally). You might be well advised to see if you can't refinance your property or extend existing loans in the States & then pay cash down here. Where are you thinking of buying? Do you have SERIOUS friends who will help you find a GOOD deal? Do you know what pitfalls to look out for? Be VERy, very careful about how you proceed. If you are thinking of the Puerto Plata area & want some general advice, drop me a line on GrahameBush@hotmail.com. I have lived in central Puerto Plata for 7 years so 'know' some of the tricks to watch out for. My house is for sale but it may not be right for what you are looking for being BIG, Old fashioned & right opposite the Amber Museum. We are moving to a new property just outside the city boundaries. Best luck with your searches - Grahame.

Re: Buying a property in DR. What documents I need

Left click on 'Buying Property' for good information . . . . . . CES

Re: Buying a property in DR. What documents I need

Well you may want to find a good attorney there to help. The real estate people there are ripoff artests and will take you to the cleaners. I have spent so much time and money trying to find a good deal. I did find that Remax in Sosua is one that all the locals know as a bad place to do business with. There are so many people advertising land for sale. The price looks good till they tell you no road into the property.I worked with 6 diffrent real estate agents there and would NOT use any of them. The american real estate agents are of the worst.As was told by the other posts LOOK OUT FOR RIPOFFS. I know that there are good real estate there to be had and you have to look every little thing over. I have friends there and they all say to find a good attorney first thing. Don't let me scare you off just look out for yourself. Don't trust anyone too far. HAve a great day and trip down there.

Re: Buying a property in DR. What documents I need

Stay away from Rio San Juan and Cabrera reators. locals or people from abroad. There is no protection and also, lawyers are not to be trusted You will end up in a tornado of unexpected fees. Remax in Puerto Plata as a bad reputation but will be your best bet. To bad for Cabrera and Rio San Juan as the the area is promissing. Try Orchid Bay, nice people, one architech from the state Eric is a super nice honest guy petre

Re: Buying a property in DR. What documents I need

Great answer zacra! If you can't trust realtors, lawyers or people from abroad how are you to buy anything? I have sold Real Estate in Canada for 14 years and would never advise anyone to buy without a lawyer. Of course there are fees! Ask first what they are! People only hear and see what they want.

Re: Buying a property in DR. What documents I need

hi rafael,I have a house in the long beach area in puerto plata,5 min. walk from the beach-3 bdrm,2 bth,$50,000 US. if you have any luck with the banks and you want to look at it drop me a line.....jim

Re: Buying a property in DR. What documents I need

You want to venture and buy in the DR, this is my recommendation. Go out there and spend at least a year, do research on who are the realtors you want to deal with, wich lawyers have made their reputation flawless.

I have lived there and I have seen to many people get ripped of by lawyers and realtors. I am also a canadian and come out of your drwam world as you will get a shock. Like I and many other persons did.

Yes it is worth buying in the DR and you will make lots of profit on that investment. What I am saying is be very carreful, do not beleive people but beleive facts and actions from the past.

Ther are god lawyers, Lynne from West indies seems honest and West Indies Sosua as a good reputation. I have a friend that bought from them and received an honest service. If you deal with new or small realtors, beware, beware, beware.

Re: Buying a property in DR. What documents I need

The question of acquiring property in the D. R. is addressed by Mr. Schroder in the above post. In my humble opinion any entity desiring to buy real estate in the D. R. should contact Mr. Schroder (as he is the one I know) or a PROFESSIONAL >(being the key word)< business adviser before making ANY ANY move towards a purchase or rental agreement. Another name that comes to mind is, Mr. Grahame Bush (not a professional adviser, I think) , in the PoP area. What I'm sayn' here is, 'buyer beware' and for your sake, use a reputable adviser. Just as it is in the D. R., here in the USA if you go into a business deal BLIND, some one is going to take your stick (cane) and where does that leave you? . . .

Regards . . . CES

Re: Buying a property in DR. What documents I need

Hey Peter,

Thanks for the recommendation. Someday I want to here the whole sad story. Remember for every bad realtor and every bad lawyer, there are good ones too.

Thanks, Lynne