Purchasing Property

Cdn_Gringo

Gold
Apr 29, 2014
7,619
493
83
Currently, yes you can.

Do you really want to or should you, would require more info and a much longer response.
 

Michi313

New member
Feb 22, 2019
24
0
0
Yes you can - we are going thorough this now - I believe the glitch is on financing (if you need to) - if you are paying all cash it is preferred - or current owner can finance to you like a bank would over a period of time
 

Fabio J. Guzman

DR1 Expert
Jan 1, 2002
2,305
93
48
www.drlawyer.com
There are no restrictions on foreign Individuals or entities owning or leasing real estate in the Dominican Republic. The process for purchasing or leasing real estate for foreigners is exactly the same as for Dominicans
 

cavok

Silver
Jun 16, 2014
4,693
568
113
There are no restrictions on foreign Individuals or entities owning or leasing real estate in the Dominican Republic. The process for purchasing or leasing real estate for foreigners is exactly the same as for Dominicans
You mention foreign entities. Would that include a LLC registered in the US?
 

Farmer

Member
Dec 2, 2003
125
12
18
We purchased last December. Had to produce financial statements, income, titles to property here in the U.S. Along with bank statements and personal references from both here and there. Similar in many ways to a purchase here. Also needed a Dominican co-signer even though we paid in full. U.S. banks look down on foreign property purchases so we just took out a second mortgage and they could care less what you do with the money.
 

2dlight

Bronze
Jun 3, 2004
970
36
28
Can someone please explain the need for a Dominican co-signer? I understand what it means to co-sign for someone in the US but not here. I know people that co-sign for others and they have no job, no house they own, no car and no savings account.
 

RockyM

New member
Jul 16, 2018
119
0
0
Can someone please explain the need for a Dominican co-signer? I understand what it means to co-sign for someone in the US but not here. I know people that co-sign for others and they have no job, no house they own, no car and no savings account.
I was wondering what the basis of this is myself. The DR legal system is rife with "vouching" requirements. Getting people or entities to vouch for you is very common.
 

drstock

Silver
Oct 29, 2010
2,713
379
83
Cabarete
I don't know why a co-signer would be required. Maybe the law has changed, but I bought my property here eight years ago without one.
 

jimmythegreek

Bronze
Dec 4, 2008
1,066
4
0
As in anythinng, due diligence is require, especially when you are buying property here.
All real estate has risks no matter where you buy in the world....just happens we are talking about Dominican Republic here.

The core problem here is with these apartment buildings-the condominium law of 1958 and its interpretation by the governing body Tierra Tribunales......
 

drstock

Silver
Oct 29, 2010
2,713
379
83
Cabarete
All real estate has risks no matter where you buy in the world....just happens we are talking about Dominican Republic here.

The core problem here is with these apartment buildings-the condominium law of 1958 and its interpretation by the governing body Tierra Tribunales......
Not everyone buys condos. There are houses too.
 

juanmac

New member
Mar 21, 2019
7
0
0
Yes you can - we are going thorough this now - I believe the glitch is on financing (if you need to) - if you are paying all cash it is preferred - or current owner can finance to you like a bank would over a period of time
Financing is one of the big issues. Rates/terms at DR banks just aren't competitive with those in N.America. You're looking at at least 7-8%, amortization of only 10-15 years. And usually, you need at least 35% down.

The other big problem is the convoluted application process. It just takes too long.

If you need financing to purchase, you'll have to go the 2nd mortgage route/LOC, as suggested elsewhere in this thread.