One of the most exciting yet stressful experiences one can have is buying a home. After all, it's often where your family will live. As with any big purchase there are many steps involved in purchasing real estate in Dominican Republic: researching properties; determining if they're right financially (looking at the closing costs associated) so preparation is key.
In every country the process in which one buys or sells a property is different. In the case of Dominican Republic Real Estate, the legal process can become very bureaucratic and cumbersome for someone with no expertise whatsoever.
It is essential to have a land attorney (preferably English speaking lawyers) on your side if you want the purchase or sale of property go as smoothly and guarantee that everything goes according to Dominican Law.
Promise of Sale for Real Estate in Dominican Republic
For instance, one of the first things that the buyer and seller must get done in order to begin the purchase or sale of a property is the Promise of Sale Agreement (“Promesa de Venta” in Spanish). Under Dominican Law a Promise of Sale Agreement can be understood as a binding contract between parties (buyer and seller) in which both not only figure out and establish important factors such as the purchase price of the property, the place and the date of closing it contains a complete detailed description of the entire transaction.
The contract also gives securities to the parties since it obligates both (for example, most purchase agreements must guarantee that they will remove property off-market during their term). There may be hidden dangers or “red flags” when it comes to buying a property. That is why is very important that a lawyer reviews the contract first. You might not even realize there is something wrong with the house until after you've bought and paid for it, but then found out how dangerous these conditions really were!
Why it’s recommended to hire a Real Estate law firm in Dominican Republic?
Law firms are the best way to ensure that your investment is safe and secure. Not only can they investigate any possible defects with property, but also do due diligence in order prevent real estate fraud by thoroughly reviewing documents related to each case before you invest time or money on them.
A law firm focused primarily upon real estate would be able perform detailed investigations both for physical properties as well administrative details not visible from an outside perspective altogether providing valuable protection against fraud. For example, a property in itself might look fine, yet the home itself could have been constructed in an illegal plot of land, or the owner of the property could even be owing property taxes that the buyer will then acquire without knowing it.
It is important to use a dominican lawyer when dealing with the State and its bureaucracy. The Real Estate law firm has been proven as not only one of most effective ways for solving these issues, but also it's hassle free!
Dominican bureaucracy when acquiring a property can be overwhelming, even more so if you are new to this country. However, Real Estate law firms not only help you make this process go smoother, but use tools that the State has given them to your advantage.
The beautiful but stressful adventure of getting into Real Estate in Dominican Republic doesn't have to be daunting - especially if you are prepared. A good way of arriving ready for anything, is by consulting with an experienced lawyer who specializes on this topic; like Cana Law Legal Strategy!
You will be able to sleep better at night knowing that your process is in the hands of professionals. You also get legal backing for either purchase or sale, so if you need assistance with real estate in Dominican Republic feel free contact us! We're here every step along on our journey together - just ask any questions anytime.
Our professional team has the experience and competence to represent our clients in a variety of legal matters including real estate law, personal injury, labor law, commercial law, immigration to Dominican Republic.