Resultados de la búsqueda

23 items found

Blog Posts (9)

  • How to Buy a Property in Dominican Republic: All You Need to Know

    Visiting Dominican Republic, whether on business or vacation, is always inspiring. Historic cities like Santo Domingo or simpler yet just as interesting locations such us Punta Cana which has been attracting tourists since it first opened its doors to visitors from all over world making tourists return year after year, and there's always something new to discover in this rich and vibrant country. If you are looking for an escape from the hustle and bustles of everyday life, then consider buying property in Dominican Republic. Not only will this give your family better standard of living but also plenty opportunities that cannot be found anywhere else on earth! Also attractive are Dominican Republic's very low property taxes, the first US$160,000.00 are tax free and a 1% annual tax is assessed based on the exceeding amount. So if you have a property that is worth US$170,000.00 you will only pay 1% of US$10,000.00, this would be 10 dollars per year. And as if that were not enough, it can be paid in two installments, one in March and the other in September of each year. How to buy property in Dominican Republic? The Dominican Republic has a system very similar to North America and unlike some of the other countries, foreigners have the same rights when purchasing property in Dominican Republic as locals do. Buying property in Dominican Republic is a fairly transparent process. However, as with business transactions anywhere in the world, it is important to do your homework and work with professionals. Steps Involved in a Real Estate Transaction in Dominican Republic Step 1: FIND A PROPERY There are many reasons why people decide to buy property in the Dominican Republic. Some come specifically for this purpose, others vacationing and then making an investment decision on their way back home or before leaving, whatever your situation may be dealing with professionals can simplify what would otherwise be a complicated process. The buyer tours the area, views real estate and meets other owners. He decides to buy either a condo or villa for his new home! Step 2: MAKE AN OFFER The offer you make will be based on your current financial situation and present it to the seller. Also, if a buyer and seller agree to the price, an attorney prepares what is called "Promise of Sale." This document ensures that both parties will be bound by their agreement and sets the general terms of the transaction: price, terms and penalties in case of non-compliance. A deposit (usually 10%) is expected. Make sure your interests are well protected in the Promise of Sale, is very important you hire an experienced attorney in real estate transactions that can foresee many causes of breaches of contracts and condition payments to the fulfillment of the seller's obligations. Step 3: DO A FULL PROPERTY VERIFICATION OR DUE DILIGENCE: A proper due diligence is a must if you don´t want to find out later that the property had a developer or construction lien against it, the land was not authorized to be sold, real estate fraud, or a long-lost relative making a claim on the land. Take the proper steps to prevent this situation from happening to you. In some cases, real estate agents or sellers will pressure a buyer into an accelerated closing process without doing the proper due diligence. Performing due diligence ensures you do not lose possession or title to your property. Whether you are an investor purchasing real estate, and even more as an expat living in D.R., make sure you retain a reputable real estate lawyer in the Dominican Republic to represent you. Due Diligence and Research Checklist Essentials: Check the legal status of the property for any liens or encumbrances. Check if the property has any taxes due (IPI). Check if the plot is approved by the government (land demarcation). Verify at the Title Registry Office all the files regarding the property to verify if there is any dispute over the property. If the seller is a corporation, review the corporate documentation including the bylaws, the resolution authorizing the sale, and the certificate of good standing. Verify if the seller is up to date with the taxes in the Internal Revenue Office. Check if the property has any utility bill or HOA fee pending. Confirm if the seller is in legal possession of the property Step 4: Closing The day of the real estate closing both parties sign a Purchase Agreement (“Contrato de Venta”): this is the final document of the transaction that is signed once the buyer verifies that the property is in good standing and makes the full payment of the property to the seller. With this document the lawyer begins the conveyance process in the Registry of Title. But first, a 3% transfer taxes must be paid to the Internal Revenue Office. However, if the property you purchase have the benefit of Confotour (Law #158-01) is exempt from the payment of the 3% transfer tax and from the annual property tax for 15 years. You should expect to pay the following fees when closing on a property in Dominican Republic: Property Transfer Tax (Conveyance Tax) in Dominican Republic: Real estate transfer taxes are 3% of the property value. However, if the property applies for the Tourism Incentive Law No. 158-01 (CONFOTOUR) you will not pay any conveyancing taxes. The benefits of purchasing property with the Confotour Approval are substantial. This is exciting because there are a lot of new developments with this benefit in many great places like Punta Cana, Las Terrenas, Sosua and Samana. Property Tax in Dominican Republic: A 1% annual tax is assessed on real estate properties owned by individuals, based on the cumulative value of all the properties as appraised by government authorities. The 1% is calculated only for values exceeding US$160,000.00. Properties are valued without taking into consideration any furniture or equipment to be found in them. So, if you only have one property and it is worth less than US$160,000.00 you won't pay any property tax. The real estate tax is payable every year on or before March 11, or in two equal installments: 50% on or before March 11, and the remaining 50%, on or before September 11. Also, if the property you choose applies for the Tourism Incentive Law No. 158-01 (CONFOTOUR) you will not pay the annual real estate tax for 15 years. Legal & Professional Fees: A Real Estate Lawyer in Dominican Republic will charge you a percentage of the purchase price for their services. Generally, a reputable attorney will charge you between 1% and 1.5% of the purchase price depending on the property. You can get a lawyer for less, but be careful, sometimes that translates into them not doing the complete property verification or due diligence process, so it depends on your situation and if you are confident and comfortable enough with the solicitor you choose. Also make sure that the property attorney you choose is fluent in English or the language you speak, so there are no misunderstandings. Dominican Republic Closing Costs: Who Pays? In Dominican Republic closing costs are traditionally paid by the buyer. However, the real estate agent fees are paid by the seller or developer, not the purchaser. Real Estate Closing Costs in Dominican Republic will vary depending on the property value and if the property applies for the Tourism Incentive Law No. 158-01 (CONFOTOUR). Therefore, if the property you choose applies for the Confotour incentive, you can expect spending only 1-1.5% of the property purchase price in closing costs. However, if it doesn´t, you can expect spending up to 5% of the purchase price for closing costs. It wouldn't be any more but could be less. This will include attorney fees, transfer tax, notary fees, stamps, checks and any other diverse closing costs associated with the purchase to get the title in your name. Buying real estate in Dominican Republic can be a challenging endeavor, but with the right real estate attorney by your side, it is a safe and secure investment. For additional information about closing costs, property taxes, and Dominican real estate services, please do not hesitate to reach out to our team of professionals at CanaLaw. We would be happy to provide you with a free Estimated Closing Cost for your property.

  • Closing Costs in Dominican Republic: What to Expect

    Congratulations! You are one step closer to your dream home in the beautiful Caribbean. Buying a home (especially a home abroad) is simultaneously one of the most important and most exciting decisions you’ll make in life. Closing costs in Dominican Republic are typically lower than what you might see in the United States or Canada, especially if the property comes with the Tourism Incentive Law (Confotur Law Dominican Republic). Closing Costs: What to Expect? You should expect to pay the following fees when closing on a property in Dominican Republic: Property Transfer Tax (Conveyance Tax) in Dominican Republic: Real estate transfer taxes are 3% of the property value. However, if the property applies for the Tourism Incentive Law No. 158-01 (CONFOTOUR law Dominican Republic) you will not pay any conveyancing taxes. The benefits of purchasing property with the Confotour Approval are substantial. This is exciting because there are a lot of new developments with this benefit in many great places like Punta Cana, Las Terrenas, Sosua and Samana. Property Tax in Dominican Republic: A 1% annual tax is assessed on real estate properties owned by individuals, based on the cumulative value of all the properties as appraised by government authorities. The 1% is calculated only for values exceeding $8,138,353.26 DOP (about US$140,000). Properties are valued without taking into consideration any furniture or equipment to be found in them. So, if you only have one property and it is worth less than US$140,000.00 you won't pay any property tax. The real estate tax is payable every year on or before March 11, or in two equal installments: 50% on or before March 11, and the remaining 50%, on or before September 11. Also, if the property you choose applies for the Tourism Incentive Law No. 158-01 (CONFOTOUR law Dominican Republic) you will not pay the annual real estate tax for 15 years. Legal & Professional Fees: A Real Estate Lawyer in Dominican Republic will charge you a percentage of the purchase price for their services. Generally, a reputable attorney will charge you between 1% and 1.5% of the purchase price depending on the property. You can get a lawyer for less, but be careful, sometimes that translates into them not doing the complete property verification or due diligence process, so it depends on your situation and if you are confident and comfortable enough with the solicitor you choose. Also make sure that the property attorney you choose is fluent in English or the language you speak, so there are no misunderstandings. Dominican Republic Closing Costs: Who Pays? In Dominican Republic closing costs are traditionally paid by the buyer. However, the real estate agent fees are paid by the seller or developer, not the purchaser. In Summary: Real Estate Closing Costs in Dominican Republic will vary depending on the property value and if the property applies for the Tourism Incentive Law No. 158-01 (CONFOTOUR law dominican republic). Therefore, if the property you choose applies for the Confotour incentive, you can expect spending only 1-1.5% of the property purchase price in closing costs. However, if it doesn´t, you can expect spending up to 5% of the purchase price for closing costs. It wouldn't be any more but could be less. This will include attorney fees, transfer tax, notary fees, stamps, checks and any other diverse closing costs associated with the purchase to get the title in your name. For additional information about closing costs, property taxes, and Dominican real estate services, please do not hesitate to reach out to our team of professionals at CanaLaw. We would be happy to provide you with a free Estimated Closing Cost for your property.

  • Why you should get your own real estate attorney when purchasing property in Dominican Republic?

    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. In summary 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.

View All

Pages (14)

  • Real Estate Attorneys in Dominican Republic | Cana Law Legal Strategy

    BUYING REAL ESTATE IN DOMINICAN REPUBLIC If you’re thinking about investing or simply living somewhere else, Dominican Republic is always one of the best choices in the world for either option you are looking for; buying real estate involves huge, life-altering decisions. Having a trustworthy lawyer to help you steer clear of landmines and protect your financial well-being is important. CONTACT US Don’t let the language be a barrier. Let us help you every step of the way! Our experienced team of professionals accompany you through the entire process of purchasing real estate in Dominican Republic. You can rest assured that your interests are protected at all times. Canalaw has the experience and the competence to represent you through the entire process of buying property in Dominican Republic. Guiding you on how to buy Property in Dominican Republic . In order to avoid any legal issues, it is recommended that buyers retain a property lawyer in the Dominican Republic before making deposits or signing agreements or contracts. Often happens that real estate agents or sellers will pressure a buyer into an accelerated real estate closing process without doing the proper due diligence or property verification. icono audifono CONTACT US Got Questions? chat icon TESTIMONIALS what our clients have to say "Super efficient and professional services! Special mention to Gonzalo Sánchez" Robert Belanger " Excellent service. I am very satisfied and pleased to have hired such an excellent and efficient lawyer, achieving the objectives for which he was hired. Congratulations. Keep up this excellent work". Alex Herrera View all Testimonials FROM OUR BLOG news, events & updates How to Buy a Property in Dominican Republic: All You Need to Know Mar 18 Closing Costs in Dominican Republic: What to Expect Mar 12 Why you should get your own real estate attorney when purchasing property in Dominican Republic? Mar 4 Read Our Blog THINGS TO DO BEFORE BUYING PROPERTY IN DOMINICAN REPUBLIC: Once you have decided to purchase property in Dominican Republic, there are some things you should know , it's highly recommended to retain a real estate lawyer in the Dominican Republic. Unlike other countries where sellers and buyers generally sign an agreement or private document without any prior legal advice, in the Dominican Republic is imperative that the buyer looks for his own law firm specialized in real estate matters before signing any agreement or disbursing funds due to the singularity of Dominican Real Estate Law and Punta Cana Real Estate Market. Whether you are an investor purchasing real estate or as an expat investing in a new home, choose a law firm who will perform due diligence in Dominican Republic and ensure you receive a Title Deed on your property. Performing a due diligence or property verification the most important step in every real estate transaction, our firm will be in charge of carrying out the necessary procedures and verification to ensure the protection of the buyer's rights before the preliminary contract of sale is signed. To verify a property requires, as a minimum the following: Determining the legal status of the property at the Title Register. Investigating if property taxes have been paid. Ensuring that the seller has the authority to sell. Confirming that the property may be used for the purposes sought by the buyer. ​ ​ See What Our Clients Say We Help You Avoid Scams icono comillas I needed some help with a real estate matter and Cana Law was fast, informative, professional, and helpful! I will definitely be using them again! You CANNOT go wrong with this firm. ALEXIS HUDSON icono comillas Super efficient and professional services! Special mention to Gonzalo Sanchez. ROBERT BELANGER icono comillas Excellent service. I am very satisfied and pleased to have hired such an excellent and efficient lawyer, achieving the objectives for which he was hired. Congratulations. Keep up this excellent work. ALEX HERRERA Real Estate Law English Speaking Lawyers in Dominican Republic Buying real estate in Dominican Republic can be a challenging endeavor, but with the right real estate lawyer at your side, it is a safe and secure investment. We are proud to be a top real estate law firm in Dominican Republic. GET ADVICE AND GUIDANCE TODAY Closing Costs in Dominican Republic: What to Expect Real Estate Closing Costs in Dominican Republic will vary depending on the property value and if the property have Confotour . Therefore, if the property you choose have the Confotour incentive, you can expect spending only 1-1.5% of the property purchase price in closing costs. However, if it doesn´t, you can expect spending up to 5% of the purchase price for closing costs, it wouldn't be any more but could be less. This will include attorney fees, transfer tax, notary fees, stamps, checks and any other diverse closing costs associated with the purchase to get the title in your name. Price Transparency Real Estate Lawyers´s fees in Dominican Republic are normally based on a percentage of the purchase price of the property, which range between 1% up to 1.5% depending on the property. You could hire a lawyer for less, but be careful, sometimes that translates into them not doing their job, the complete property verification or due diligence, so it depends on your situation and if you are knowledgeable and comfortable enough with the attorney you choose. Also make sure that the lawyer you choose is fluent in English or the language you speak, so there are no misunderstandings. Our firm bills the minimum standard fee of 1% of the property purchase price. paper icon You will only have to provide us with the required documents – leave the rest to us! CONTACT US

  • TESTIMONIALS | Cana Law Legal Strategy | Punta Cana

    Clients Testimonials What Our Clients Say About Our Services We’ve been lucky to have the chance to work with so many great clients. Here are some testimonials of what they have to say. We take pride in our work and love to hear feedback from our customers. Comillas I highly recommed Cana Law Legal Strategy to anyone who needs legal assistance and guidance. CARLOS MAÑON Comillas Excellent service, very pleased with the legal services of Cana Law Legal Strategy. KELMAN DESCHAMPS Comillas Super efficient and professional services! Special mention to Gonzalo Sánchez. ROBERT BELANGER audifonos CONTACT US Got Questions? Chat icon TESTIMONIALS what our clients have to say "Super efficient and professional services! Special mention to Gonzalo Sánchez" Robert Belanger " Excellent service. I am very satisfied and pleased to have hired such an excellent and efficient lawyer, achieving the objectives for which he was hired. Congratulations. Keep up this excellent work". Alex Herrera View all Testimonials FROM OUR BLOG news, events & updates How to Buy a Property in Dominican Republic: All You Need to Know Mar 18 Closing Costs in Dominican Republic: What to Expect Mar 12 Why you should get your own real estate attorney when purchasing property in Dominican Republic? Mar 4 Read Our Blog

  • Business Attorneys in Punta Cana - Dominican Republic | Cana Law Legal Strategy

    Corporate & Commercial Services Having a business attorney with the right expertise, experience, and knowledge of local standards and markets on your side is essential for the successful integration of your business in the Dominican market. Our team of corporate lawyers will provide you with legal excellence with practical advice focused on the business needs tailored to each individual client. We have always considered ourselves as the in-house legal counsel for our clients and advising them on all aspects of their operations and strategy in Dominican Republic. Frequently, our corporate-commercial legal team will participate and assist in strategy meetings to contribute solutions based on their knowledge of the local markets and standards. Whether you are considering starting a new venture, expanding operations, or seeking partners and contributors to your supply chain in Dominican Republic, you can rely on us to actively participate in your success. SOME OF THE SERVICES WE OFFER: Advice on which legal entity to create Creation of the legal entity Registration with government authorities Licensing and permits required for your operations Trademark search and registration Obtaining the required tax accounts and registrations Assistance in opening local bank accounts Due diligence on potential partners Drafting or review of commercial agreements including partnership, employment, distribution, shareholders agreements etc. headset icon CONTACT US Got Questions? bubble icon TESTIMONIALS what our clients have to say "Super efficient and professional services! Special mention to Gonzalo Sánchez" Robert Belanger " Excellent service. I am very satisfied and pleased to have hired such an excellent and efficient lawyer, achieving the objectives for which he was hired. Congratulations. Keep up this excellent work". Alex Herrera View all Testimonials FROM OUR BLOG news, events & updates How to Buy a Property in Dominican Republic: All You Need to Know Mar 18 Closing Costs in Dominican Republic: What to Expect Mar 12 Why you should get your own real estate attorney when purchasing property in Dominican Republic? Mar 4 Read Our Blog icon svg You will only have to provide us with the required documents – leave the rest to us! CONTACT US

View All