1. Buyer and seller must sign a "Contract of
Sale" before a Notary who will authenticate it
(Notaries in the Dominican Republic are required
to have a law degree). The Contract of Sale will
contain the legal description of the property,
the price and other conditions of sale.
2. The authenticated Contract of Sale is then
taken to the nearest Internal Revenue Office for
payment of the appropriate taxes (see Taxes
below).
3. The Contract of Sale and the Certificate of
Title of the seller are deposited at the Title
Registry Office for the jurisdiction where the
property is located and the sale is recorded.
4. The Title Registry Office issues a new
Certificate of Title in the name of the buyer
and cancels the old Certificate issued
previously to the seller. The time from the
filing of the Contract of Sale to the issuance
of the new Certificate of Title may vary from a
few days to a few months depending on the Title
Registry Office where the sale was recorded.
NEXT
Purchasing Real
Estate
Introduction
|
Due Diligence
|
Taxes & Expenses
|
Title Insurance
|
Purchase by Foreigners
Inheritance by Foreigners
|
Legal Disclaimer|
