Dominican Republic Real Estate-
Real estate is an enjoyable investment, and if done properly, is a good way to hold wealth, and create wealth. Dominican Republic has great beachfront real estate investments. Your investment in real estate in DR will benefit from year round tourism, which equals rental income, plus appreciation on the property, plus the enjoyment of owning a property on a beautiful island in the Caribbean easily accessible from Europe and North America.

Dominican Republic Real Estate- Purchasing
As one can expect, a real estate deal in Dominican Republic is done differently than in the U.S. or other countries. A verbal agreement on the price is reached first with the seller instead of a written offer. An attorney then prepares a binding “Option to Purchase” or “Promise of Sale” that are signed by both parties. An advance payment or deposit is generally made at this time.

Buyer protection is important, and in the Dominican Republic, many notaries and attorneys do not provide adequate protection of the buyer with a “Promise of Sale”. Escrow agents are rarely used. Without any security or direct interest over the property, buyers may be asked to pay a large percentage of the sale price. If the seller misuses these funds, the buyer’s only option may be to sue the seller, who may have become insolvent.
Title insurance with a reliable, trustworthy attorney may be your best protection. A private insurer is probably he way to go.

Dominican Republic Real Estate- 4 Steps to Ownership
1.    “Contract of Sale”; the legal description of the property, conditions of sale, and price, must be signed by buyer and seller in presence of a notary who will authenticate it. (note: Dominican Republic requires Notaries to have a law degree.)
2.    Once notarized, the Contract may be taken to the Internal Revenue Office where the taxes will be paid.
3.    In the jurisdiction where the property is located, the Certificate of Title and the Contract of Sale is deposited at the responsible Title Registry Office and the sale is recorded.
4.    Then issued, is a new Certificate of Title in the name of the buyer by the Title Registry Office, thus canceling the previous Certificate issued to the seller.

This process, depending on what jurisdiction Title Registry Office is located in, can vary from a week to a few months, depending on the office where the sale was recorded.

Dominican Republic Real Estate- Taxes and Closing Costs
Before filing the purchase of the property with the Title Registry Office, all taxes must be paid. The buyer should expect to pay close to 5% of the sale price of the property for closing costs and taxes. A transfer tax of 4.48%, document taxes, special stamps for registration and tips are included in the 5%.

Dominican Republic Real Estate- Inheritance
Depending on the relationship between the beneficiary and the deceased, inheritance taxes will be between 17% and 32% of the appraised value of the estate. Foreigners inheriting title to property in Dominican Republic have no restrictions. Inheritance taxes are subject to a 50% surcharge if the beneficiary resides outside Dominican Republic.

Dominican Republic Real Estate- Due Diligence
It is in your best interest to perform due diligence on a property before purchasing. This can be accomplished by hiring a real estate attorney to perform the due diligence necessary. This is an important process, and to complete properly, the seller should provide you and or your attorney with the following documents:
1)    Copy of his/her identification card (cédula) or passport.
2)    Copy of the survey to the property or plat plan.
3)    Copy of the Certificate of Title to the property.
4)    Copy of the receipt showing the last property tax payment (IVSS) or copy of the certificate stating the property is exempted from the IVSS tax.
If the seller is a corporation, provide the following:
1)    Certification from the Internal Revenue Office showing the corporation is current with its income tax filings.
2)    Copy of the corporate documentation, including by-laws and resolution authorizing the sale.

If the property is part of a condominium:
1)    Certification from the condominium showing the seller is current with his condo dues.
2)    Copy of the approved construction plans.
3)    Copy of the condominium regulations.
4)    Copies of the minutes of the last three condominium meetings.
5)    Copy of the condominium declaration.

If the property is a house:
1)    Copies of the utilities contracts and receipts showing the seller’s payments are current.
2)    Copy of the approved construction plans.
3)    Inventory of furniture, etc. (In Latin America, many properties are sold furnished. So when it is time to close, you want to be sure you get all the furnishings you originally agreed to purchase and not cheaper substitutions. This should include everything from the bathroom and lighting fixtures to the kitchen sink. (A digital camera will prove to be an asset during this process.)

Your attorney should go through this checklist once the previous documents have been obtained:
1)    Title search: A certification regarding the status of the property should be obtained from the Title Registry Office. It should be known if any liens or encumbrances affect it, and insist that the results of the Registrar’s search are confirmed by your attorney personally, by investigating the appropriate files at the Title Registry Office.
2)    Survey: The property being sold should by verified by an independent surveyor, to make sure it coincides with the one shown on the survey provided by the seller. (If the property is located in a previously inspected subdivision, an exception may be made.) Even when the seller provides a government-approved plat, the survey should be checked.
3)    Inspection of improvements: If any improvements are to be made to any structures, a qualified builder or architect should examine them to confirm the plans presented are correct and that the improvements are in good condition.
4)    Permits: Your attorney should confirm that the property can be used for your desired purposes. This is important because you may not be aware of restrictions that may exist. For example, there are specific building restrictions, in tourist zones, and a "maritime zone" exists along the entire Dominican coastline that is  60-meters —from the high tide mark inland—all beaches are designating as public property. Without a special permit. building is not allowed within the maritime zone.
5)     Possession: Once you get this far, you don’t want any problems with possessing your property. Evicting someone who doesn’t want to leave your property willingly is time consuming and expensive. Dominican law is protective of the rights of any tenants on the property, so make sure your attorney ensures that the seller is in possession of the property and that no squatters rights exist. Take extra care with unfenced properties that are outside known subdivisions, it would be wise to fence them before closing.
6)    Employees: To avoid being liable for costs of employee severance pay, make sure the seller pays all employees working on the property up till closing time.


Rental Accommodations-
Private, affordable condos that are available in Puerto Plata is a great alternative to the all-inclusives as well as the best way to submerge yourself in an authentic DR city. From Puerto Plata, the towns of the north coast, Sosua, Caberete and the small villages are all easily accessible.

Harbor View Condos located on a hillside overlooking Puerto Plata to the north, with Mt. Isabel del Torres towering above from the south, offer a panoramic view of Puerto Plata with the harbor as well as the ocean. The condos offer security, space, privacy, easy access to the highway, airport, downtown Puerto Plata; and is accompanied by a friendly group of individuals knowledgeable with the local culture and people.

The condos are about 10 minutes from Playa Dorado, the complex that is home to all-inclusive resorts, world-renowned golf, shopping, nightlife, three casinos and dining; and 30 minutes from Sosua, known for it’s beaches and nightlife.

The International Airport (airport code: POP) servicing the north coast of Dominican Republic is 20 minutes from Harbor View Condos, with complementary transportation available with stays of four nights or more.

From the Condos downtown Puerto Plata is easily accessible by foot, and is perhaps the most enjoyable way to see and hear the vibrant city, full of small local shops serving authentic Dominican food, inviting bars and lots of music.

Included at Harbor View Condos:
-    Free wireless internet
-    DVD movies and cable
-    Daily maid service
-    Laundry facilities
-    Pool with Jacuzzi
-    On-site bar with restaurant
-    Underground parking garage
-    Night security
-    English speaking management

Harbor View Condos Contact
Email drhotel@gmail.com
Call 1-809-464-3928
Web http://harborviewcondos.4t.com