Buying a home
Types of home available
Once you have made a decision that you want to buy a home in the Punta Cana/Bavaro area, the next thing to do is find your ideal home. Max United Realty can take you through your options, and remember they are experts in finding that special ‘wild card’ which you may not have considered, but which could be perfect for you.
As we have discussed there are a range of areas available, some busier than others, and you may want to consider things like how far from the beach, from the airport, from shops, from schools, you wish to be. Decide if you want a condo, or a free-standing home. Do you need a pool, or access to a pool? How many bedrooms? Do you want a live-in maid? Would you like to be in a gated community, or on a golf course? Is the home just for vacations, for a vacation rental, for long term rental, an investment property or for year round living?
There are homes for every taste and every budget, from studios, through to one, two- and three-bedroom condos, penthouses, single family homes, mansions, anything and everything to suit all tastes and requirements.
Should you want something further afield, but still with easy access to the airport and the region, just let Max United Realty know, and you can be sure, with their local knowledge and contacts, they will find you just what you are looking for.
Purchase process in the Dominican Republic
The first thing to realize is that buying property in the Dominican Republic will not be anything like buying property in your home country. The good news, is that there are no restrictions on foreign ownership of property. Residents and non-residents enjoy the same rights and obligations as if you were citizens of the Dominican Republic.
However, procedures regarding the purchase of a real estate property in the Dominican Republic can be quite complicated, and of course, all of the documentation is in Spanish. This is one of the reasons you need a realtor who can speak both fluent English, and fluent Spanish so that they can translate everything for you. In addition to being able to do this for you, Max United Realty believes in providing their clients with all of the information, but at the same time, holding their hands and guiding them seamlessly through the whole home purchase process.
The first thing to know is that all real estate transactions are determined by law, in this case Property Registration Law No. 108-05 and its Regulations, which has been in force since April 4, 2007.
There is no concept of a written offer, as the first thing you have to do, once you have found your dream home, is to check out the legal situation of the property, as it is not unknown for people to sell property, which is not theirs to sell. Max United Realty will help you with all of this – in fact they may have already carried out the legal checks before they even list the property.
There are two main checks to carry out. First to go to the local titles’ office and check that the person selling the property is the actual owner, and at the same time to check that there is no mortgage or lien on the property. If there is, it will be recorded on the back of the title deed.
The second check is to go to the taxation office, Impuestos Internos, and check that all taxes relating to the property have been paid. While you can of course do this yourself, most people appoint a lawyer, or ask their realtor to carry out this task.
You also need to check to see if an official government demarcation survey has been carried out, known as a deslinde.