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The Buying Guide

When you have identified a property of interest, you will want to make an offer to purchase that property. Considering buying property in a foreign country can be an overwhelming feeling.  Knowledge is the key to ensuring you make the best decision for yourself – both short and long term.  Knowing some of the basics about the country and the right questions to ask before you start shopping will get you headed in the right direction.

Bidding and Negotiating

This is how the bidding process works:

  • Your agent will submit an offer on your behalf to the seller’s real estate agent, along with the presentation of your qualifications.  This may be done orally or in writing.
  • Remember to inquire about the transfer tax, as this is sometimes a negotiating point.
  • The seller may accept or counter your offer as part of a price negotiation.
  • In the case of multiple bids, your agent will work with you to structure a “best and final” offer that you are comfortable with.
  • The conclusion of the process will result in agreement upon the price, terms and closing date.
  • You and the seller will need to engage capable and experienced dominican based real estate attorneys to prepare and review a contract of sale.

Going to Contract

Once your offer has been accepted, you will enter the contract stage.

Your attorney will exercise “due diligence” by asking for certain key documents from the seller or their lawyers. These include:

  • IPI – tax payments update
  • Freight and fees
  • Copy of title (if any)
  • Estimated value of maintenance costs and if they are up to date

Closing

Following your attorney’s review and approval, you will sign the contract of sale. At the signing, it is typical to present a deposit of 90% of the sale price.

The contract and deposit are forwarded to the seller’s attorney, who will obtain the seller’s signature.

Your agent will schedule a final walk-through inspection of the property for you, inmediately prior to the closing.

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