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| dominican republic lawyers |
In order to successfully buy a property in the Dominican Republic and avoid having problems during or after the sale, it is necessary to diligently carry out the following steps, which we will indicate and develop in this article, namely:
1) FIELD RESEARCH ON THE PROPERTY TO BUY
A) THE ON-SITE INVESTIGATION OF THE PROPERTY TO ACQUIRE
B) RESEARCH IN THE COMPETENT REGIONAL DIRECTORATE OF CADASTRAL SURVEYS
C) INVESTIGATION IN THE REGISTRY OF TITLES OF THE PLACE WHERE THE PROPERTY IS LOCATED
D) RESEARCH IN THE GENERAL DIRECTORATE OF INTERNAL TAXES (DGII)
2) THE PREPARATION OF THE REAL ESTATE PURCHASE PROMISE CONTRACT BETWEEN THE SELLER AND THE BUYER
3) THE PREPARATION OF THE REAL ESTATE PURCHASE AGREEMENT BETWEEN THE SELLER AND THE BUYER
4) THE CALCULATION AND PAYMENT OF TAXES BY CONCEPT OF TRANSFER BEFORE THE GENERAL DIRECTORATE OF INTERNAL TAXES (DGII).
5) THE DEPOSIT AND REALIZATION OF THE TRANSFER OF THE PROPERTY PURCHASED BY THE REGISTRAR OF CORRESPONDING TITLE
6) THE SEARCH FOR THE DUPLICATE TITLE CERTIFICATE OF THE OWNER BEFORE THE CORRESPONDING TITLE REGISTRAR
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| Dominican Lawyers |
1) FIELD RESEARCH ON THE PROPERTY TO BUY
When we are going to buy any property in the Dominican Republic, whether it is a house, an apartment, a farm, a villa or a plot of land, we must always carry out a field investigation in order to verify that the property to be acquired does not have any type of problem. that makes us lose the money from the real estate purchase or incur in litigation with the seller or with any other third party that may have the right to the property to be purchased.
It is always advisable to do a preliminary investigation in order to know the state of the property and avoid future conflicts. In this sense, it is essential to carry out an investigation of the property in the following places to know. A) In the property to be purchased, B) In the Regional Directorate of Competent Cadastral Surveys, C) In the Registry of Titles of the Place where the Property is Located and D) In the General Directorate of Internal Taxes (DGII).
A) ON-SITE RESEARCH ON THE PROPERTY TO BUY
The first step that must be taken in the process of buying a property is to carry out an investigation in the place where it is located. For this it is extremely important to move to the property and see if it is occupied or not, who has it occupied, in what capacity it is occupied and if it is possible to speak with any person who is in the place about some topics that can be previously prepared with his lawyer.
In the event that the real estate sale that is going to be carried out involves a house, a farm, a villa or a plot of land, it is good to go prepared with a computer device that contains a program that allows you to take some points within the property, with which later they can confirm the data referring to your plot number, if the property is demarcated, if the demarcation presents any problem, among other information about the place.
B) RESEARCH IN THE COMPETENT REGIONAL DIRECTORATE OF CADASTRAL SURVEYS
With the information that is obtained with the actions that we indicate in the 2 previous paragraphs, the investigation can be continued before the Competent Regional Directorate of Cadastral Surveys. In the Regional Directorate of Cadastral Surveys, all cadastral operations on real estate registered under the Torrens system are carried out, supervised, corrected and approved, in accordance with Law 108-05, on Real Estate Registration.
In the system of this body of the Real Estate Jurisdiction we can obtain all the information about the plot number, demarcation or any other cadastral operation that interests us and that is relevant to the house, farm, villa, plot or apartment that we are going to buy . In this body you can request certifications or certified plans, among other important procedures.
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| 21st Century Lawyers |
C) INVESTIGATION IN THE REGISTRY OF TITLES OF THE PLACE WHERE THE PROPERTY IS LOCATED
Also, with the information that we are compiling and with a copy of the Owner's Duplicate Certificate of Title provided by the seller of the property that we wish to buy, we can transfer to the consultation system of the Title Registry of the place where the property is located to confirm the veracity of that Owner's Duplicate Certificate of Title.
In addition, in the Title Registry query system we can see the origin or where the property comes from, the real estate operations that have been carried out with it, if it has been given as collateral for a loan and the Title Registry has issued some Duplicate Mortgage Creditor or if you have any opposition, lien or encumbrance that appears in the consultation system, always keeping in mind that to be 100% sure of these aspects we must necessarily request a Certification or Legal Status of the Property in which they will be recorded these aspects until the day of its issuance.
To request the Certification or Legal Status of the Property, an application is made to the Register of Competent Title, the local taxes are paid and it is requested that it issue us the Certification of whether the property that we wish to buy has any opposition, litigation, embargo or encumbrance that appears in the complementary register that is kept by said institution.
D) RESEARCH IN THE GENERAL DIRECTORATE OF INTERNAL TAXES (DGII)
Finally, in relation to the part that corresponds to the field investigation, it is necessary that we go to the General Directorate of Internal Taxes (DGII) where, complying with certain requirements, we can confirm if the property that we want to buy is registered in the name of the seller. and thus also rule out that it has not been sold to another person or that it is not in the name of a third party.
2) THE PREPARATION OF THE REAL ESTATE PURCHASE PROMISE CONTRACT BETWEEN THE SELLER AND THE BUYER
After carrying out the investigation indicated above and verifying that the property does not have any type of problem, a Real Estate Purchase and Sale Promise Contract is normally made between the Seller and the Buyer in which the parties commit to different obligations.
Within the obligations of the seller (promising seller) is normally to deliver the property that he promises to sell on a certain date, under the conditions agreed upon and with his documentation. On the buyer's side (promising buyer) , he agrees to deliver an amount as an advance of the total sale price and pay the entire purchase price at the time agreed in the Real Estate Purchase Agreement that will be carried out later. between themselves.
Normally, a Real Estate Promise Contract is made between the Seller and the Buyer when the seller needs time to condition or finish the property sold and/or when the buyer needs a term to obtain all the money with which he is going to buy the property. , either through a loan or any other operation.
3) THE PREPARATION OF THE REAL ESTATE PURCHASE AGREEMENT BETWEEN THE SELLER AND THE BUYER
The Real Estate Purchase Agreement between the Seller and the Buyer is the definitive document that both will sign and that will close the sale forever. This will be the document that both parties will use or deposit before the different state agencies to continue with the sale process until the Certificate of Title is transferred in the name of its new owner.
The seller is normally obliged to deliver the property sold on a specific date (it may be the same day this contract is signed) , under certain conditions, with all its documentation and without debts or legal problems. Similarly, the seller agrees to sign any other documentation that is necessary to carry out the real estate transfer. The buyer is mainly obliged to deliver the money from the real estate sale on a certain date (it can be the same day that this contract is signed) .
4) THE CALCULATION AND PAYMENT OF TAXES BY CONCEPT OF TRANSFER BEFORE THE GENERAL DIRECTORATE OF INTERNAL TAXES (DGII).
Subsequently, the buyer, through his lawyer, goes to the General Directorate of Internal Taxes (DGII) in order to carry out the Calculation and Payment of Taxes for the Concept of Transfer.
It is necessary to say that the Real Estate Transfer Taxes are equivalent to 3% of the value that the property has in the system of the General Directorate of Internal Taxes (DGII) or of the value that is put on the Real Estate Purchase Agreement signed between the Seller and the Buyer, in the event that the latter amount is higher than that which appears in the system of the General Directorate of Internal Taxes (DGII), but always at the convenience of said state body.
5) THE DEPOSIT AND REALIZATION OF THE TRANSFER OF THE PROPERTY PURCHASED BY THE REGISTRAR OF CORRESPONDING TITLE
Already in the part that concerns the Deposit and Realization of the Transfer of the Purchased Property, to be brought before the Corresponding Title Registrar, the buyer or his lawyer deposits all the documentation and taxes that justify the purchase of the property, the payment of the taxes of place, the documentation of the identity of the seller and buyer, the Duplicate Title Certificate of the Owner as well as the documentation of the payment of the Real Estate Tax (IPI), the fees for services, among others.
After the complete receipt of the real estate transfer application file, the Corresponding Deed Registry begins the process of the transfer in which it goes through different departments that verify that everything is correct until it is reviewed and signed by of the Competent Title Registrar.
6) THE SEARCH FOR THE DUPLICATE TITLE CERTIFICATE OF THE OWNER BEFORE THE CORRESPONDING TITLE REGISTRAR
Finally, when the Owner's Duplicate Certificate of Title is ready for delivery, the buyer or his authorized attorney with special power goes to search for the original of the same and the Corresponding Registrar of Titles delivers it, thus completing the transfer process. .
It is important that at the time of delivery of the Certificate of Duplicate Title of the Owner to the buyer or his authorized attorney with special power of attorney, said document is reviewed by the person who receives it in order to verify that it does not have any type of error, since if If the error is not discovered at that time and a certain time is allowed to elapse, it will be necessary to carry out another procedure to correct it.
