Buying a property

That is correct!  Please make sure you read all the warnings about real estate and double check everything.  Bob knows a lot more then me about this...... he will have something to say as well....

All you need is a passport and $$$.  But you really need common sense.  Many folks have been taken in real estate transactions. I know as I used to sell real estate here on the north coast.

Make sure you see the property, ask questions about things, choose your agent carefully (very carefully). Make sure you have a good lawyer acting on your behalf for the sale.

Remember if the deal sounds too go to be true.....

Bob K

And do not assume anyone works JUST for you.  Agents and lawyers will both side the sale here, meaning no one is looking out for your best interests.

Actually you can get a lawyer ( a good one) who will work solely on your behalf in a real estate transaction.

Bob K

Good to hear, but you must make sure of it.  I have heard a lot of stories of lawyers working both sides and looking out for their own wallets only.

That certainly can be the norm which is why when dealing with real estate we will only use 3 different lawyer on the north coast. That is 3 out of a couple of hundred.

Bob K

Hmmm.  Interesting, Bob.  I'd love to know which three!

Sent you a PM

Bob K

Can you guys recommended one, I was looking properties with Century 21, Mr Perdomo is the name that shows in the web site, and about a lawyer I save the name of Wilson that you guys recomended to some of the expats, i am scared to pick a name or website without knowing

Are you Bob still working in the Real Estate business?, can you help us?

NO I am no longer working actively in the RE  business.  We do occasionally help private clients.

The Lawyers we use and the only ones we use for RE over the last 10 years are:
Julio Brea with Guzman assoc in Sosua
Jenny Familia in Cabarete
Guido Perdomo in Soaua but be aware he is the brother of the owner of Cent 21.

Hope this helps

Bob K

Thank You

What is the distance in time to go from Sosua to cabarete, lets say to Cabarte Kite Beach?

It will be about 10KM and a 5-8 min cab ride.

Bob K

Thank you Bob

You are welcome.  Keep the questions coming.

Bob K

What does a tarea go for in Cabrera just outside of town?

we bought 5 acres in Camu. No agent just bought from Owner.

Camu near Puerta Plata? Looks nice. Any photos?

If I remember correctly Camu is pretty.....  really close to Puerto Plata and all services yet it is in the "country" so to speak.

Sounds perfect.

I'm going to be driving up there in the next few days. Does anyone know of a place I can stay for a few days for me and my two Australian Sheppards?

CLEAR TITLE!
The most important item in Real estate here!
Shop around, compare.

No only a clear title but one that has had the dislinde process completed.  If not then hold out some money till it is done

Bob K

Does not a "clear title" mean there are no outstanding dislindes?

Not necessarily Tomas.  I have had my staff do a lot of research on land parcels,  many have "clear title" but no deslinde even in process.....

Correct me if I am wrong, but "deslinde"
basically means survey?
Either by GPS or corner posts, or a transit
with paint on a rock.
Gotta love my new country.

Yes but about 3 years ago a law was passed that ALL titles had to be reissued with GPS survey.  You could no longer sell a property with out this being done. An exception was if the property was in a corporation and the corporation was sold then you could do this once with out the dislinde.

So currently all property to have a valid and clear title has to have had this process done and it is not cheap.  We are in the process of doing our villa and the cost was about $3500 and now after a year it is almost done.  We have had our court hearing and now just waiting for the  title to be issued. Once a property is newly surveyed (GPS) and the papers filed it hast to be presented to the land court to  make sure there are no other claims to the property.  In fact I think it is a 90 waiting period between the survey and the court hearing during which time you need to post a sign on the property stating that it is undergoing a dislinde and if anyone has a claim it tells them who to contact.   Only one person in the entire frigging country who can sign those new titles so it sits on his desk for a month or more.

Hope this clears this up

Bob K

3500 PESOS or USD? I cannot imagine $3500 USD for a survey.

$3500 USD if using a lawyer.  probably $500-$1000 if doing it on your own.

Bob K

US dollars on this.  And I know someone who has had his sign up for over 2 years, still not done.  That is why Bob suggested holding some money back on final sale until this is completed.

I guess lawyers are less expensive here in Cabrera.
Total cost for us on our little villa, including
all lawyers & Gov't fees, Including taxes
& GPS survey, about 3 years ago was just over 2000. US.

We probably have ours in a corporation and that adds a layer of expense.  Cost has gone  up in the last couple of years.  Using a lawyer may also help you get it done in a "timely" fashion.

Ours should be complete in about 10 months and I too know of some folks who are not waiting over 18 months doing it with out a lawyer.

Bob K

Well Bob, after talking to several of my wife's (Catalina)
professional friends here it shouldn't cost any
more Corp./personal & the same time.
Ours was done in just under 1 year.

Then  you did good. We are just waiting for the stamp at this point.  Already cleared the courts.

Bob K

We are looking at a property and are hoping it takes about a year to get finalized...that's about when we'll have the cash for the rest of the payment...is there no way to know how long it will take for deslinde/due dilligence, etc??  Also, how common or uncommon is seller financing in these situations?? 

We found a perfect property...but, we need to do this on a slower scale because our cash is not liquid.

Any suggestions?  Pointers?

Things do not move quickly here at the best of times.  Deslinde can take 1 to 2 years by itself but that normally does not hold up the majority of the transaction.  Due dilligence can take time!   And it is critical.  Seller financing is almost non existent.

Planner is pretty spot on.  However here on the north coast there are some properties that can be financed through the owners but not many.

Make sure all your ducks are in a row before you commit anything and make sure you have a lawyer look at anything before you sign it.

Bob K

Hi, Planner, Bob K, and anyone else with insight

We have an accepted purchase proposal on a property in DR, and now I'm wondering many things...

1) What will be required beyond the downpayment when we sign the contract of sale with the notary?  Is there sales tax, stamp tax, fee, etc... Can anyone give me an estimate? 

2) I had heard it's not too complicated to own our property under a sort of LLC umbrella.  We plan to rent it out (...but, most likely it won't rent a ton...it's small and need fixing up...and we want to be able to use it during all our holiday breaks.)

3) One we get the property "up and running" like with utilities.  Is electricity charged monthly based on usage?

Just trying to budget what we'll need cash now...and what monthly costs might entail...

I would really appreciate some direction... WE ARE SOOOOO EXCITED...but, it's not final yet.... :-(

by the way...the owners were willing to accept a payment plan over one year...we're going to pay them interest...