Buying property or a home in DR

Cash????

I have always sent the $$ to my lawyer .... he pays the seller

Willie has correct. You'll need to

Willie is correct, most good lawyers will facilitate this.   Be careful who you work with!

Wire transfers from your home country bank to your attorney's escrow account. Be sure you have a trustworthy attorney!

We purchased an apartment and two land lots before we had bank accounts here. Worked that way for all three.

Although I trust my lawyer I brought a bank check with me in the seller’s name  and at the closing I sign it over to her , my bank said if I didn’t buy the house I could bring it back…👍…… I hear too many scams down here about attorney’s…. The attorneys down here don’t specialize in any one field , one day they do Realestate next day criminal and maybe write up a will ,  who knows this is the real meaning of practicing law…. 😂 , just bring down the last 3 months of you bank statements from where the funds come from and if you transfer the funds from one account to another bring the last 3 statements from the other account also , the banks here held the check for 2-3 weeks until I got the information from NY , if I had the information w/me they said it would’ve taken a week…… they want to know where the money is coming from…. Even though it has a New York bank name on it……..🤔 , good luck, I wouldn’t get to involve with the lawyers escrow account , remember he could access the money

So regardless of the form of the money coming in, you still need to prove the source. Money laundering rules are enforced here.

Thanks 😊

The attorney I used (Guzmán Ariza) has a US bank account so I was able to send a wire transfers directly to them with the payments. Never had any problems.

From my experience, I had my Canadian bank manager speak directly to my Dominican bank manager while I was in Canada transferring the money (+200K).  After the transfer I returned to the DR and it still took a week to actually see the funds in my USD account in the DR.  This is with the Canadian bank providing proof of where the money came from and everything the bank DR bank was asking for. 

Another piece of info, I could have saved some money by transferring directly to the seller's USD account albeit a bit risky...  The Dominican bank charged me another $350USD (taxes) to transfer the money from my USD account to the seller's USD account.

Money gets wasted in transfer costs and exchange fees so try to use a method where this is reduced.  Americans can save a little by transferring US funds to a US bank account in the DR.  As long as the seller will accept USD as payment.

For Canadians, pay in pesos then transfer from your Canadian account to a peso account (only 1 exchange fee).  Again as long as the seller will accept pesos.

Cheers.

@Tippj. Click on the person's name you want to pm. A new window opens and below their name you will see the option to send a message!

Hope that helps.