Punta Cana Condo for Sale – The Procedure
The popularity of Punta Cana is ever increasing. After becoming a very popular tourist destination, Punta Cana is now attracting people all around the world who wish to own a home in the Caribbean. There are many good reasons to own property in Punta Cana. Besides the obvious fact that it is an incredibly beautiful location, looking for a Punta Cana condo for sale can fetch you various other benefits.
Since the Caribbean and especially Punta Cana is a tourist location, any kind of accommodation there can serve as a rental home for travellers. One can earn their initial capital back in no time by equipping the place with a few amenities and then renting it out either through estate agencies or directly to tourists.
As the tourism industry in the Dominican Republic grows, so do the rates of property. Thus right now is the best time to invest in Punta Cana real estate and reap the benefits in the future. As they say, the early bird gets the worm.
Investments and profits aside, it wouldn’t be a bad idea to have a vacation house, summer home or beach house in Punta Cana. After all, it is one of the most beautiful locations on the planet and what could be better than spending a yearly vacation in the Caribbean, away from all the worries of the world. According to popular trends some people are even looking for Punta Cana condo for sale so that they can use them as a retirement home in the future and enjoy their old age among the swaying palms and white sands, listening to the hypnotic sounds of waves crashing against the shores.
Just like anywhere else in the world, there is a certain procedure to be followed while purchasing real estate in Punta Cana. During the deal of any property, the ownership is acquired by registration in the Registry of Deeds. Once registered, the registrar issues the Certificate of Title in the name of the buyer which verifies the ownership rights over the property.
Although you may have to pay a small commission, it is usually prudent to avail the services of a competent estate agency. An estate agent would be able to ensure the interests of his clients and safeguard his rights both before and after sale. He is responsible for conducting legal checks with due diligence and also get all the paperwork in order.
If you do find a Punta Cana condo for sale, make sure that you request to see the original Certificate of Title for it. Also take a copy of the measurements and plans of the premises to avoid any conflicts after sale. Although it may not always be necessary but as an added precaution, you can also ask for a copy of the sellers identify card or passport. This will reduce the changes of you getting conned and discourage any person with fraudulent intentions.
A Punta Cana condo for sale should have cleared the dues for all kinds of property taxes. This can be verified through a copy of the receipt from the Directorate General of Internal Taxes (DGII) or a copy of the certificate of exemption from that tax.
Real estate deals in the Dominican Republic usually begin with the signing of a promise of sale or the purchase option. The buyer can make a deposit of a predetermined amount with the seller to ‘book’ the Punta Cana Condo for sale. The complete terms are agreed and signed by both the seller and buyer, after which a notary is required to legalize the document. Since Punta Cana is a small city with a small population, the formalities usually do not take much time.