The best Real Estate In Punta Cana
Buying real estate in Punta Cana or in the Dominican Republic is an excellent investment option for any foreigner. Whether to buy a second home, settle permanently, as an investment to build a housing project or the popular and profitable purchase for later resale, property in Punta Cana is a very safe bet.
The Dominican government encourages private foreign investment. Foreigners that invest in real estate in Punta Cana or reside in the Dominican Republic are covered by international laws and agreements that allow you to conduct business, shop, housing and even participate in any investment as if you were a Dominican national.
There is currently no restriction on the purchase real estate in Punta Cana. Previously, foreigners were required to obtain prior authorization from the executive branch with a few exceptions, but since 1998 the only requirement is that the Title Registry maintains a record, for statistical purposes, of all sales made to foreigners. The Dominican government has now simplified the process of buying property and now the buyer only needs a valid passport. The property can be purchased in a personal name or in the name of a Dominican company.
First you should find a good real estate law attorney for the purchase of real estate, which will significantly reduce the risks. He will advise you and take all the legal precautions in order to ensure a reliable purchase.
The real estate lawyer will handle the contract of sale after the necessary inquiries are designed to ensure that the purchase is completely trustworthy and that it meets all customer expectations. It is important to ensure that the Contract of Sale is drafted. This contract is subscribed usually when you start the execution of the purchase of real estate in Punta Cana, or any other place in Dominican Republic, outlining the terms and conditions of payment, as well as the characteristics of the property. The contract must be notarized by a Public Notary.
There are some basic steps you should follow before closing a transaction regarding real estate in Punta Cana. First of all, you must review the legal status of the property, to guarantee that the property has no outstanding debts to the Treasury or is mortgaged to third parties. Ensure the authenticity of the title, and have on hand information about the laws of the construction sites. It is also important an inspection of the property if it is already built, or the place where it will be raised in case of pre-sales, to clarify the boundaries and dimensions of the property.
Note that for the transfer of title, you will be requested to present the legalized final sales contract, the owner’s title, meeting minutes which authorizes a representative of the company (if applicable) to perform the act of sale and to sign this document in his behalf, a copy of identity card or passport of the buyer if a natural person or not, and an RNC if moral person, the certification of payment of real estate property tax and the payment of the transfer tax.
In Dominican Republic, as in many developed countries, you can get a Title Guarantee, which seeks to compensate the buyer and ensure that in case of any irregularity or hidden defects, the investment will always be secure.
Through the services of the Scrow and the Title Guarantee, the purchaser shall be protected against any monetary loss in case of not covered product claims, the legal expenses in case of litigation will also be covered by the warranty, as well as the payment of claims against the title of the property.
With Dominican Republic’s fast growth as a tourist destination for travellers from all around the world, real estate in Punta Cana has proved a relatively secure investment over the past years. Generally, property is known to be a fairly low-risk investment, as compared to shares. But just like any other investment decision, you should be well informed of what is right for you before you make a choice. Make sure you get good investment advice and that you are mindful of all the pros and cons before you commit yourself.