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THE PROCESS OF BUYING AND OWNING PROPERTY + FAQ

/THE PROCESS OF BUYING AND OWNING PROPERTY + FAQ
THE PROCESS OF BUYING AND OWNING PROPERTY + FAQ 2017-06-07T17:44:13+00:00

This mountain road used to be the only access into Las Terrenas and was heavily signposted with ‘peligroso’ (danger) signs.

       We came to Las Terrenas, saw it transform into a multicultural expat beach haven where chic European women drive their ATVs down the dusty beach road to the supermarket, their designer handbags slung over their shoulder and baguettes in tow. Las Terrenas feels a little rough around the edges with a hint of European sophistication, and today, Las Terrenas is a vibrant international community with residents from all over the globe.

After having sailed the entire Caribbean for some years Tony from the Netherlands settled in, at that time, tiny fisherman’s village of Las Terrenas. It was a very basic and humble town and Santo Domingo was as far as flying from Toronto to the Caribbean. Everyone just spoke Spanish. At that time Las Terrenas had few stores, no newspapers, and very few tourists. Las Terrenas was isolated but very beautiful and quiet.


In the seventies there were no paved roads and a single red VW beetle.

When Tony arrived and headed up from Sanchez what was then a treacherous mountain path, bounded by sheer cliff on one side and untouched jungle on the other. This mountain road used to be the only access into Las Terrenas and was heavily signposted with peligroso (danger) signs. Slowing to a crawl, doubts came across his mind and he was thinking of turning back … when, finally, the path crested on the mountain, and the sea began to peek through the landscape. “It was one of the most beautiful sights I’ve ever seen, then or since” Tony remembered.

Meanwhile Tony met Jeremie from France and for nearly 15 years, Immomexx has been considered one of the most respected and trusted real estate agencies in Las Terrenas, Samana. Our real estate portfolio features the most distinctive luxury properties on the Samana peninsula: be it a beachfront villa on Playa Bonita or an apartment in  Balcones del Atlantico, from stunning building plots for realizing your dream home to great investment opportunities throughout entire Samana. Meanwhile our Las Terrenas Villa Rental department lists the very finest villas for your holiday.

las terrenas pueblo pescadores

Pueblo des Pescadores as it is today, along the beach in Las Terrenas.

Immomexx offers exclusive access to the very best what the Samana real estate market has to offer and through our combined 25 year+ experience Tony and Jeremie are able to guide you through residential villa listings, land, building plots and new developments in the entire area of Samana. We both have a deep knowledge of owner histories, permit requirements and zoning regulations that need to be considered when selling and purchasing property in Samana.

FREQUENTLY ASKED QUESTIONS

Below you will find answers to some of the questions we receive most frequently. However, please contact us with any other questions you may have and we will be pleased to be of help.

WHY SHOULD I BUY A PROPERTY WITH IMMOMEXX?

When buying a property, all the more so if it is abroad, it is important to choose a real estate agency that has a solid reputation for longstanding service, professionalism and integrity. Immomexx stands out in this respect, and does so for several reasons.

Firstly, ImmoMexx has had a constant presence in the Samana property market for nearly 15 years now, achieving the kind of recognition for quality and as a specialist in  real estate that simply cannot be come by easily but has to be earned over years of sustained service and results.

As a small boutique agency that focuses on quality rather than quantity and maintains deep-rooted business ethics along with modern know-how, Immomexx is a company that has a staff of two dedicated professionals. As a result we have gained vast experience and connections, allowing unequalled market knowledge and business expertise. It is this mix of know-how, business ethics and local market expertise that have positioned Immomexx at the top of the Samana (luxury) real estate market.

sand sun samana las terrenas flip flops

WHY SHOULD I SELL MY PROPERTY WITH IMMOMEXX?


The track record of Immomexx over the past 15 years has made it recognised as a leader in the property market of the greater Samana area. Indeed, Immomexx is also regarded as the luxury specialist in the region, a fact that is supported by having the pick of the best properties on its portfolio. The owners of such homes choose us not just because of our service, discretion and professional approach, but also because we produce results in marketing and selling their properties.

In addition to investing in a consistently high quality of images, writing and marketing material, backed up by advertising campaigns in the leading relevant publications and a highly effective online marketing presence, Immomexx has always been very active in establishing international networks that serve to widen our range of potential buyers significantly.

Another important reason for our success – and why we are so highly regarded – is the quality and honesty of our property valuations. They are based on empirical data and consistently reflect the true market values. Pricing a property correctly greatly enhances its chance of finding a buyer, and in this we negotiate on behalf of the vendor to achieve a good price that is agreeable to all parties. Agents who simply price-to-please in order to get the listing do no one a favour, as such homes go unsold for years except in the most bullish of market conditions. Being honest in our appraisals is part of a philosophy that has seen us build up a reputation and track record that we are proud of.

sand sun samana las terrenas flip flops

HOW CAN I GET STARTED LOOKING FOR A PROPERTY IN SAMANA IF I AM NOT IN THE DOMINICAN REPUBLIC?


We offer an exhaustive resource through our website – both in the property search function that features our leading portfolio of residential real estate, and in the easy to navigate support information contained in short articles, guides and downloadable documents. Naturally we are also on hand to offer personable assistance should you have specific requests or want to know more about a home you have seen on our site. You can also contact us directly on  +1(829) 380-0020 and  +1(829) 922-2324.

DO YOU ONLY DEAL IN LUXURY PROPERTIES?


ImmoMexx specialises in luxury properties above all, but our in-depth knowledge of the Samana area and its property market mean that we are frequently asked by homebuyers and investors to find properties ranging from small apartments and pieds-a-terre all the way to large villas, mansions and entire estates. Regardless of budget, you will always receive the same level of service.

Our good working relationship with the most reputable agencies in the Dominican Republic also means that we can source homes to your exact specifications across the coastal region and in the country areas beyond, so just let us know what you are looking for and we will find it for you.

shells beach las terrenas

The basics of Purchasing and Ownership of real estate.

The process


There are no restrictions on foreign ownership of property. Residents and nonresidents enjoy the same rights and obligations. The property will be fully registered on your name or any legal entity/company. To purchase a property, the first thing to do is hire a real estate lawyer. Subsequently, the lawyer will conduct the process of due diligence. This involves title search, overseeing the survey, and obtaining all important documents from the seller, including a photocopy of the title. (also a Copy of the survey of the property,  Copy of the seller’s ID (“Cedula”) or Passport; if married, including that of spouse’s,  Copy of last property tax receipt; if exempt from property tax, copy of certificate of exemption and a Copy of the approved construction plans if property is a house)

The notary/lawyer authenticates the “Contract of Sale” signed before him by the buyer and the seller. The “Contract of Sale” is processed in the Internal Revenue Office where taxes will be paid. After the transfer, the lawyer will submit the documents to the Title Registry Office where the title will then be changed to bear the new owner’s name.  The whole process of registering a property can be completed in around 50 days.

Legal & Notary fees

Legal and Notary fees to purchase and register a property on your name are generally 1% over the sales price. (Plus 18% ITBIS tax (VAT)) Buying a property of $200,000 usd will do in Legal / Notary + 18% VAT:   $2,360.

Transfer Property Tax:
Under Law No. 288-04, Transfer Tax is set at 3,1% (on the registered value) and must be paid to the Tax Authority (Direccion General de Impuestos).

Yearly property taxes:

Property owned by an individual and assessed by the DGII (DR tax-office) below DOP 7,019,383 (around 150,000 usd) will be exempt of yearly property taxes and any excess will pay 1% per year over that difference. Company-owned property will pay 1% per year of the assessed value with no exemptions.

Deslinde

“Deslinde” Procedure Necessary for Real Estate Transactions after April 4, 2009
The new Property Registry Law (Law #108-05) that has been in effect since April 4, 2007, and its enabling regulations, have drastically changed Dominican real estate law. One essential element of this modernization has been the requirement of a “deslinde” for all real estate transactions: purchases, sales, mortgages, condominium formation, etc.
A “deslinde” (“segregation” in English) is the legal procedure by which a portion of land within a parcel is segregated from all the other portions within the same parcel. In other words, the deslinde procedure converts a provisional title that guarantees the property right of ownership for a portion of land within a bigger parcel into a definite title that guarantees the ownership of an individual parcel. The result of the procedure is that the segregated portion will become its own parcel with its individual cadastral designation, guaranteed by a definite title. The majority of jurisdictions around the world only recognize and register segregated portions of land and do not allow any transactions of portions of land that are not segregated. The purpose of the new Property Registry Law is to reach exactly the same level of sophistication and security as these modern jurisdictions have had for a long time: no recorded property rights without a deslinde.

The best way to protect yourself when purchasing property in the Dominican Republic is to get a trustworthy and reliable attorney, and title insurance. This ensures that you are adequately protected in the “Promise of Sale” and that you have legal recourse should the need ever arise.  For this matter we can highly recommend Guzman Ariza Abogados.

 – FAQ –

We’re here to help you out.  That’s for sure. To finding your perfect getaway in Samana. But being new to Samana raises lots of questions about all kind of subjects you would like an honest answer to. True, isn’t it!

For this reason we rather spend our time on our clients then constantly  updating a FAQ section to keep up with all information. For all your generic questions we have found trusted and specialised information suppliers who update and check their information frequently. You’ll find there accurate and up to date answers to all your questions regarding everything you need to know when visiting or moving to Samana in the Dominican Republic.