EXPERIENCE COUNTS. Put ours to work for you: 780.474.7900|info@drproperties.ca
Dominican Republic Real Estate: Closing Costs, Taxes & Fees 2017-08-18T16:08:09+00:00

Information for Buyers

Closing Costs, Taxes & Fees

Closing Costs:

Transfer Tax:

A one-time 3.1% transfer tax (of the government assessed value of the property) will be charged. This tax conveys the title from the vendor (seller) to the new buyer. Taxes are paid based on the market value of the property as determined by the tax authorities, not on the purchase price stated in the deed of sale. Tax authorities historically value properties lower than market value.  Generally, this tax will be $2,000 – $6,000 US depending on the purchase price of the property.

Legal & Professional Fees:

  • Your real estate lawyer will charge you a percentage of the purchase price of the property. Generally fees are 1 to 1.5% of the purchase price. This amount includes all disbursements, due diligence (see Buying Process), and will convey the title into your personal name or corporation, depending on which way you choose to buy.
  • Real estate fees are paid by the seller or developer, not the purchasers.

Property Tax:

  • A 1% annual tax is assessed on real estate properties owned by individuals, (based on the cumulative value of all the properties they own) *as appraised by government authorities.  Please note that the value of the property generally does not reflect a true market value assessment, but is generally lower.  Most owner’s pay much less than actual market value.  Properties are valued without taking into consideration any furniture or equipment to be found in them.
  • The 1% is calculated only for values exceeding $6,858,885.00 DOP (about $150,000). For un-built lots, the 1% tax is calculated on the actual appraised value without the exemption.
  • The real estate tax is payable every year on or before March 11, or in two equal installments: 50% on or before March 11, and the remaining 50%, on or before September 11.
  • The amount of the exemption is adjusted annually for inflation.
  • The following properties are exempt from paying real estate tax: (a) farm properties; (b) homes whose owner is 65 years old or older, and has no other property in his or her name; and (c) properties owned by companies, which pay a separate tax on their company assets.

A Few Current Listings:

Dominican Republic Tropical Doll House

An adorable starter villa with all the bells and whistles...Read More→

22
$159,900

Seaview Dominican Republic Spec Home

Enjoy show stopping ocean views from the root terrace of...Read More→

22
$239,000

2-Bedroom Beachside Condo with Vendor Financing!

Be the new owner of this large 2-bedroom condo on...Read More→

22
$230,000

Beachfront, Oceanview 3-Bedroom Condo

Click on large photo above to view full size images....Read More→

32.5
$325,000

Secluded, Unique Dominican Republic Villa With Incredible Outdoor Spaces

Click on main image above to make photos bigger. A...Read More→

44.5
$295,000

About you

Name:

How can we reach you?

Your Email (required)

Your Phone*:

*If you would like us to call, please let us know the best time:

Where are you located/time zone? (we don't want to call at 5 a.m.) 🙂

Question(s)?

Your Message

Please answer the quiz below: