Investments in the Dominican R...
Registration of ownership
Since all real estate deals in the country are carried out on the basis of the Registration System of Title (ownership rights of the
property), the lawyer checks the legality of title and transfers it from the
seller to the buyer at the Office of Real Estate Registration (Title Registry
Office), the Land Court (Land Tribunal) and the State Tax Management (General
Internal Revenue Directorate, DGII). After that he prepares a final purchase
and sale agreement (contract), he certifies it at the notary and draws up the
title on the new owner.
Registration office in every region of the country is own.
Since the signing of the contract the buyer is considered to be the owner of real estate: now he can move in, after that the full payment of the cost of the house and the payment of tax on real estate notary draws up the
certificate of ownership (title) in the registration .It can take anywhere from two weeks to three months, but in a number of agencies, the process can be
speeded up for a fee. If the title is not made, the buyer is deceived he is not
the owner, and most likely enters into a timeshare, so it is necessary to advance to cope, whether registered title.
When purchasing a finished villa, land is included in the
price, and the buyer shall be issued a certificate of land ownership as well as
the villa. When purchasing an apartment in the property formalized only apartments, but the land is made to the condominium (all owners of apartments).The described procedure acts as a purchase of real estate as the
individual or a juridical person.