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Buying

As a foreigner you are legally allowed to buy a property. You can seek the assistance of a real state agent who will help you save time by searching properties in accordance to your budget and needs. A plus, is that the vendor pays their commission so you receive professional assistance for free. In the Dominican Republic there are many North America Franchises: Remax, Coldwell Banker and Century 21, to list a few.

Tips:

· When buying it is extremely important to choose in accordance with your access needs in terms of schools and jobs.

· Also consider shops and public transportation and access to stores and supermarkets.

· The neighborhood is the most important factor as it will determine the assurance of your investment in the long term. There are vicinities where prices of houses rise at a higher speed than others.

· Legal assistance: getting the assistance of a lawyer is always a wise decision. In addition to looking over the contract, a lawyer will provide you with detailed information on taxes; assist you with an appraisal -if required- and other legal issues.

Check thoroughly:

· Request a copy of the owner's title and confirm with the Dirección General de Impuestos and Catastro (Governmental Land Registries) that the title is free of mortgages and debts. Also that the seller is the legal owner.

· Taxes and duties: properties over RD$5,000,000 pay yearly taxes.

· You should check carefully the house/apartment ventilation, water pressure, lighting conditions and electricity service.

· Have someone evaluate wiring, plumbing and structure conditions.

· Don't forget to request the latest utilities' bills (electricity, telephone, cable, and so on) as you will be held responsible for any pending debts once the property is yours.

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