Buying a house in Cuidad La Palma, Punta Cana

Welcome to the forums. Bob is most likely to weigh in on closing costs etc.

Cost of living in PC is higher than other parts of the country. I don't live there so not an expert on it.

There is lots and lots to do in PC. Just do a Google search and you will find dozens and dozens of excursions!

READ< READ & READ some more of the many threads on PC.  All sorts of topics & many helpful people here. A 4-5 bdr villa for 150K in PC ?  A hell of a deal anywhere on the island!  Welcome & good luck.

They said mortgages of 150 honey not purchase!

I assume you are getting mortgage from home, not from here, correct?

Thank you! Please stop by  that area and see it! Is great! Thanks

I want to get mortgage there...I'm 10 years away from retirement and want to start preparing now :-)

I just purchased a Duplex Villa in Bavaro. The Lawyers fee and Closing Cost were 3.1% of the sales price. We paid cash, no mortgage.  Not sure if there will be a difference.

Legal & notary fees to buy the property and to put the title in your name in general is 1% of the sale price. On that amount another 18% itbis. So a home from 200,000 USD will cost in legal and notary fees around 2,360 USD.

Transfer property tax: is 3.1% of the registered value from the property at the DGII (DR tax-office).

Ownership: There are no restrictions for foreigners to purchase and/or own real estate in the Dominican Republic. Full ownership 100% on your name or whatever other legal entity/company.

Yearly property taxes: Property(s) 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. All properties owned by a company will pay 1% per year of the assessed value with no exemptions.

Deslinde: According to the DR's Property Registry Law a property purchase cannot be recorded at the Property Registry without a clear Certificate of Title (with deslinde). A "deslinde" refers to a clear title which has been issued after the property has received the final judge's approval certifying it has been properly surveyed and that its property lines and boundaries have been clearly defined and established from the original title dating prior to the new registry law or a new title altogether. No purchase should be carried out without a clear Certificate of Title

As far as I know this information is still up to date.  Naturally, there are exceptions if you know how to dance merengue.

Great info! Thanks.

That is exactly what we found out when buying our property in Casa Linda, but much more thorough and succinct than I could have done.  Thanks Mike!

Wow! Thank you all very much for all the info! It's very helpful for me to know what to expect. I'm a bit nervous about the fees,  is seems to be more clear to me now. I have already put down the separation fee, now I have a year to complete the downpayment and fees. Thank you!

Enjoy DR!

Cabreu1, I live in Punta Cana, if you have more questions I will try to help.

Cheers.

Thank you Mike!! I will connect when I'm down there again! It's cold up here enjoy the weather!