Dominican Republic — Property: Legal Checks

Key facts

• The government maintains a registry of property ownership, known as the 'Registro de la Propiedad de la República Dominicana.'
• To obtain a Temporary Residence Card, a financial certificate with a minimum balance of 300,000 pesos and a bank statement with a minimum balance of 150,000 pesos are required.

Steps

1. Step 1: Verify Property Ownership — Verify the property's ownership status through the Registro de la Propiedad de la República Dominicana to ensure it is not mortgaged or has any other encumbrances.
2. Step 2: Conduct Due Diligence — Conduct thorough research on the property's history, including past sales, taxes, and any outstanding debts or liens.
3. Step 3: Engage a Notary Public — Engage a licensed notary public to assist with the legal process, including drafting contracts and verifying documents.
4. Step 4: Obtain Necessary Permits — Obtain necessary permits and licenses from local authorities, including any required environmental or zoning permits.

Costs

• Powers of Attorney: 100.00

Timelines

• Due diligence research: varies

Required documents

• Property deed (titulo de propiedad)
• Identification documents (cedula de identidad)
• Proof of income or financial resources

Common mistakes

• Failing to conduct thorough due diligence, leading to unexpected surprises or disputes.
• Using unlicensed or unqualified professionals, such as notaries or lawyers.