top Questions in the Punta Cana real estate market
Frequently Asked Questions in the Punta Cana real estate market
Home buyers do not have to pay fees to a broker when buying a house in Punta Cana.
Most home sales involve two real estate agents: one representing the seller and one representing the buyer.
Listing agents represent sellers and collect fees for representing them and marketing the property.
Agents who represent buyers (aka buyer’s agents) get paid by referring listings to brokers to bring buyers to the negotiating table. When the home sells, the listing agent and the buyer’s agent split the listing costs. Therefore, buyers do not pay their agents.
Yes, foreigners can buy real estate in the Dominican Republic, all you need is a valid passport and driver’s license.
Previously, the decree of March 22, 1945 no. 2543 and its amendments required aliens to obtain presidential approval, with some exceptions.
Decree of January 8, 1998 No. 21-98 canceled this provision and determined that the only requirement for the land registry department is to record all foreign purchases for statistical purposes.
A lawyer is not required to apply for a residency in Dominican Republic, but is highly recommended to avoid costly mistakes!
Attorneys fees vary from case to case.
You only need $1,500-$2,000 per month for a comfortable and fulfilling life.
The cost of living in the Dominican Republic (DR) is typically about 40% lower than in the US and Canada, making it an affordable country for retirees.
Of the major cities that make up the Dominican Republic, Punta Cana is the safest area to visit. There are many highly rated resorts on site and the tourist police presence is relatively high.
Gated communities for sale in Punta Cana under construction require a down payment of 10 % to 30% depending on the project.
Contact a real estate agent in Punta Cana for details about the down payment of the property you are looking for.
In Punta Cana, to buy a home insurance is a good idea specially when you’re planning to rent your house on short or long term.
PuntaCanaVilla.com® works hand to hand with the major insurance companies. If you’re buying a home in Punta Cana our real estate agents will help you request all the quotations to the most popular home insurance companies.
Typically for a 1 bedroom the HOA fee in Punta Cana is $80-270/month, 2 bedroom is $110-360/month and 3 bedroom is $125-500/month.
The cost of HOA of a condo may vary depending on the specific area in Punta Cana and size of the unit.
The cost of property taxes in Punta Cana every year is 1% (IPI) tax to be paid to the DGII.
On real estate transfers in Punta Cana a tax of three percent (3%) will be applied to the market value of the transferred property,