top Questions in the Punta Cana real estate market
FAQ
Frequently Asked Questions in the Punta Cana real estate market
How much do I have to pay an agent to help me buy a house?
Home buyers do not have to pay fees to a broker when buying a house.
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.
Do I need a lawyer to apply for a residence permit in DR?
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.
What is the safest place in Dominican Republic?
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.
What is the best insurance for home owners?
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.
How much are property taxes in Punta Cana?
On real estate transfers a tax of three percent (3%) will be applied to the market value of the transferred property, plus every year 1% IPI tax to be paid to the DGII.
Can foreigners buy real estate in the Dominican Republic?
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.
How much money do you need a month to retire in Dominican Republic?
About $1,800 USD
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. You only need about $1,800 USD each month to live comfortably.
How much do I need for a down payment?
Gated communities for sale in Punta Cana under construction require a down payment of 10 % to 30% depending on the project. Contact us for exact details about the down payment of the property you are looking for.
How much are condo HOA fees in Punta Cana?
What are the condo fees in Punta Cana? What do they cover? The cost of an apartment may vary depending on the specific area in Punta Cana and size of the unit. Typically for a 1 bedroom the HOA fee is $80-270/month, 2 bedroom is $110-360/month and 3 bedroom is $125-500/month.
Can I Ask You for Advice?
Yes! Contact us to get in contact with a real estate agent in Punta Cana that will assist you with your needs and will answer all your questions.
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