Dominican Republic Real Estate Development

- ADMINISTRATIVE AND LEGAL MANAGEMENT

Our focus is to ensure credibility in the legal process when investing in our real estate projects.

We have a team with extensive experience in understanding local laws and regulations, also we have been conducting successful and secure transaction management for over 35 years, where we perform exhaustive due diligence processes, including title management, verification of ownership documentation and confirmation of the legitimacy of transactions.

In addition, we work hand in hand with a high-level commercial team that handles the administrative management process, thus minimizing the risks associated with the purchase of properties and guaranteeing the client total transparency in the process.

Processes we execute

Due Diligence

- "Know Your Customer" form.
- Compilation of documents.
- Identification and measurement of the risk level of each client.
- Verification of the information in the "Know Your Customer" form for customers with medium-high risk.
- Verification in restrictive lists through the official compliance monitoring system.
- Determination of exposed person.

Legal support during pre-sales

· Customer relationship with the trust company
· Formalization of promise to purchase contract

Support during closing

· Customer support with financial institutions to obtain loans
· Drafting and registration of the extraordinary general meeting of the construction company approving the sale and purchase of real estate
· Formalization of definitive sales contract
· Follow-up to the constitution of the condominium regime of the project.

To support the investment of our clients, we implemented a CONSTRUCTION PERFORMANCE GUARANTEE that protects the investment at 100% of the total cost of the apartment through a Dominican insurance company.

Transparency in all financial transactions and compliance with legal procedures safeguard the interests of our buyers and contribute to a reliable property acquisition process in the Dominican Republic.

LEGAL SERVICE

It is crucial to hire a reputable real estate lawyer who specializes in real estate transactions in the Dominican Republic. They will guide you through the legal requirements and protect your interests.

PURCHASE AGREEMENT

After the unit reservation process, a purchase agreement is drafted between the buyer and the developer. This document describes the terms of the sale, including the purchase price, payment schedule and any contingencies.

DUE DILIGENCE

Due diligence is conducted to verify zoning regulations, property taxes if applicable and any other legal issues that may affect the property.

CERTIFICATE OF TITLE

The developer must provide a valid Certificate of Title issued by the local land registry. This certificate confirms the ownership and legal status of the property.

CLOSING COSTS AND TAXES

Understand the closing costs involved, which generally include transfer taxes, notary fees and registration fees. These costs are generally accrued from the amount issued in the initial booking process.

FOREIGN INVESTMENT REGISTRATION

Non-residents must register the purchase of their property with the Central Bank of the Dominican Republic. This is done through the Foreign Investment Section to facilitate repatriation of funds if needed in the future.

NOTARIZATION AND REGISTRATION

The purchase contract and other relevant documents must be notarized and registered at the local land registry.

FINAL TRANSFER OF OWNERSHIP

Once all conditions of the purchase agreement are met and the final payment is made, ownership of the property is transferred to the buyer.

Frequently Asked Questions

Do I need a real estate lawyer?

Yes, it is highly recommended to hire a reputable real estate lawyer who specializes in real estate transactions in the Dominican Republic. They will guide you through the legal process, perform due diligence and ensure that your interests are protected.

What documents do I need to provide or obtain?

Generally, you will need to provide identification documents (passport, etc.) and possibly proof of funds. The seller must provide a Certificate of Title and other documents related to the property for review.

What is the process for performing a title search?

Your attorney will conduct a title search to verify ownership history, any existing liens or encumbrances, and ensure that the property has a clear and marketable title.

What are the closing costs and taxes involved?

Closing costs generally include transfer taxes, notary fees, registration fees and legal fees. Your attorney can provide a breakdown of these costs and how they are divided between the buyer and seller.

Are there any restrictions on foreign property ownership?

Foreigners may own property in the Dominican Republic without restrictions. However, it is important to comply with local regulations related to foreign investment and property ownership.

Do I need to be present for the closing?

It is advisable to be present at the closing to sign the documents and ensure that all aspects of the transaction are completed correctly. However, if you are unable to be present, you may appoint a representative to act on your behalf.

How long does the purchase process take?

The timeline may vary depending on several factors, including the complexity of the transaction, title issues and local administrative processes. Generally, it can take several weeks to several months to complete the purchase of a property.

What happens once the purchase is completed?

After completing the purchase, you will need to update the property taxes and other obligations associated with ownership of the property. Your attorney can advise you on post-purchase liabilities.

Can I finance the purchase of the property through a local bank?

Yes, local banks in the Dominican Republic offer financing options for property purchases. Your attorney or real estate agent can provide you with information on available financing options and requirements.

What are the risks associated with buying a property in Punta Cana?

Risks may include title issues, zoning regulations, environmental concerns, and unforeseen legal or administrative challenges. Working with experienced professionals can help mitigate these risks.

- NORIEGA GROUP FOUNDATION

Social Responsibility

The Noriega Foundation, better known as Fundanor, is a non-profit organization belonging to the Holding Empresarial, which provides support to infants who require social assistance for medical treatment and supplies throughout the state of Aragon.