How do real estate purchases work in the Dominican Republic?
A. Instead of the traditional offer and counter-offer process found here in the United States, you would first negotiate with the seller on the selling price. Once a verbal agreement has been reached, then the process of purchasing property will begin. A binding “Promise of Sale” or “Option to Purchase” is drawn up and prepared by an attorney and signed by both parties. It is at this time that a deposit or advance payment is made.
