What are the steps to homeownership in the Dominican Republic?
A. There are four simple steps to homeownership in the Dominican Republic. These steps are as follows: • The buyer and seller sign a “Contract of Sale” in the presence of a notario who then authenticates this contract. The contract contains the legal description of the property, the price, and conditions of sale. • The contract is then sent to the nearest Internal Revenue Office for payment of the appropriate taxes. • This contract and the “Certificate of Title” of the seller are then deposited at the Title Registry Office in the jurisdiction in which the property is located thereby recording the sale. • The Title Registry Office will then issue a new Certificate of Title in the purchaser’s name and cancel the old Certificate of Title previously issued to the seller. The entire process from the Contract of Sale to the issuance of the new Certificate of Title will vary from a few days up to a few months depending on the office at which the sale is recorded.
