The Purchase Process

    Many foreign buyers get confused when purchasing real estate in the Dominican Republic because the steps followed during
    this process are different from those at home. The following four steps summarize the purchase process of a condominium with
    MONGE DISTINCTIVE PROPERTIES in the Dominican Republic.  It’s important to know that in the Dominican Republic, real
    estate transactions are governed by the Property Registry Law and ownership is documented by Certificates of Title which are
    issued by the Title Registry Offices.  
                
               At all times, we recommend that buyers hire the services of a real estate attorney before getting into a real estate transaction.  


    JUST 4 STEPS TO PURCHASE FROM US!

    1. SIGNING OF PROMISE OF SALE CONTRACT:
    A standard contract or promise of sale is provided to the customer including all terms and conditions for the purchase of the property.  A copy of all documents will be
    given to the buyer, such as notarized copy of the promise of sale, copy of certificate of title, copy of the survey of the property or official plat, copy of the developers
    identification (cedula or passport), certification from the Dominican Internal Revenue Office showing the seller is current with his or her tax obligations, copy of the
    corporate documentation, including bylaws, copy of all building permits, up-to-date registration at the Mercantile Registry and resolution authorizing the sale.

    2. PAYMENTS TO ESCROW AGENT THROUGHOUT CONSTRUCTION PHASE:
    Once the promise of sale has been signed, the buyer deposits whatever monies owed at that moment in the escrow agent’s account.  All monies paid are kept in
    ESCROW. This service generates confidence and insures buyers their funds will be safely held and distributed by an independent well known party only upon
    accomplishment of specific milestones during the construction phase.  MONGE DISTINCTIVE PROPERTIES will be forwarding photos to the buyers via email in order
    to show the progress of the construction. At each step, an inspector on behalf of the escrow agent will be sent to the site to confirm that it has been completed.

    3. CLOSING AND HANDING OVER OF PROPERTY:
    Upon the Seller's completion of the construction, the buyer will be notified as indicated in the promise of sale, the date in which closing will take place.  Arrangements
    will be made ahead of time for this purpose.  Once closing of the transaction takes place, a closing package will be given to the buyer including the Condo Docs,
    Bylaws and Regulations of the complex and Deed of Sale or final Sales contract.

    4. BUYER TRANSFER OF TITLE:
    The buyer's representative or attorney must record the sale and a new Certificate of Title is issued in the name of the buyer at the Title Registry office.  The time for
    the issuance of the new Certificate of Title may vary from a few weeks to a few months depending on the Title Registry Office where the sale was recorded. Once the
    sale is recorded, property now belongs to the buyer. It is important to keep in mind that transfer taxes are approximately 3.5% of the appraised property value.
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