What is the procedure in purchasing a home in DR?
Once you have decided on your purchase, you would be required to have the following documents:
- Seller’s Title Deed
- A notarized Purchase Agreement
- Passport for non-residents
What cost are associated with home purchase?
- 3% of purchase price for the Transfer Tax
What are the property taxes?
- Property tax is based at 1% annual over RD$6,500,000 (approx. US$142,000) of the assessment value.
Example:
Assessed Value: US$170,000 – Exemption US$142,000 =
US$28,000 X 1%=US$280.00 Annual Property Tax.