1-Demarcation
Land surveying is the procedure for obtaining legal title to a property. It's done so that an owner can obtain their Title Certificate and separate their property from the rest of the original parcel.
But what happens when the property hasn't been surveyed and I want to buy it? I advise you NOT to buy it until this process is complete. Why? Because it frees you from multiple risks. Although there are legal mechanisms and processes that allow you to complete the survey at the same time as the property transfer if you're buying without financing, my recommendation is to wait until it's surveyed.
Surveyed properties offer advantages such as mortgage guarantees, investment security, increased property value, and above all, peace of mind.
2-Property Transfer
Before transferring a property to your name, it must first go through the Dominican Republic's Internal Revenue Service (DGII) and you must pay the corresponding real estate transfer tax, which is 3% of the higher of the sale price and the property's value in the national tax system (DGII). Even if the property is exempt from this tax, it must still go through the DGII and you must obtain the exemption certificate.
This procedure is very important in the buying and selling process, because until the taxes are paid, the property remains registered in the national tax system to the person who sold it to you. Next… Now we're going to register the property with the Registry of Titles, register the sale, and let everyone know that you are the owner of the property… this validates your ownership rights.
In the Dominican Republic, the registration system is the "Torrens System." What does that mean? It means that the right of ownership is created and validated when it is registered. After this, within 45 business days, as per the General Regulations for Title Registries, your property will be legally yours.
Note: This timeframe varies depending on the date of the promise of sale issued by the Title Registry when the service is provided. This is extremely important information to know so you're not caught off guard.
3- Your house and the DEA formula
If you haven't found the perfect house yet, don't worry, start with this formula that summarizes the most important steps to achieve it.
Define the type of housing you want
Evaluate the amount of money you need
Analyze the spaces you need and the ideal location
Buying a property requires a well-reasoned decision. Always try to have the best experience during the search. You have digital tools at your disposal that can help you make better decisions to acquire the perfect home and make your dream a reality.
Theauthor is:
@reynaechenique
Real estate advisor , lawyer, specializing in real estate law.
