What guarantees do I have when purchasing a property off-plan?
Purchasing an off-plan property in the Dominican Republic comes with several legal guarantees and protections for buyers. Here are the key safeguards available to you:
1. Legal Warranty on New Constructions
According to Dominican law, new constructions come with a one-year warranty. This means that if any defects or structural issues arise within the first year after delivery, the developer is legally responsible for fixing them.
2. Secure Property Registration System
The Dominican Republic uses the Torrens system for property registration, ensuring the validity of property titles. Before a property is sold, a judicial procedure called “saneamiento” is conducted to clear any outstanding legal claims, guaranteeing that the property is free from disputes.
3. Promise of Sale Contract
Most real estate transactions start with the signing of a Promise of Sale contract. This legally binding document, signed in the presence of a notary, outlines the general conditions of the sale and protects both the buyer and the seller.
4. Title Verification and Legal Assistance
It is highly recommended to hire a real estate lawyer to verify the legitimacy of property titles and ensure the property is free from encumbrances or legal disputes. This step provides extra security for your investment.
5. Tax Exemptions for Foreign Investors
The Dominican Republic offers tax incentives to foreign investors, including property tax reductions and exemptions on interest income. These benefits enhance the security and attractiveness of your investment.
(expat.com)
6. Importance of the Authentic Sale Deed
When purchasing a property, it is crucial to sign an authentic sale deed before a notary public. This official document legally confirms your ownership and details the characteristics of the property, ensuring full legal recognition of your purchase.
(republique-dominicaine.net)
In summary, buying an off-plan property in the Dominican Republic is backed by strong legal protections and secure procedures, ensuring the safety of your investment.
