{"id":12209,"date":"2023-09-01T11:30:12","date_gmt":"2023-09-01T15:30:12","guid":{"rendered":"https:\/\/dominican-real-estate.com\/?page_id=12209"},"modified":"2023-10-20T13:30:26","modified_gmt":"2023-10-20T17:30:26","slug":"how-to-buy-property-in-the-dominican-republic","status":"publish","type":"page","link":"https:\/\/dominican-real-estate.com\/ru\/how-to-buy-property-in-the-dominican-republic\/","title":{"rendered":"DR F How to Buy Property in the Dominican Republic"},"content":{"rendered":"
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The Only Comprehensive Guide Available Online\u2014Updated for 2020<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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\u041a\u0430\u043a \u043a\u0443\u043f\u0438\u0442\u044c \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u044c \u0432 \u0414\u043e\u043c\u0438\u043d\u0438\u043a\u0430\u043d\u0441\u043a\u043e\u0439 \u0420\u0435\u0441\u043f\u0443\u0431\u043b\u0438\u043a\u0435<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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\n\t\t\t\t\t\t\t\t\tAre you wondering how you\u2014as a foreigner in the DR\u2014can buy property here? Read on to learn how the entire buying process works.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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WHO IS THIS GUIDE FOR?<\/strong><\/h4>

So…you\u2019ve found your dream home<\/strong>\u00a0in the Dominican Republic!<\/p>

Maybe you’ve got your eye on a great condo by the beach near Sosua. Or a hillside villa overlooking Puerto Plata. Or maybe you discovered a place near one of the fab surfing spots close to Cabarete.<\/p>

Whatever your dream, you\u2019re\u00a0now ready to take the first steps<\/strong>\u00a0to make it your own…\u00a0<\/p>

Below, we outline\u00a0the entire process, step by step.<\/strong><\/p><\/div><\/div><\/div>

\u00a0<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Table of Contents<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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CHAPTER 1<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tWHAT YOU NEED TO KNOW FIRST\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The first step is making an offer on the home you’d like to buy.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\tGo to chapter<\/u>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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CHAPTER 2<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tMAKE OFFER (OR RESERVE LOT)\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The first step is making an offer on the home you’d like to buy.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\tGo to chapter<\/u>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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CHAPTER 3<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tTRANSFER DEPOSIT\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Arrange for the deposit. Usually $5K-$15K, to be held in trust.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\tGo to Chapter<\/u>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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CHAPTER 4<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tSIGN PROMISE OF SALE\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Outline your offer, as well as all terms and conditions.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\tGo to chapter<\/u>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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CHAPTER 5<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tTITLE SEARCH\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Determine if property is free of liens and other claims.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\tGo to Chapter<\/u>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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CHAPTER 6<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tMAKE PAYMENTS\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Transfer final payment (or first instalment for pre-construction)<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\tGo to Chapter<\/u>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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CHAPTER 9<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t FINAL INSPECTION\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Walk through to see what details still need to be addressed.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\tGo to Chapter<\/u>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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CHAPTER 10<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tSIGN THE FINAL AGREEMENT\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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You’re now the proud owner of your new home in the DR!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\n\t\t\t\t<\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
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\n\t\t\t\t\t\tGo to Chapter<\/u>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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CHAPTER 11<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tCHOOSE AN AGENT & LAWYER\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Make sure you have the right professionals to help you.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\t\tGo to Chapter<\/u>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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CHAPTER 1<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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What You Need to Know First<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Okay, so you\u2019re looking for\u2014or at least, you\u2019re seriously thinking about\u2014buying a home somewhere warm. <\/p>\n

Good news item #1:<\/b><\/p>\n

In the Dominican Republic, there aren\u2019t the same restrictions on land that you\u2019ll find elsewhere in the Caribbean and Central America.<\/p>\n

Foreigners are allowed to purchase land in the Dominican Republic with the all same rights as citizens. In fact, it\u2019s spelled out in the country\u2019s constitution!<\/p>\n

Good news item #2:<\/b><\/p>\n

The real estate market is structured like it is in North American. This is a good thing, because it gives you as an owner full legal protection.<\/b><\/p>\n

This isn\u2019t the case in a lot of other places in the Caribbean (and in Mexico). One of the great things about the DR is that it has a fully regulated system of land titles. <\/b><\/p>\n

What does this mean?<\/p>\n

Every property has a title that spells out who specifically own it. When you buy a property, your name goes on that title. In other words, you have full legal ownership <\/b>of both the house and the land, or for a condo, full ownership of the unit.<\/p>\n

Good news item #3:<\/b><\/p>\n

The process to purchase property in the DR is a lot like it is in the United States and Canada.<\/b><\/p>\n

With an experienced agent and the right lawyer, you’ll have no trouble finding and buying your Caribbean dream home.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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New Builds vs. Pre-Construction<\/h3>\n

When buying a home, you\u2019ll be looking at one of two scenarios:<\/p>\n

Either a) you\u2019re buying an existing home, b) or you\u2019ll be building a new home. <\/p>\n

Existing Home: <\/b><\/p>\n

By an existing home, we’re talking one of two things: a new home still owned by the developer and not yet sold to anyone. <\/p>\n

Or an existing home could be a resale, so previously owned by another individual and is now on the market. <\/p>\n

Pre-Construction:<\/b><\/p>\n

The other scenario is that instead buying an existing home, you\u2019re going to build a new home.<\/p>\n

You\u2019ve got your eye on a piece of land and will pay a developer to build a new home, sometimes based on an existing design and other times totally custom designed.<\/p>\n

Either way, this is called pre-construction. For pre-construction, the process has a few differences. <\/p>\n

Usually the timelines between each will differ significantly.<\/p>\n

Timeline:<\/b><\/p>\n

For an existing home, a deal can be finalized within weeks or even days.<\/p>\n

When you build your own home, obviously construction takes time, so the time from when you reserve a lot until you move into your new home will take at least several months.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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CONSIDER THIS…<\/b><\/span><\/div>\n
For pre-construction, the price for a given model or design is only an approximate at this point. Various factors could affect the actual final cost, for example if the lot is sloped, which will affect construction costs. A good agent can estimate any extra costs using benchmarks based on previous builds.<\/div>\n
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<\/span><\/strong>Usually, the price isn\u2019t negotiable, at least of pre-construction and new builds. However, for resales, you might be able to negotiate with the seller on price.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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CHAPTER 2<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Step 1: Make an Offer (or Reserve a Lot)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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f you\u2019d like to purchase a home that\u2019s already built, you and your agent will prepare an offer.<\/p>\n

Your offer outlines the important details<\/b> about the purchase:<\/p>\n

    \n
  • the price and what\u2019s included in that price<\/li>\n
  • what payments you\u2019re going to make<\/li>\n
  • when you\u2019ll make those payments and how<\/li>\n
  • details about taking possession<\/li>\n
  • other important information. <\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    \"\"<\/figure>

    Americans, Canadians and other foreigners can buy ocean view property like this on the North Coast of the Dominican Republic<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Pre-Construction<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    On the other hand, when you\u2019re constructing a new home the process starts a little differently.<\/p>

    You need to first choose a lot to build on, which requires a\u00a0Reservation of Sale<\/em>.\u00a0<\/p>

    The Reservation of Sale, along with your deposit, reserves the lot you\u2019ve chosen.\u00a0<\/p>

    No surprise there.<\/p>

    In a nutshell, it clearly describes the lot, including dimensions and location\u2014and of course, the price and any conditions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    CONSIDER THIS…<\/b><\/span><\/div>\n
    For pre-construction, the price for a given model or design is only an approximate at this point. Various factors could affect the actual final cost, for example if the lot is sloped, which will affect construction costs. A good agent can estimate any extra costs using benchmarks based on previous builds.<\/div>\n
     <\/div>\n
    <\/span><\/strong>Usually, the price isn\u2019t negotiable, at least of pre-construction and new builds. However, for resales, you might be able to negotiate with the seller on price.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    CHAPTER 3<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Step 2: Transfer Your Deposit<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    When purchasing an existing home, you\u2019re not going to pay the deposit to the seller just yet. The seller won\u2019t actually receive the funds until after you\u2019ve signed the Promise of Sale (more on this later). <\/p>\n

    For now, you\u2019ll transfer the deposit to a third party<\/b>, for example your agent or lawyer, who will hold the funds in a trust account. <\/p>\n

    A deposit is usually between $5,000 and $15,000 US. Transferring the deposit signals your commitment to your offer. <\/p>\n

    But remember: At this point you won\u2019t yet have paid the deposit to the seller.<\/p>\n

    If for any reason either you or the seller decides not to move ahead with the deal and sign the Promise of Sale, you\u2019ll get your deposit back.<\/b><\/p>\n

    However, once you\u2019ve signed the Promise of Sale, the seller receives your deposit and there\u2019s no refund.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Pre-Construction<\/h3>\n

    For pre-construction, the deposit serves a different purpose: it reserves your lot and it\u2019s usually non-refundable. <\/p>\n

    Typically, if you\u2019re reserving a lot for a new home, the amount of the deposit will be towards the higher end (so in the $15K range).<\/p>\n

    This is because it covers initial design and construction costs (like reserving materials).<\/p>\n

    So once you\u2019ve reserved your lot, you\u2019ll need to choose a model and design and settle other construction details. To get this done, you\u2019ll work with the developer\u2019s architect and designer.<\/p>\n

    This is the fun part!<\/b><\/p>\n

    You decide which add-ons to include, for example an extra room, larger bathroom, rooftop terrace, etc.<\/p>\n

    Depending upon the developer, you\u2019ll have more or less leeway for these types of customizations. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    CONSIDER THIS…<\/b><\/span><\/div>\n
    Find a reputable lawyer with a U.S. based trust account. That way, you can easily transfer US dollars to the Dominican Republic as required.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    CHAPTER 4<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Step 3: Sign the Promise of Sale<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    If the seller accepts your offer, the next step is for you to sign what\u2019s called a Promise of Sale.<\/strong> This document is going to outline most of the information in your initial offer, as well as a few other terms and conditions. <\/p>\n

    For pre-construction, your Promise of Sale will also include the developer\u2019s quote. it outlines what they\u2019re going to build and for how much.<\/p>\n

    In other words, the scope of work and the price.<\/b><\/p>\n

    Upon signing the Promise of Sale, your deposit will be released from trust and sent to the seller. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    What’s Included in the Promise of Sale?<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tTHE PARTIES INVOLVED\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

    \n\t\t\t\t\t\tThe first section names the buyer, and the seller and describes the property, including size, rooms and location. The rest of the document then lays out various terms and conditions.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tPRICE DETAILS\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

    \n\t\t\t\t\t\tThe first set of conditions states the total price to be paid and details about payment, including number of instalments, timing of instalments and how payments will be made (say, for example, via an escrow account.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tDEPOSIT DETAILS\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

    \n\t\t\t\t\t\tOutlines the release of the deposit to the seller, with any conditions. Once you sign this document on the dotted line, you\u2019re agreeing to release your deposit from wherever it\u2019s being held.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tTAXES & ADJUSTMENTS\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

    \n\t\t\t\t\t\tStates that the seller is responsible for any outstanding taxes on the property. If you\u2019re exempt from any expenses or taxes related to the sale this will be clearly outlined here too.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tPROPERTY TITLE\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

    \n\t\t\t\t\t\tTitle to the property: This will state that the seller is responsible for providing the title to you, free of liens and other claims.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    \n\n\t\t\t\t\t\t\t\t\t
    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tPOSSESSION\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

    \n\t\t\t\t\t\tDetails the date you can take possession of the property, and conditions that must first be met, typically a dollar amount that must be paid.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    CONSIDER THIS…<\/b><\/span><\/div>\n
    Make sure all the details are in writing. Don\u2019t ever rely on a verbal agreement. And don\u2019t ever sign a generic offer; make sure the offer is specific to your purchase. <\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    CHAPTER 5<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Step 4: Title Search<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Your lawyer will now conduct a title search.<\/p>\n

    The title is a legal description of the property<\/b> and buildings on it, as well as the location of the property. Most importantly, it states who has legal ownership of the property.<\/p>\n

    To search, your lawyer will look at the title to see if there are any liens or lawsuits associated with it. You don\u2019t want to be on the hook for these, so if anything is found, the seller will need to remove these\u2014or the deal is off.<\/p>\n

    For pre-construction, a title search shouldn\u2019t be necessary. The developer should have clear title on all properties.<\/p>\n

    If everything looks good on the title, you\u2019ll then release any conditions in the contract.<\/p>\n

    You\u2019re ready to buy your new home!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    CONSIDER THIS…<\/b><\/span><\/div>\n
    A good agent will know which developments have clear titles and which ones don\u2019t\u2014and make sure you don\u2019t waste your time with these properties.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    CHAPTER 6<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Step 5: Payments<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Now, it\u2019s time to pay for your purchase.\u00a0<\/p>

    Like you did for the deposit, you\u2019ll transfer all funds through a 3rd party, possibly via a trust account that your lawyer set up for you.<\/p>

    Any money to be paid will go in the trust and then released when give the order.<\/p>

    You\u2019ll transfer funds for the remaining balance owing at this time. Usually, this means paying all of the outstanding balance, so the agreed price minus your deposit.<\/p>

    In some cases, your agreement will only require a portion of the total price, say 50%, at this time. You\u2019ll be able to take possession at this point, but only have to pay the remaining 50% after a certain date, say in 3-4 months.<\/p>

    If you\u2019re financing part of the purchase, you\u2019ll pay whatever\u2019s required to cover the down payment.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Pre-Construction<\/h3>

    For pre-construction, this is when you\u2019ll transfer your first instalment payment, which gets construction going.\u00a0<\/p>

    This first payment is usually around 30-40% of the sale price, minus whatever amount you paid for the deposit.<\/p>

    During the construction of your new home, you\u2019ll continue to transfer instalments as key milestones are reached.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    CHAPTER 7<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Step 6: Final Inspection<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Before officially taking possession of your new home, you\u2019ll need to do a final walkthrough with your agent and the builder, developer or current owner to make sure everything looks good.\u00a0<\/p>

    This is especially important for pre-construction.<\/p>

    You\u2019ll likely have visited one or more times during construction to monitor progress and inspect the build as key milestones are reached.<\/p>

    But the final inspection is your last chance to make sure everything has been built to your specifications.\u00a0<\/p>

    For the final inspection, you\u2019ll fly down and stay within the development or at a place nearby. Some developments will cover the cost of your stay, others won\u2019t.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    \"\"<\/figure>

    With your own vacation home, you too can enjoy the North Coast lifestyle.<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    CONSIDER THIS…<\/b><\/span><\/div>\n
    There\u2019s absolutely no reason to rush the final inspection. You want to take your time. Be a stickler. Make sure you\u2019ve spoken with your agent and know exactly what you need to look for. Before you go in, put all the details you need to inspect into a thorough checklist, and as you do the walk-through, write any deficiencies you see down on paper. Take pictures.<\/span><\/div>\n
     <\/span><\/div>\n
    Many real estate agents don\u2019t understand construction and what\u2019s involved in building a home in the DR. So they don\u2019t know what to look for or which questions to ask. You need to make sure your representative does.<\/span><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    CHAPTER 8<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Step 7: Sign Final Agreement<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    It\u2019s now time to sign the final agreement<\/b>, which is called the Agreement of Final Sale. <\/p>\n

    If you\u2019re financing through the seller, the final agreement will include a mortgage addendum outlining the rate, term and payment schedule.<\/p>\n

    At this point, the title will be transferred<\/b>, meaning the developer\u2019s name or previous owner\u2019s name is removed and yours is added to the title.<\/p>\n

    You\u2019re now the sole owner of the property.<\/p>\n

    Your new home is now yours!<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    CHAPTER 9<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Bonus: How to Choose an Agent or Lawyer<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    First, find an agent who can represent your interests.<\/p>

    • Your agent should REALLY know the real estate market on the North Coast.\u00a0<\/li>
    • Not just what\u2019s for sale and how prices compare. That\u2019s pretty standard.\u00a0<\/li>
    • Your agent should also know the specifics and the pros and cons of each development.<\/li>
    • And a good agent will understand construction, how homes are built in the DR, and be able to spot quality building.<\/li><\/ul>

      A good agent will want to find you the home that\u2019s best for you.<\/p>

      And of course, once you\u2019ve found a good agent, make sure you follow his or her advice!<\/p>

      As well, you\u2019ll need a lawyer who\u2019s familiar with real estate law in the Dominican Republic. Because the DR has a rules-based real estate market, a lawyer is critical.\u00a0<\/p>

      The lawyer will prepare documents and make sure the process follows the proper legal path. All the paperwork will be prepared in Spanish and can be translated into English for you.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      CONSIDER THIS…<\/b><\/span><\/div>\n
      Ideally, don\u2019t use a lawyer offered by the development you\u2019re buying into. The best thing is to hire an independent lawyer who can represent you without any conflict of interest. For example, Dreaming DR works with a reputable, independent lawyer who\u2019s represented many foreign buyers over the years.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Who is Dreaming DR Dominican Republic?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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      Steve Van Ryswyk<\/strong><\/h3><\/div>

      DOMINICAN PROPERTY EXPERT<\/strong><\/p><\/div>

      Steve managed one of the biggest residential communities on the North Coast. He’s got an expert eye for assessing the quality of developments. He reviews and vets each home before we add to our select list of properties.<\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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      Christine MacLean<\/strong><\/h3><\/div>

      REAL ESTATE AGENT<\/strong><\/p><\/div>

      Christine made the move to the DR over five years ago. She leads our team of on-the-ground real estate experts, always in search of the best properties and investment opportunities on the DR\u2019s North Coast.\u00a0<\/strong><\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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      John Macaulay<\/strong><\/h3><\/div>

      OUTREACH & EDUCATION<\/strong><\/p><\/div>

      John’s connections to the DR go back over a decade. His job is to help you understand how to make your move to the DR. He’ll be your main source for information about buying property and the DR lifestyle.<\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      Dreaming DR has vetted and recruited a group of local professionals to help you move to and live in the DR:<\/p>

      lawyer | insurance broker | bank manager | car mechanic | handyman | residency expert<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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      \n\t\t\t\t\t\t\t\t\tCopyright Dreaming DR Dominican Republic. All rights reserved.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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      \n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

      The Only Comprehensive Guide Available Online\u2014Updated for 2020 How to Buy Property in the Dominican Republic Are you wondering how you\u2014as a foreigner in the DR\u2014can buy property here? Read on to learn how the entire buying process works. WHO IS THIS GUIDE FOR? So…you\u2019ve found your dream home\u00a0in the Dominican Republic! Maybe you’ve got…<\/p>","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_joinchat":[],"footnotes":""},"class_list":["post-12209","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/dominican-real-estate.com\/ru\/wp-json\/wp\/v2\/pages\/12209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dominican-real-estate.com\/ru\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/dominican-real-estate.com\/ru\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/dominican-real-estate.com\/ru\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dominican-real-estate.com\/ru\/wp-json\/wp\/v2\/comments?post=12209"}],"version-history":[{"count":0,"href":"https:\/\/dominican-real-estate.com\/ru\/wp-json\/wp\/v2\/pages\/12209\/revisions"}],"wp:attachment":[{"href":"https:\/\/dominican-real-estate.com\/ru\/wp-json\/wp\/v2\/media?parent=12209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}