Making Payments for Your Property Purchase in the Dominican Republic

Once you have decided to purchase a property in the Dominican Republic, the property has passed all due diligence checks and the promise of sale or agreement is in place, it is time to start sending payments.

In the US or Canada, escrow companies are used for purchasing properties. However, escrow services are not used in the Dominican Republic. The seller will have control of the funds paid for the property.

So how are buyers protected?

It all comes down to the promise of sale or reservation agreement. If the seller does not comply with the terms and conditions of the agreement, he will have the right to take legal action against the seller.

In the Dominican Republic, there are courts that specifically deal with legal matters related to real estate. Legal action against a seller or developer can result in liens on the seller’s or developer’s bank accounts, meaning that his or her assets are essentially frozen.

While there may be some issues with developers or vendors where you will need to file a lawsuit, it doesn’t happen often.

It is advisable to send property payments directly to the seller’s bank account.

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