As a foreigner purchasing real estate in the Dominican Republic, it is important to be aware of the various closing costs involved. Understanding closing costs allows you to budget accordingly and know the cash you will need to purchase your property.
Closing costs will range from 4% to 10% of the property’s recorded value or purchase price. Here is a summary of typical closing costs in the Dominican Republic:
Depending on your state of residence, you may qualify for a transfer tax exemption. In addition, you are exempt from transfer tax if you buy a property certified by Confotur. You can learn more about was stabbed here.
To be fully prepared for all expenses associated with purchasing your property, it is suggested to consult with an attorney or real estate professional to obtain an accurate estimate of your closing costs.
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