Sell your Property Dominican Republic

Do you want to Sell your Property?

Sell your Property Dominican Republic: Go to ADD YOUR PROPERTY” and publish your Listings for FREE to reach buyers around the world! Data from the National Association of REALTORS® shows that two of the first steps most buyers take to begin their home search are searching online for properties and for real estate agents. This website is dedicated to Real Estate Services and Property Listings in the Dominican Republic to help sellers and buyers to find each other and get usefull resources during this process! We target the traffic that you need and we work to bring visitors to your Property Ads that will become prospective buyers!! Also, we offer convenient Listing Packages & Memberships with attractive features to enhance your ads and provide more exposure! If you need further assistance from us, please fill out the REQUEST FORM FOR SELLERS provided in this page or CLICK on CONTACT US.

Do you need to find a Local Agent / Realtor?

Ask for Brokerage Services!! Find qualified Agents near by your local area or region of interest or search for Real Estate Agencies nationwide with the experience and vision that best suits your interests. Search through our Agents’ Directory and contact your local Agent.

What do you need to do to Sell your Real Estate?

There are many IMPORTANT Steps you need to take and facts that you need to consider when selling your Property:

  • First recommended to choose a professional Real Estate Agent or Broker from the area that knows the market. This is the easiest way to go through this process but not essential. To find a good and honest Realtor the best way is to ask your friends and contacts for references and check their background. They will help you set the price, recommend any improvements, put the property on the market, will do the marketing and publicity, show the property to prospective buyers and other agents, assist with legal affairs, help with negotiation and closing.
  • Put the property in adequate conditions before announce that is available for sale on the market. Look at the property through the eyes of a prospective buyer and determine what needs to be repair, updated or cleaned. Ask yourself, if you were buying this property what would you want to see and what would you expect? The goal is to show a property which looks good, maximizes space and attracts as many buyers as possible for that specific market. Normally buyers look for the least expensive property located in the best area they can afford. This means for sellers when making any improvements, that the property needs to fit in the neighborhood but not to over-improve the property.
  • Find out how much is your property worth it? What is the REAL value of your property? Real Estates sometimes have more than one price; 1. The price owners would like to get, 2. The value buyers would like to offer, 3. The real market value at the time and 4. The point of agreement which can result in a sale.
To consider and calculate property values, several factors are important:
  1. The value of your property relates to local sale prices for real estates: Sale prices are a product of supply and demand. If your property is located in an area where the economy is going down, the demand will also go down and supply will go up, meaning that real estate prices will also go down and vice verse. Sale prices are not based on what owners “need” or how much they spent on the property, but in what is the real market value based on supply and demand. Sellers will need to find out the prices of similar properties on the area that were recently sold or are currently for sale.
  2. Other factors: The physical conditions of the property also influence on the price, the lot size, and even the specific location of the property (beach front, ocean view, mountain view, city view, etc).
  3. Unique Locations: There are also very particular cases to set prices if the property is located within an historic zone or is considered a national heritage for example.
Who can help you to find the real value of your property?
  1. Ask to a local Realtor for the comparable market analysis or CMA. This report shows the prices of recently sold homes that are comparable to yours and the prices of comparable homes on the market.
  2. Hire a Professional Appraisal in the Dominican Republic. You should verify that is a graduated Architect or Engineer and also licence by CODIA (Colegio Dominicano de Ingenieros, Arquitectos y Agrimensores). This certified report relies on an in-person inspection of your property, recent sales of comparable properties and other data to arrive at an opinion of value. The appraiser’s report is a full-blown description of your property and the criteria used to formulate the valuation. The Appraisal can be a key tool to sale your property.
  • Marketing: This should be based on a strategic plan and programs to get the property sold. In the Dominican Republic typically this includes advertising and networking through the Internet in several websites for Real Estate Listings or Classified Ads like PropiedadesEnRepublicaDominicana.com, where you can publish and advertise your property ads for FREE!

The Internet has become a powerful tool for real estates worldwide! First, it is a “place” to view real estates where you will find millions of properties listed without moving from your computer desk! Also individual Realtor and professional groups within the Industry have online presence due to the benefits. Online real estate information includes not only property listings, but numerous additional features like photos, video-tours, comparable market reports for prices, contact information and offers a new communication channel with the email and instant messaging; that is fast and eliminates the “distance” factor between people. It is a fact that Internet technologies have made the business transactions easier and more efficient.

Also, public media like radio stations, TV programs, newspapers and/or magazines are a good resource, besides any street ads strategically placed.

  • Show your property to prospective buyers: is crucial during this process. During a showing you can get feedback regarding the property from visitors and answer questions. Buyers will usually feel more comfortable to tell their honest opinion to the Agent instead of the owner. This is the reason why is a good decision to hire one. You must have the property in the best conditions as possible and you or your Agent should be available at any time to answer questions, for follow up phone calls, arrange appointments to show the property, etc.
  • Negotiation Process: In the ideal world the buyer will pay exactly the sales price without asking for any discount. But we all know this rarely happens! When a prospective buyer makes an offer or a “counter-offer” to our original offer to buyers (sale price), we need to carefully evaluate if is an acceptable offer. We should ask the following questions: Is the offer at or near the asking price? Is the offer above or below the asking price? Has the buyer accepted the asking price or something close? If the seller has not received any offer in many months, then is necessary to determine if a better deal is possible, unless the owner have enough time to wait for other offers. You also need to question the finance capabilities of the prospective buyer, in order not to waist your time and efforts. An Agent for the negotiation process can be your “life guard” and best friend to make sure there will be a “sale” at the end and a “win/win” situation for every part involved.
  • Once you have accepted an offer from a prospective buyer, it is important to look for a recommended lawyer with experience in this type of legal affairs or ask your Agent for references. The legal advisory will prepare the Purchase Commitment Agreement in order to establish the terms and conditions of the sale. Under which the buyer gives the seller or a third party a deposit (advance) to reserve the property and the seller agrees to sell his property to the purchaser, under the terms specified in the agreement. Sometimes buyers will also ask to use a legal advisory or lawyer’s office of his choice and then they will have to work in collaboration.

After the agreement is signed it will begins the complex part of the entire sale transaction. Contracts routinely depend on the ability of a buyer to obtain financing, which is why most sellers prefer buyers with pre-approval letters from lenders. Financial institutions have established numerous conditions before granting a loan, like a deep title checkup or a title insurance to protect against title errors, property inspections, and an appraisal to assure that the property has sufficient value to secure the loan. Also, the buyer will have to prove his or her solvency or creditworthiness to borrow. Besides in the Dominican Republic most financial institutions will only lend the 80% of the property price and buyers will need to disburse 20% of the value plus the closing costs (closing costs can be a point of negotiation between sellers and buyers).

  • Closing: Is essentially a meeting where the closing agent (the party who conducts settlement – usually is the buyer’s lawyer or seller’s lawyer) receives money from the buyers, pays out money to the owner and makes sure that the purchaser’s title is properly recorded in local records along with any mortgage liens. The final “Sale Agreement” must be signed by the seller and the buyer and notarized by a lawyer. Its purpose is the transfer of ownership from seller to buyer.

The closing agent reviews the “sale agreement” to determine what payments and credits the owner should receive and what amounts are due from the buyer and/or the seller. The closing agent also assures that certain transaction costs are paid like; taxes, title checkups, real estate agent commissions and/or lawyer fees.

To Transfer or Sell a Property in the Dominican Republic, basically 4 documents are required:

1. Dominican photo ID (Cedula) and/or Passport.

2. The “Sale Agreement”.

3. The Certificate of Title from the original owner or seller (if a property is registered).

4. Certification of “IPI” or “IVSS” Property Taxes (Tax on Real Property)  – IRS requires property owners an annual tax payment for Real Estates, Luxury Housing and Empty City Lots that are worth more than RD$6,752,200.00. The rate of this tax is 1% of the excess of the value of the property in respect of RD$6,752,200.00 mentioned. Go to the Internal Revenue local office “Dirección General de Impuestos Internos (DGII)” with the Certificate of Title to find out how much the property will pay or if is tax exempt.

The next step is the registration of the “Sale Agreement” in the Registry of Deeds of the relevant judicial department, who then proceeds to the issuance of the Title Certificate in the name of the purchaser, and it is the latter document proving the existence of the ownership of real property and title to the property.

 

If you need further assistance, please Contact us!