The heart of the Caribbean, Cap Cana, is located on the eastern shores of the Dominican Republic (DR). It is a naturally stunning destination where you can discover iconic Caribbean culture and beauty in every direction. Apart from just being a location for your next resort-style vacation, Cap Cana can also be your next real estate investment destination. DR is currently the highest and fastest-growing economy in the Caribbean. Its result can also be shown in the massive growth of Cap Cana's prosperity. The country is also politically stable which provides stability to the Cap Cana real estate market. The rapid growth of the Dominican Republic tourism industry is also complementing the local real estate sectors.
The local government is heavily investing in creating world-class infrastructure in the country. Along with connecting flights from all over the world such as The United States, Canada, European countries, and the other parts of the Caribbean, you will also notice standard roads, markets, and public health infrastructure in the Dominican Republic. Besides, in some cases, the country also offers a 15-year tax exemption to individuals and organizations engaging in tourism developments. So, now the question is how to buy a property in Cap Cana? This blog aims to answer that.
#1 Choose a Property and Finalize the Purchase Offer
The first step of buying a property in Cap Cana starts with searching for Cap Cana villas available for sale. Our real estate agents are here to help you get started at this stage. With a quick conversation to discuss your requirements, we will utilize all of our resources to provide the best options for you which will suit your needs. After choosing a property that you would like to acquire, you have to finalize the offer to purchase. An offer to purchase is an agreement document containing details like:
- The reservation amounts
- The offer amounts
- The closing date of the deal
- The essential seller and buyer obligations, etc.
The seller has to sign the agreement document if he accepts the offer to purchase. Meanwhile, the buyer must pay the reservation amount to the seller. If the deal gets canceled in the future due to legal or tax problems, you will get your reservation amount back which should be stipulated in the offer.
#2 Make the Down Payment and Sign the Agreement
When buying pre-construction or under-construction, you will generally get 30 days to make the down payment to the developer. Buyers typically pay 20% of the overall property value as a down payment. If you buy a property directly from the owner, it is important to have the appropriate due diligence done to ensure that there are no dues, tax, or other legal problems in the property. Our agents will assist with this process should you decide to work with one of our professionals. You can confidently make the down payment once we give the go ahead after working with an attorney.
In the case of purchasing a developer unit, you have to sign the Promise of Sale contract while making the down payment. However, suppose you are buying a house, villa, or condo directly from an owner. In that case, your lawyer or real estate advisor needs to confirm that all is in order with the property before you make the payment. After receiving confirmation, you can sign the Promise of Sale close and proceed towards closing the deal.
#3 Make the Outstanding Payment and Receive the Title
Finally, you must make the remaining payment as per the terms discussed in the contract. For example, you can pay the entire amount at once or have an agreement to make several payments during a period of time until completing the total amount. Typically, you will get 30 days to make the whole payment once the contract gets approved by both parties. Once you make the entire payment, your real estate lawyer or advisor will take the other essential actions to ensure you receive what you have paid for and the title is registered by the proper local departments. Congratulations! You now own a property in Cap Cana!
With the proper guidance, acquiring a property in Cap Cana can be a smooth and seamless transaction which is why Coldwell Banker Prime Realty is here to help. We are a full-service real estate company offering comprehensive services to guide clients in buying properties in the Dominican Republic in the most efficient way. From searching Cap Cana villas for sale to assisting in the proper due diligence of the property and making preparing contracts with an attorney, we provide end-to-end support throughout the acquiring process. Contact us now to schedule an appointment or phone call. Let us help you to fulfill your dream of real estate ownership in Cap Cana.