Ownership of real estate, Real Estate Contracts.

Real estate transactions in the Dominican Republic are presently governed by the Land Registry Law of 1947 and its amendments. A new Land Registry Law was enacted in 2005 but is not yet in force. Ownership of property is documented by “Certificates of Title” issued by Title Registry Offices. The required steps to convey or transfer ownership of real estate from a seller to a buyer are the following:

	Buyer and seller must sign a “Contract of Sale” before a Notary who will authenticate it. (Notaries in the Dominican Republic are required to have a law degree). If the seller is married, the spouse must also sign the Contract of Sale. Contract of Sale will contain the legal description of the property, the price and other conditions of sale.
	The authenticated Contract of Sale is then taken to the nearest Internal Revenue Office to request the appraisal of the property, to check that the seller is in compliance with his tax obligations and to pay the appropriate transfer taxes
	The Contract of Sale and the Certificate of Title of the seller are deposited, along with the documentation provided by Internal Revenue, at the Title Registry Office for the jurisdiction where the property is located where the sale is recorded.
	The Title Registry Office issues a new Certificate of Title in the name of the buyer and cancels the old Certificate issued previously to the seller. The time from the filing of the Contract of Sale to the issuance of the new Certificate of Title may vary from a few days to a few months depending on the Title Registry Office where the sale was recorded.

Property Developers India :

The LandSmiths - Get wide range and different types of Property Management India, Property Dealers India and Property Developers in India. Check out qualified Property Dealers India, Property Developers India and Property Management India from www.thelandsmiths.com. Given the varying property prices that exist within a city it becomes necessary to ascertain the quantum of funds that one would have to organize depending on the location and area requirement.

The obvious question now would be, how does one get to know the prevailing rates of properties at different locations. It is possible to get a rough estimate of the rates prevailing through weeklies like the Accommodation times, other real estate journals.

Internet Resources :

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