BUYING REAL ESTATE

1. What are typical closing costs?




  1. The buyer will have to pay a 3% transfer tax and the attorney fee.

  2. The seller will have to pay the attorney fee, real estate commissions, and capital gains taxes.


2. How long does a closing usually take?




  1. You can close a transaction as soon as 5 days. The typical closing time is 45 – 60 days.


3. What are the steps involved in closing?




  1. Once the buyer and seller have verbally agreed to a purchase price, all parties sign a one page “Property Reservation Form (PRF).”

  2. When the PRF is signed, the buyer wires a fully refundable 10% deposit into the escrow company’s account (Stewart Title Latin America or SLRE Dominicana Escrow) and the seller takes the property off the market for 10 – 15 days.

  3. Once the deposit is in escrow, the buyer’s attorney and the seller’s attorney discuss the legal terms of the transaction, and prepare an initial sales contract, which is executed no later than 15 days following receipt of the deposit. Once the initial sales contract is signed by all parties, the deposit becomes non-refundable and the seller has a binding commitment to sell upon completion of the due diligence process.

  4. Once the due diligence is complete, a definitive sales contract is executed between the parties. Final payment is made and the property is transferred to the buyer.


4. How many real estate brokerage companies list properties for sale?




  1. There are about 30 active real estate companies which list properties for sale in the resort.

  2. All brokers have access to every broker’s exclusive listings, and it is normal for real estate companies to collaborate and share commissions.

  3. Once the deposit is in escrow, the buyer’s attorney and the seller’s attorney discuss the legal terms of the transaction, and prepare an initial sales contract, which is executed no later than 15 days following receipt of the deposit. Once the initial sales contract is signed by all parties, the deposit becomes non-refundable and the seller has a binding commitment to sell upon completion of the due diligence process.

  4. Once the due diligence is complete, a definitive sales contract is executed between the parties. Final payment is made and the property is transferred to the buyer.


5. What advice do you have for us regarding the various real estate companies?




  1. Since all agents have access to all properties regardless of who the listing agent is, find one agent whom you feel is both the most knowledgeable and the most skilled in negotiating (experienced) and work with them exclusively until you have reason not to continue working with them.

  2. Build trust. Share with them the links of properties you find on line and that way you can discuss the pros and cons together.

  3. It’s better to have one agent working on everything on your behalf rather than having many agents from different companies all trying to “make a sale,” and thus no one really looking out for your best interests.

  4. Call Sergio Llach Sotheby’s International Realty to find the best properties, the most knowledgeable agents and folks whom you can build a long-term relationship with, who will always look out for your best interests.