Buying property or a home in DR

Member since 14 July 2021

K Johnson IIIMember18 April 2022 03:45:19

So I was reading the topic ( how to obtain a bank account) if you don鈥檛 have a back account, how can or what is the process to purchase a home or property??? Cash . Lol cashier check please inform me

Lauren 0929 New member

Member since 09 July 2021

Lauren 0929New member18 April 2022 09:40:25

Cash????

WillieWeb ViP

Member since 13 December 2018

WillieWebViP18 April 2022 11:11:28

1660

I have always sent the $$ to my lawyer .... he pays the seller

allenjohnston Member

Member since 02 October 2021

allenjohnstonMember18 April 2022 12:51:13

Willie has correct. You'll need to

planner Dominican Republic Expert

Member since 27 December 2010

Dominican Republic Expert

plannerDominican Republic Expert18 April 2022 12:58:00

17358

Willie is correct, most good lawyers will facilitate this.聽聽Be careful who you work with!

ddmcghee Dominican Republic Expert

Member since 15 May 2017

ddmcgheeDominican Republic Expert18 April 2022 18:54:13

1802

Wire transfers from your home country bank to your attorney's escrow account. Be sure you have a trustworthy attorney!

We purchased an apartment and two land lots before we had bank accounts here. Worked that way for all three.

Tippj Serial 暗网禁区

Member since 12 February 2022

TippjSerial 暗网禁区19 April 2022 13:16:18

569

Although I trust my lawyer I brought a bank check with me in the seller鈥檚 name聽 and at the closing I sign it over to her , my bank said if I didn鈥檛 buy the house I could bring it back鈥︷煈嶁€︹€� I hear too many scams down here about attorney鈥檚鈥�. The attorneys down here don鈥檛 specialize in any one field , one day they do Realestate next day criminal and maybe write up a will ,聽 who knows this is the real meaning of practicing law鈥�. 馃槀 , just bring down the last 3 months of you bank statements from where the funds come from and if you transfer the funds from one account to another bring the last 3 statements from the other account also , the banks here held the check for 2-3 weeks until I got the information from NY , if I had the information w/me they said it would鈥檝e taken a week鈥︹€� they want to know where the money is coming from鈥�. Even though it has a New York bank name on it鈥︹€�..馃 , good luck, I wouldn鈥檛 get to involve with the lawyers escrow account , remember he could access the money

planner Dominican Republic Expert

Member since 27 December 2010

Dominican Republic Expert

plannerDominican Republic Expert19 April 2022 13:22:31

17358

So regardless of the form of the money coming in, you still need to prove the source. Money laundering rules are enforced here.

rfmaurone Serial 暗网禁区

Member since 05 February 2022

rfmauroneSerial 暗网禁区19 April 2022 13:53:31

210

@Tippj this is great information, thank you. Will use your idea and work it into my contracts if possible.聽 Can you message me so we could talk in more detail. I know I can鈥檛 post my contact info here.聽 I plan on buying a place soon.

Thanks 馃槉

RoCamilo Active member

Member since 15 October 2021

RoCamiloActive member19 April 2022 14:03:46

#10

The attorney I used (Guzm谩n Ariza) has a US bank account so I was able to send a wire transfers directly to them with the payments. Never had any problems.

Tippj Serial 暗网禁区

Member since 12 February 2022

TippjSerial 暗网禁区20 April 2022 03:06:46

#11

569

@rfmaurone not sure on how to use the private messaging board

DominicanadaMike ViP

Member since 21 July 2015

DominicanadaMikeViP23 April 2022 10:24:48

#12

1049

From my experience, I had my Canadian bank manager speak directly to my Dominican bank manager while I was in Canada transferring the money (+200K).聽 After the transfer I returned to the DR and it still took a week to actually see the funds in my USD account in the DR.聽 This is with the Canadian bank providing proof of where the money came from and everything the bank DR bank was asking for.聽

Another piece of info, I could have saved some money by transferring directly to the seller's USD account albeit a bit risky...聽 The Dominican bank charged me another $350USD (taxes) to transfer the money from my USD account to the seller's USD account.

Money gets wasted in transfer costs and exchange fees so try to use a method where this is reduced.聽 Americans can save a little by transferring US funds to a US bank account in the DR.聽 As long as the seller will accept USD as payment.

For Canadians, pay in pesos then transfer from your Canadian account to a peso account (only 1 exchange fee).聽 Again as long as the seller will accept pesos.

Cheers.