Benefit from professional services01
A real estate agent masters all the steps of a real estate transaction and can advise you at any time. He takes care of the preparation of the real estate ad and the advertising for your home.
Disseminate your sale advertisement more widely02
To spread your sale ad wisely, many buyers consult real estate ads on the result. Alone, you could put the advertisement of your house for sale on some websites, but it is a tedious and often expensive operation.
Manage contacts and future buyers03
Selling your home requires a lot availability. If you do not wish to manage the calls and visits of future buyers, it is better to go through a real estate agency.
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Based in Cole Bay, Antillean Properties offers a wide range of properties such as apartments, villas, land, buildings, and businesses, on the Dutch side of the island of St. Martin/Sint Maarten and in the south of the Dominican Republic (La Romana), from 100,000 US dollars up to 8 million US dollars, most of which do not appear on the traditional real estate market.
Our Real Estate Agency Antillean Properties is your ideal partner if you wish to sell, buy, develop, invest… We proceed to active and precise research of your future purchase and accompany you with a personalized follow-up of your installation project.
The Antillean Properties team is there to meet your expectations and needs, to allow you to realize your real estate project in all confidence and serenity while privileging confidentiality.
We will be delighted to meet with you to discuss the matter!
Contact Antillean Properties at +1 (721) 543 2525 or by email firstname.lastname@example.org
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Antillean Properties CEO
Owning a home in the Dominican Republic
1) How do you own the property – in your personal name or in a business name?
You can choose either way. Regardless of how you own property, a personal name, or a business name, you own that property directly with title, a simple right.
2) If the property is owned by a company, can it be transferred?
Yes, you can transfer shares of the company to a new owner. Note: the new owner may be another corporation or trust company.
3) Will I pay property taxes on an annual basis? How does the government determine the taxable base?
Yes, the property tax is called the “IPI tax”. It is approximately 1% of the assessed value of the house which is determined by the number of square meters of the house and its assessed value. If the property is owned by the company, the applicable tax is the tax on assets (impuesto sobre activos), but a company must pay the greater of the 1% tax on assets or 25% of its net income. Companies that own only property are generally subject to the 1% tax on their assets and this asset is normally real estate.
4) Do you have a deed to close? Is there a transfer tax?
If the transaction is a transfer of the real estate, the Seller must provide you with the Duplicate Owner’s Deed (Certificado de Titulo duplicado del Dueño) as well as other documents required to register the transfer at the Land Registry. Before registering the title transfer, you must pay your transfer taxes (3% of the value of the property) to the Department of Internal Revenue, which issues a receipt certifying that you have paid. If the transaction is a stock transfer, the Seller must provide you with the stock and the Duplicate Deed of Title. The current government is revising the transfer tax percentage.
5) Do you need title insurance?
Not usually, but it is available through Las Americas Title Services and other agencies.
6) What are the typical closing costs? How much is the transfer fee?
The closing costs will be your attorney’s fee. The transfer tax is 3% of the value of the property. The current government is reviewing the transfer tax percentage.
7) Does financing affect the closing?
Sellers do not require local financing. Banks will require appraisals in order to approve loans and if financing has been pre-approved, it should not impact the closing.
8) Is there a due diligence period for inspecting the property before filing a deposit?
It is common in the Dominican Republic to do due diligence on the property. Buyers want to make sure that the property is free of liens and encumbrances, the Seller is up to date in the payment of property taxes, that the surface area of the property is what the Seller says, etc.
9) How do you apply for tax exemptions?
Any lawyer can find out if you qualify for tax exemptions and how it is paid.
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