The Estates at PUNTACANA, Punta Cana, Dominican Republic

RESPONSIBLE LUXURY IN A SUSTAINABLE PARADISE
The Estates At PUNTACANA
Over the years we have found that potential buyers from all over the world
have questions concerning the purchase of real estate in the Dominican
Republic, specifically within PUNTACANA Resort & Club. PUNTACANA would
like to dispel any confusion regarding real estate handling within the resort,
we hope you find many of your questions answered below. Following are
the most frequently asked questions
Q: What currency is used to p u r c h a s e
property?
A: Property within PUNTACANA Resort & Club is purchased with U.S dollars.
Q: When purchasing property within
PUNTACANA Resort & Club, what
documentation is required in addition
to the contract for sale-purchase of real
property?
If it is a Company that signs the purchase agreement you will need:
•
Original of the Purchase Agreement notarized signatures of buyer
and seller.
•
Corporative Documents of the Company. (Corporate Registration and Dominican Tax Number).
•
For non-Dominicans, a copy of the buyer’s passport and driver’s
license or ID.
•
Invoice that evidence the payments.
If it is under a Private Name:
•
Original of the Purchase Agreement notarized signatures of buyer and seller.
•
For non-Dominicans, a copy of the buyer’s passport and driver’s license or ID.
•
Invoice that evidence the payments.
Q: How much is the property transfer tax?
Q: How much are annual property taxes?
A: 3% of the property contract price. This tax is paid only if the property
purchase is not under the benefit of the 158-01 and its modifications
Tax must be paid within six month of signing the sales contract.
A: If the property is owned by a Company you will have to pay 1% of the
assessed assets owned by the company. If the property is under a private
name the yearly taxes are 1% of the appraised value. Of this amount the first
RD$ 6,500,000 are exempt, meaning that only the difference will be taxable
Q: Are there any other costs associated
with the purchase of the property?
A: Yes. Actually, additional costs include minor service rates and stamps for
notarization and the issuance of the new title certificate. There is also a closing
fee of a 0.25 % of the price that includes the registration of the transfer and
issuance of the deed. All these costs must be paid before filling the transfer.
Q: Are there legal benefits to the purchase
of property within the resort?
A: Yes, if you purchase property within PUNTACANA Resort & Club you will
enjoy the benefits of Law 158-01 and Law 195-13, both these regulations
were created to promote tourism developments. These incentives granted
by the regulations mentioned only apply to the original buyer of a property
within PUNTACANA Resort & Club and will be exempt from the 3% tax for
issuing the Title under the name of the owner.
Q: Does a local law firm handle the
registration of the property transfer and
obtain the new deed in my name? If so,
how much does the service cost?
A: If the purchase is made directly with PUNTACANA the process of issuing the
title in name of the new owner is made by PUNTACANA Resort & Club’s Legal
Department. If it is a re-sale of the property we have a list of recommended
lawyers that can help you through the complete process. This list can be
provided by your Sales Executive or our office manager.
Q: Can I get a loan/ mortgage for a home,
condo or home site in the Dominican
Republic?
A: Yes. The terms, duration of loans, and interest rates are generally higher in
the Dominican Republic. In Punta Cana we have many local banks than can
assist you. Your Sales representative can help you with the contacts.
Q: Do I have to begin building on my
homesite right away?
Q: What are building costs in Punta Cana?
A: The purchase agreement requires you to begin building your approved
home within two years after closing the transaction. If there is a delay this
agreement calls for you to request an extension specifying reasons and the
new dates proposed
A: The building costs will vary depending of the design, size and materials you
request for your new home. We can, however, provide names of reputable
local architects and construction companies with whom you can discuss
building costs and other construction issues.
Q: What is the cost of electricity and
water?
A: These rates will vary depending on different factors:
Electricity is US$ 0.30 per Kilowatt hour.
Water average use is US$ 0.27 per cubic meter
Q: What about Home Owner’s Insurance?
A: Insurance for your home is mandatory in PUNTACANA Resort & Club.
You may shop around to compare the best rates. The cost of Home Owner’s
insurance will depend on the value of your home as well as the value of the
contents. In general, you may find that insurance costs can run for about
.75% of the insured value.
Q: Are there any medical facilities nearby?
Q: As a property owner at PUNTACANA
Resort & Club, do I receive any special
treatment or privileges?
Q: If I purchased or build a home/ villa, is
there a rental program for my property?
A: Yes. There is a rental program operated by our hotel through The Estates
Experience. Homes must “qualify” for the program. Your sales executive can
put you in contact with this department for more details.
Q: Is there a maintenance program to take
care of my home/ villa while I am away?
A: Yes, we have a wide variety of services that we can offer for the upkeep of
your property.
Q: If I want to build a Home, can I use an
architect and builder of my choice?
A: Yes you can, however, any architect or builder you choose must abide the
protective covenants and regulations which pertain to all construction and
landscaping within the community. A copy of these Regulations and Services
is given to each property owner or can be picked up at our real estate sales
office.
Q: Are there fire and police services
nearby?
A: PUNTACANA Resort & Club has private security service 24/7 within the
community. There is a fire department and a regular police force at the
Punta Cana International Airport just minutes away.. All these fully accessible
through our own 911 Emergency Number.
Q: Is there a full a service marina available?
A: PUNTACANA Resort & Club has its own marina that can be used as an
international port of arrival and departure. It accommodates 43 boats at full
capacity. Each slip can accommodate a vessel up to 72 feet in length and
twelve feet in width. This full service marina offers every vessel its own water
supply, cable TV, phone line and electrical power. The channel entering the
marina is nine feet deep. The marina also offers diesel and gasoline fuel
service.
Q: Are there tennis courts available for
play?
A: There are eight clay – caliche courts for day and evening play located at
Hacienda. Lessons, clinics, and court times can be arranged through the
Tennis Center. Prices and costs are subject to change, please discuss with
your sales executive for the latest information.
A: Yes. Punta Cana Doctors is located in our PUNTACANA Village and Hospiten
Bávaro is less than five minutes from Punta Cana International Airport
offering 24 hour services every day of the year. We also count with the latest
technology in ambulances and we have our own Emergency Number for
rapid assistance in the medical field, fire department and security. You can
obtain a detailed brochure from your Sales Executive or our office manager.
A: Yes you do. Owners receive access to the different amenities that our
resort offers including personalized airport assistance, reduced rates; in our
hotels, bars, restaurants, golf courses, and spa. Homeowners also get to enjoy
charging privileges with their Owners Card. For more details please speak to
your sales executive.
theestates@puntacana.com | 809.959.7325 | www.theestatesatpuntacana.com