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 Closing CostsThe closing cost fee is 2.5 percent of the purchase price. This covers attorney's fees, surveying of the lot, and government recording and documentation fees for the deed. The closing cost fee applies to both cash closings and owner-financed closings. In addition to closing costs, the buyer will be responsible for paying the property transfer tax fee. Under Law No. 288-04, the transfer tax is set at 3 percent of the government-appraised/set value of the property or of the purchase price, whichever is higher, and must be paid to the Tax Authority. Most of the land in the Dominican Republic already has a set value and does not need to be appraised. The buyer will pay for the property transfer tax fee separately, once title is ready to be transferred. More information about the taxes to be paid by the buyer upon conveyance of the property is at Title Transfer. |
