[vc_row][vc_column width=”1/1″][vc_custom_heading text=”Buying Property in Dominica” font_container=”tag:h2|text_align:center” google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal”][vc_column_text ” google_fonts=”font_color:#FFFFFF|font_style:400%20regular%3A400%3Anormal”]

Procedures For Purchasing Property In Dominica

In order to safeguard against the many potential pitfalls, buyers are well advised to engage the services of a reputable Real Estate Company such as

______________ (The agent) even when seeking to purchase directly from a private owner. Kindly be guided by the following simple steps:

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/3″][vc_toggle title=”Step One(1)” open=”false”]You, the buyer, must first provide the agent (us) with a written offer for the property that you are interested in purchasing.[/vc_toggle][vc_toggle title=”Step Two(2)” open=”false”]This offer is presented to the Seller/Owner.[/vc_toggle][/vc_column][vc_column width=”1/3″][vc_toggle title=”Step Three(3)” open=”false”]Once the owner accepts, the agent presents you with a ‘letter of acceptance’ and a ‘Statement of transaction’ –to include purchase price, transfer, legal & survey/valuation fees.[/vc_toggle][vc_toggle title=”Step Four(4)” open=”false”]If you’ve accepted this ‘Statement of transaction’ a Lawyer is then employed to write up a corresponding Purchase & Sale Agreement.[/vc_toggle][/vc_column][vc_column width=”1/3″][vc_toggle title=”Step Five(5)” open=”false”]A Valuation is made on the property by a license Surveyor. (Transfer & Legal fees must either be calculated on this Valuation or on the property’s Purchase price –whichever is higher).[/vc_toggle][vc_toggle title=”Step Six(6)” open=”false”]You need also have a Surveyor (usually same) prepare new Survey Plans when applying for the changeover of Title.[/vc_toggle][/vc_column][/vc_row]

[vc_row][vc_column width=”1/3″][vc_toggle title=”Step Seven(7)” open=”false”] As in most cases, you may be required to pay a 10% deposit on the purchase price in order to secure the property. This amount could be required upon signing the Purchase & Sale Agreement –which would also indicate the date for paying the balance of the purchase price.[/vc_toggle][vc_toggle title=”Step Eight(8)” open=”false”] This 10% deposit may either be made out to the owner where there is no encumbrance against the title or to the agent or the Lawyer who would hold such deposit in escrow. With this, a refund could be made to you if the owner is not able to pass good title.[/vc_toggle][/vc_column][vc_column width=”1/3″][vc_toggle title=”Step Nine(9)” open=”false”]To complete the sale you need to pay the balance of the purchase price and all fees to the Lawyer as per the Purchase & Sale Agreement.[/vc_toggle][vc_toggle title=”Step Ten(10)” open=”false”]The Lawyer prepares a Memorandum of Transfer (MOT) which is executed by the owner and after payment of the pre-requisite transfer fees at the Treasury, presents the MOT along with other relevant documents (title forms, survey plans, valuation and the original duplicate title obtained from the owner) to the Land Registry for the processing of a title in your name as the new owner.[/vc_toggle][/vc_column][/vc_row]

[vc_toggle title=”Transfer Fees (for Foreign Nationals):” open=”false”]

Transfer Fees (for Foreign Nationals):

* 10% Alien Landholders Fee

* 4% Stamp Duty

* 2.5% Judicial Fees

* 1% Assurance Fund

* 3% Legal Fees (+15% VAT)

(20.95% Total)

Note:

* Not inclusive of ‘Valuation’ and ‘Survey Fees’, this is charged separately. See (e) and (f) above. If the Lawyer is registered for payment of Value added tax (VAT), the legal fees would also attract 15% VAT.

* The Seller pays 2.5% Stamp Duty on the market value of the property or the purchase price, whichever the greater.

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[vc_row][vc_column width=”1/1″][vc_custom_heading text=”Alien Land Holders License” font_container=”tag:h2|text_align:center” google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal”][vc_column_text]

According to a revision of our Land Owners Act in April 2008, all foreigners purchasing more than 1 acre of land for personal use, or 3 acres of land for business purposes are required to pay an ‘Alien Landholding Fee of 10% of the property value to The Government of the Commonwealth of Dominica.

This License is issued for a specific piece of property to a specific owner and is non-transferable. An application for this License can only be made when a deposit has been placed on a property. The application should contain:

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/3″][vc_toggle title=”One(1)” open=”false”]Particulars of the Ownership, location and current value of the property in question.[/vc_toggle][vc_toggle title=”Two(2)” open=”false”]The purpose for which the property is to be utilized[/vc_toggle][/vc_column][vc_column width=”1/3″][vc_toggle title=”Three(3)” open=”false”]The land Plan – prepared by a licensed surveyor.[/vc_toggle][vc_toggle title=”Four(4)” open=”false”]Application Fee Receipt.[/vc_toggle][/vc_column][vc_column width=”1/3″][vc_toggle title=”Five(5)” open=”false”]Any other information required by the Minister.[/vc_toggle][/vc_column][/vc_row]

With the exception of Agricultural Development, the application must contain an approval from the Planning Division for any Development Project or the development of any Building Estate.

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[vc_toggle title=”Buying Property?” open=”false”]Whatever property or location you are looking to buy; our real estate professionals are committed to:[/vc_toggle]

[vc_toggle title=”INDENTIFYING YOUR NEEDS” open=”false”]Our real estate professionals will create a personalized list of your options given your needs.[/vc_toggle]

[vc_toggle title=”EXPLAINING THE BUYING PROCESS” open=”false”]Our experienced sales agents are knowledgeable of the buying process and will explain and manage the details of your real estate transaction[/vc_toggle]

[vc_toggle title=”ADVISING YOU ON FINANCING OPTIONS” open=”false”]Our professional sales agents can help guide you through the complete property financing process. Should you have mortgage, valuation and title needs, RE/MAX Millenia Realty can assist you. Our team of professionals help to provide access to a complete real estate package.[/vc_toggle]

[vc_toggle title=”KEEPING YOU INFORMED” open=”false”]Our real estate professionals are not satisfied unless you are satisfied. We will keep you informed on new listings and developments that suit your needs as soon as they come on the market.[/vc_toggle]

[vc_toggle title=”Selling Property?” open=”false”]Our real estate professionals are not satisfied unless you are satisfied. We will keep you informed on new listings and developments that suit your needs as soon as they come on the market.[/vc_toggle]

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Our real estate agents are committed to:

[vc_toggle title=”HELPING PREPARE YOUR PROPERTY FOR SALE” open=”false”]We will provide guidance on how to best showcase your property[/vc_toggle]

[vc_toggle title=”MAXIMIZING SALES PRICE” open=”false”]Our real estate agents will bring the “best buyer” by creating competition throughout the agent community for the property[/vc_toggle]

[vc_toggle title=”ATTRACTING QUALIFIED BUYERS” open=”false”]We will strive to bring sellers ONLY qualified buyers, thus avoiding the problems and delays, which result from unscreened buyers[/vc_toggle]

[vc_toggle title=”NEGOTIATING THE SALE OF YOUR PROPERTY” open=”false”]Sellers benefit when a trained professional negotiates the highest possible price by “objectively” and enthusiastically “selling��� the value of the property[/vc_toggle]

[vc_toggle title=”GUARDING AGAINST MISREPRESENTATION AND LITIGATION” open=”false”]Our real estate professionals possess a wide base of knowledge as it relates to matters regarding the sale of property, so as to provide comfort to buyers, sellers and their attorneys[/vc_toggle]

[vc_toggle title=”MONITORING ACTIVITY AND RESULTS” open=”false”]Our real estate agents know how to best market your property and will monitor the results to give you timely information[/vc_toggle]

[vc_toggle title=”MANAGING THE DETAILS” open=”false”]Our real estate professionals are prepared to handle all of your real estate concerns so you won’t have to worry about the details[/vc_toggle]

[vc_toggle title=”KEEPING YOU INFORMED” open=”false”]Our real estate agents will stay in touch to keep you posted on the details of your real estate transactions so there is no need to worry about what is going on.[/vc_toggle]

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