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Owner Financing when purchasing property in DR

How it works:

Bank interest for credit is way too high to consider it an affordable option, therefore some property owners make their own financing deals with the buyer. This is totally legal in this country and, of course, the contract must be

- The buyer pays a deposit of 30 – 50% (as per agreement)
- Then a payment plan starts until the final payment completes (in maybe 2-3 or max.5 years)
- Monthly payment includes interest and maintenance fee for the property
- The buyer does not need to present any liability or personal financial background proof, or to justify the origin of the money used for the deal.
- However, in the contract it states that if the buyer is 2 or 3 months behind with his payment (fixed in the document of purchase conditions), then the buyer loses all the already paid money in full, and the property goes back to the
owner/seller. Hard but fair…. but the good thing is that the buyer does not need to present his full financial situation. He does not need any agreement of his family etc. The buyer should know in advance that he is able to fullfil
this deal.
- After the deposit is paid and the contract is notarized, the buyer can start living in the property. The title of course stays in the hands of the Notary and will be transfered into the name of the buyer after the full payment has
been completed.

Property Owner

Category: DR Living |

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Last updated December 17, 2017 at 1:23 AM
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