Popular US Luxury Property Options for Dominicans

by Uptown Property Buying US Luxury Real Estate

UPTOWN Luxury Real Estate! Get access to exclusive USA Properties for Sale to Dominicans. The United States handles the sale of real estate to Dominicans almost the same as sales to US citizens. The only issues come from regulations imposed by homeowners associations, condo associations, coops, or other types of community associations.

Can Dominicans Buy Real Estate in the United States?

The United States handles the sale of real estate to Dominicans almost the same as sales to US citizens. The only issues come from regulations imposed by homeowners associations, condo associations, coops, or other types of community associations. These associations are often incorporated as a legal entity that manages the particular building or neighborhood. Most associations are mandatory, meaning that simply by purchasing real estate within one of these communities, one is agreeing to be a member of the association and to obey all of its rules. Where Dominicans might have an issue is in some states associations are allowed to control who can buy property. Often done to prevent the association from having absentee owners against whom it is impossible to enforce the association's rules. This is not common, but it is still important to discuss this with your real estate agent prior to making a sale or purchase.

Can Dominicans get a mortgage to buy a house in USA?

Yes, Dominicans can get a mortgage (borrow to buy a property) in the United States. Many banks/lenders in the U.S. will give loans of up to 50% of the sales price to an international client. Some basic requirements might apply, such as having an existing account in the US with a balance over $100,000 and often require meeting applicants in person.

Do Dominicans have to pay a commission when buying a property?

The buyer pays no commissions. Real estate sales in the US stipulate that the seller pays their listing agent a commission of usually between 5% and 6% of the sales price. There is no set rule mandating how the commission should be split between the two agents (buyer’s agent/sellers agent), and the fee isn’t always divided evenly.

Do Dominicans pay any annual taxes on property owned in the US?

Dominicans housing! Real estate in the U.S. is subject to property taxes regardless of the owner's nationality. In financed transactions, annual property taxes are usually included in monthly mortgage payments. But buyers who purchase in cash must ensure that they pay any monthly or annual taxes. Property taxes vary from state to state, and even within states, but budget around 2% of the property value for your yearly taxes.