Purchasing Property in Cabarete at Ocean Palms
Are you interested in owning your own vacation rental property or home in the Dominican Republic?
Ocean Palms Residences has taken the guess work and risk out of purchasing property in Cabarete so you can feel secure about your decision to buy a home in the Dominican Republic.
Purchasing property in Cabarete can be a challenging process. At Ocean Palms it is simple, all our units are on site and are built to North American standards. We take you through the steps of choosing the residence that’s right for you and guide you through the legal steps so that you clearly understand the agreement and the laws in this country. Below is a breakdown of the process and what you can expect during your home purchase at Ocean Palms:
Step 1: Decide on the residence that’s right for you:
View our catalogue of options on our website and Facebook page, or visit in person. We offer a variety of 1,2, and 3 bedroom units, ranging from cozy ground floor suites to breathtaking 280 degree penthouse views. Our apartments are all unique and sure to amaze. Set in a prime location, just a five minute walk from beautiful Encuentro Beach, Ocean Palms is encircled by stunning ocean, mountain, and tropical garden views on all sides.
Step 2: Decide on your offering price and terms of offer
Each of the units has a set asking price, you can decide what price you want to offer and make a formal offer through your realtor. If there is no realtor involved, a verbal and written agreement can be reached between you and the Ocean Palms Sales Team. Terms of the offer can include deposit or down payment amount and date, as well as closing date.
Step 3: Negotiate
Our sales team will either accept your offer or issue a counter offer.
Insider tip: working without a sales agent will give you more room for negotiating the price as there are not realtor fees involved.
Step 4: Offer is accepted
Once the price and terms of offer are accepted, it is standard procedure to pay a refundable deposit of approximately 10% which comes off the total price of the property.
Step 5: Sale closes
Upon the agreed closing date of the sale, all funds must be transferred to our Lawyer – Guido Perdomo’s trust account. At this point, the deed of sale is completed with the lawyer. The title is passed to the new owner with the completion of payment.
At Ocean Palms, we have some of the lowest management fees in the area. Set at $2 per square meter, your monthly fee could be as low as $80 for one of our spacious studios. Each unit has it’s own electricity meter and hot water heater, meaning you will always have hot water and you can control your own electricity bill. Best of all, we have the best water pressure in the area. Built to the highest of standards, even our units on the top floor enjoy excellent pressure, no matter what!
We understand that getting a mortgage in a foreign country can be challenging, so that’s why we offer financing. Put 50% down and structure your payments for up to five years.
You could own your own piece of paradise for as little as $35,000 down! Contact us today!