This beautiful villa with one story is built on the beach on a parcel of 7079m2 (761498ft2 – 1.77acres). On the same parcel there is also a hotel and restaurant which must be renovated. Both buildings have direct access to the beach and the main road to Cabarete. This property is located east of Cabarete on the main road # 5 to Sabaneta less than 1km (0.6 miles) from the center of Cabarete. The main house has, on the ground floor, a large garage with sectional doors for 2 cars, a large storage room that can be converted into a studio with direct access to the garden. The first floor can be reached by a monumental staircase in the front yard. Here there are three spacious bedrooms, two bathrooms, large open kitchen (only kitchen furniture), big living room overlooking the ocean. The house needs inside and outside some freshening. The hotel and restaurant should be renovated and offers 6 guest rooms. On the ground floor there is a large covered terrace which accommodates the hotel reception and dining area for the restaurant. Next to the building there’s a big parking space for the guests. The property is a perfect investment due to the great potential needs in Cabarete for night accommodation and dining. In addition, the property is located in a quiet area, right on the main road and far away from the traffic in the center of Cabarete.
The international airport of Puerto plata is located 21km (13.1 miles) from the property and can be reached in half an hour by car. For further information about this property and real estate in the Dominican Republic in general, please call us so we can get you to our specialist!
Buying process
Purchasing property in the Dominican Republic is surprisingly easy and with our we will make your purchase experience even easier.
Below are the simple purchasing procedure points:
Once we have helped you find the property of your dreams, a preliminary Sale /Purchase Agreement with the owner of the property should be signed, which contains the basic terms and conditions applicable for the sale/purchase of the property. This should be accompanied by a 10% deposit which will be held in a lawyers account and released at the time of closing. The Seller is committed to sell the property to you after signing this agreement.
Next step:
The Lawyer/Notary will typically require the following documentation to process the sale/purchase agreements:
- Full name and particulars of the parties. If the seller is married, the spouse must also sign. Two copies of identification are required of each person, (Passport, Dominican I.D. card, driver’s license).
- Legal description of the property to be purchased.
- Purchase price and payment terms.
- Default clause.
- Date of delivery of the property.
- Due diligence required or done.
- Obligation by seller of signing the Deed of Sale upon receipt of final payment.
Notary process may take maximum 6 -8 weeks, the charges vary depending on complexity of the transaction. You will be contacted by the notary or your Coldwell Banker broker for an appointment to sign the deed and make final payments prior to the appointment date.
It is recommended that your financing is in place by the time that the official Deeds of Sale/Purchase and Transfer of Property are signed at the notary office.
Closing Costs
When buying a home, the following cost will be incurred by the Buyer.
The closing costs are calculated as follows:
- Transfer tax and stamp duty. Taxes are paid based on the market value of the property as determined by the tax authorities, not on the price of purchase stated in the deed of sale.
- Title transfer
- Notary fees
Property Taxes
Properties held in the name of an individual are subject to an annual property tax (“IPI”) of 1% of government-appraised value in excess of RD$6,500,000 pesos except for empty lots or farms outside city limits and properties whose owner is 65 years old or older, who has registered it in his or her name for more than 15 years and has no other property.
If the property is held by a corporation, no property tax is due. Instead, the corporation must pay a 1% tax on corporate assets.
However, any income tax paid by the corporation will constitute a credit toward the tax on assets, so that if corporate income taxes paid are equal to or higher than the taxes on assets due, the corporation will have no obligation to pay taxes on its assets.
Courtesy of Amber Coast Realty
| Price: | $1,925,000 |
| Address: | Main Road #5 |
| City: | Cabarete |
| State: | Dominican Republic |
| Year Built: | 2006 |
| Floors: | 2 |
