THE BUYING PROCESS
#1 CHOOSE A PROPERTY
The buyer tours the area, views real estate, meets other owners, and sees a good overview of the DR. He chooses either a condo or villa for purchase – new or resale.
#2. OFFER OF PURCHASE
A detailed Offer to Purchase is prepared by DR Properties, signed by the buyer, and then presented to vendor/developer.
#3. ACCEPTED OFFER
The vendor agrees and signs off on the price and conditions as set out in the Offer to Purchase. Buyer meets with property lawyer for in depth instructions and information.
#4. DEPOSIT AND DUE DILIGENCE
Buyer wires the deposit to their lawyer’s trust/escrow account. Monies are held pending the next contract and completion of lawyer’s due diligence on the property (clean title, condo fees, liens).
#5. CONTRACT OF SALE
This document is similar to the Offer of Purchase but is prepared by the property lawyer in Spanish. It outlines the conditions of the sale (English version provided).
#6. BALANCE OF FUNDS
Buyer sends the balance of the monies (unless it is a progress draw construction, then the monies are sent at scheduled intervals during construction).
#7. DEED OF SALE
This is the final contract that is used to convey the property from the seller to the buyer. Often, in the case of a resale or quick sale, the law firm will go directly from an Offer to Purchase to the signing of a Deed of Sale (Contrato de Venta) and delete the preliminary step of signing a Promise of Sale.
#8. WELCOME HOME!
The buyer receives ownership of the property, land titles is notified and title changes hands. In the case of a company then a new company is established with the buyers owning the shares, or in the case of a resale, the share ownership is transferred to the buyers upon completion of the transaction.