The real estate purchase-sale option agreement is drafted when an individual (the promisor) expresses the intention and compromise of selling a property to a beneficiary on a pre-established date . Through this agreement, the promisor will not be able to sell the property to a third party until the agreement term has expired or the beneficiary decides to waive the option granted in the agreement.
In addition to drafting the agreement, eLexPersona.com will also conduct an investigation on the property’s legal status, before signing the agreement. Once the promisor and beneficiary have signed the option agreement, the same will be filed in the corresponding Title Registry Office. Once the option agreement has expired, both parties must proceed with the transfer of the real estate property.
eLexPersona.com offers the service of drafting Option Agreements for real estate properties valued in RD$18,000,000/ US$500,000 or below. If you are interested in acquiring a property valued higher than these amounts contact our attorneys at 809.472.0700.
For more information about Purchase- Sale Agreements and Transfers service please read more about it Real Estate Transfer and Purchase- Sale Agreement.
Legal Fee: US$500
REQUIRED DOCUMENTS:
1. Copy of Cédula (Dominican ID card) or complete passport (if foreigner) of the promisor.
2. Copy of Cédula (Dominican ID card) or complete passport (if foreigner) of the beneficiary.
3. Original Title Deed.
Frequently Asked Questions
1. How do I know if the real estate property is mortgaged or has a legal restriction?
If the applicant is the beneficiary, the attorneys at eLexPersona are responsible of investigate in the Title Registry Office the status of the real estate property. This due diligence protects the beneficiary in case the property is mortgaged or if there is a registry indicating the property has been previously sold.
2. How can I confirm if the person selling the real estate property is the real owner?
Before we proceed to draft the option agreement, we verify the legal status of the real estate property before the Title Registry Office, through which we can confirm the real owner.