SANTO DOMINGO.- Although in the Dominican Republic the person who practices the trade of buying and selling real estate is described in the same way, without clarifying roles or limits, the bill that is being considered in the National Congress to regulate this profession in the country clearly defines the various terms and their functions.
Real estate broker, advisor, or real estate agent are names used to identify those who perform this work. Some international franchises use English terms (brokers or real estate).
Article 8, concerning definitions, establishes that the real estate broker is the natural person who carries out the activity, on a permanent basis, for a fee and in his own name, the function of intermediary between two or more people in negotiations that aim to conclude a contract on real estate without there being a relationship of mandate, representation, subordination or dependence between them.
When referring to a real estate agent, it means that this agent performs their function on behalf of a real estate broker, who is their authority and receives a conventional or legal compensation for their services.
The project seeks to regulate the provision of real estate services in the Dominican Republic.
According to the legislation, a real estate advisor is a natural person who, on behalf of the real estate intermediary, personally carries out the mediation procedures described in this Law and who meets the requirements established to legally carry out such activity.
Real estate intermediation is defined as the preliminary management carried out by a natural or legal person, aimed at performing any of the operations on real estate belonging to others described in Article 3 of this Law. This refers to the regulation of natural or legal persons.
Real estate intermediaries are called "real estate agents or agencies" if they are natural or legal persons who habitually and for remuneration provide mediation, advice and management services in real estate transactions, referring to the purchase and sale, option to purchase, rental, exchange or transfer of real estate and the rights related to such operations, including the establishment of guarantees, who will be subject to the legal and disciplinary regime established in this law and its implementing regulations, without prejudice to what is determined by the specific sectoral regulations.
When referring to a real estate professional, it means any individual or legal entity that provides real estate services, either independently or on behalf of others, in exchange for payment. Individuals must hold a license issued by the Ministry of Industry, Commerce, and SMEs; this license is divided into two categories: Real Estate Broker and Real Estate Administrator. A Real Estate Administrator is someone who provides consulting services.
Regarding real estate services, these include the promotion, marketing or intermediation in the exchange, purchase and sale, lease of real estate and the administration of real estate.
Licensing and certification
Regarding the real estate brokerage license, it proposes that it be issued by the Ministry of Industry and Commerce and MSMEs to practice the profession of broker, agent, real estate sales assistant or to establish oneself as a real estate company.
Likewise, the certification will be under the supervision of the Ministry of Industry, Commerce and SMEs, guaranteeing the capacity and quality of potential real estate intermediaries.
