Banks will pay interest at a rate similar to that established for savings accounts.
SANTO DOMINGO.– Article 15 of the law on real estate rentals and evictions approved by the National Congress establishes that the sum agreed upon as a guarantee, accompanied by a copy of the rental contract, may be deposited by the owner or lessor in the branch of the Agricultural Bank or Multiple Reserve Bank of the Republic, by prior agreement between the parties.
The legislation stipulates that the entity receiving the sum given as a guarantee in deposit will inform the Ministry of Housing, Habitat and Buildings (MIVHED) of the existence of the rental contract for statistical control purposes of the housing deficit.
The bank that holds the sum given as a guarantee by the tenant will pay interest at a rate similar to that established for savings accounts, which will be added annually to the deposit until it is withdrawn.
Article 16 states that the owner or landlord, once the receipt of discharge and acceptance of the rented property has been issued according to the conditions stipulated in the contract, will return or authorize in writing the tenant or lessee, without further formalities, to withdraw the sum given as a guarantee in the bank where the deposits have been made.
If there is deterioration, deposits will be withheld
If the landlord or owner finds that the property has not been delivered in the condition stipulated in the contract, they may withhold all or part of the security deposit. They must notify the tenant in writing, within five daysof receiving the property, of the reasons for the withholding, accompanied by objective evidence such as photographs, quotes, and estimates for the repairs to be carried out. "If the tenant does not agree with the withholding, they may appeal to the corresponding Justice of the Peace, in accordance with Article 18 of this law," the document states.
Conservative measure
According to Article 17, the owner or landlord, protected by the rental agreement and accompanied by a formal notice, may attach a lien to guarantee the collection of sums owed for non-payment of the rent or any other obligation arising from the contract; without prejudice to the right to request other protective measures from the Justice of the Peace.
The tenant or lessee has the same right, under the same formalities, to enforce the precautionary measures indicated for the return of the sums deliveredfor rental deposits as the owner or lessor.
The law states that the owner or landlord or the tenant or lessee will register the rental agreement in the Civil Registry and Town Hall Mortgage Registry Office of the place where the property is located, for the purpose of enforceability against third parties.
