SANTO DOMINGO.– Article 6 of the draft “law regulating real estate intermediation,” currently under review by the Justice Committee of the Chamber of Deputies, proposes that the Dominican real estate market would be regulated and supervised by the Ministry of Housing, Habitat and Buildings (MIVHED).
For such purposes, the legislative piece proposes the creation of the General Directorate of Real Estate Intermediation, an entity attached to the MIVHED, which would be in charge, in the first instance, of the execution, compliance and control of the functions put in charge by the governing body, and its complementary regulations, including the imposition of the sanctions stipulated in this law.
Paragraph 2 of the aforementioned article establishes that the decisions made by said Directorate may be appealed to the Minister of the Ministry of Housing in his capacity as the superior hierarchical body.
Article 7 details the purpose of MIVHED: to promote an orderly, efficient and transparent real estate market, to ensure compliance with this law, to protect the rights of property purchasers, property owners, as well as real estate developers and promoters, through the regulation and oversight of individuals and legal entities that carry out real estate intermediation and management operations, as well as through the verification of compliance with the other provisions contained in this law.
Article 8 refers to the functions of the General Directorate of Real Estate Intermediation:
1. Implement policies for proper real estate intermediation in accordance with the guidelines established by the laws and complementary regulations that govern it.
2. Establish continuous communication with the different state entities that are related to the purpose of this law, in order to create inter-institutional collaboration for the orderly development and the effective and transparent promotion of the real estate market.
3. To comply with and enforce the provisions of this law and complementary regulations, ensuring the correct application of its principles, policies and objectives.
4. To authorize and register real estate intermediaries in the Registry.
5. Verify compliance with the registration requirements and obtaining the authorizations of the participants in the real estate market and of all those interested in carrying out real estate intermediation activities
6. To intervene, provisionally suspend operating licenses and revoke the registration of real estate market participants in the Registry, in the manner provided for by law.
7. Supervise, inspect and audit the activities and operations of participants in the real estate market.
8. Promote training and updating of the knowledge necessary to perform the work of Real Estate Intermediation efficiently.
9. To require the information and documentation that must be provided by natural and legal persons registered in the Real Estate Market Registry.
10. To require, with respect to real estate transactions, information from natural persons and unregulated entities, including those directly or through their draft Real Estate Intermediation Law, regulatory and supervisory bodies, when these possess data that, in the opinion of the Ministry, are considered necessary for the investigations carried out on said persons or entities within the fulfillment of their functions.
11. Organize and maintain the Real Estate Market Registry.
12. Evaluate, investigate and decide regarding complaints or grievances about operations contrary to this law detected in the real estate market, all in compliance with the provisions contained in the articles of this law.
13. To sanction, in the manner prescribed by this law and its regulations, those who violate its provisions, after compliance with the provisions in the articles of this law.
14. Require that the person(s) who violate the provisions of this law suspend the activities that constitute such violation.
15. Implement and operate a system of complaints or reports for users regarding the services offered by Real Estate Intermediaries; which will operate through a committee in which there must be a representation of the real estate sector, as indicated in the articles of this law.
16. Any other function that may be entrusted to it by this law.
The functions of the Ministry of Housing, Habitat and Buildings (MIVHED) are contained in Article 9:
1. Establish policies for proper Real Estate Intermediation in accordance with the guidelines established by the laws and complementary regulations that govern it.
2. To know and resolve the administrative appeals submitted to it, when they are within its competence, including appeals filed against the decisions of the departments and directorates of its Ministry that are related to the object and development of this law.
3. To issue the regulations, resolutions, circulars and instructions required for the development of this law and its regulations and
4. Any other function that may be entrusted to it by law.
