The Dominican Association of Housing Builders and Developers (Acoprovi) proposes a guide of nine essential points to consider when buying a property in the Dominican Republic. The entity assures that following these steps will provide good guarantees for a sound process with legal security.
Experience: "We recommend choosing companies with proven experience and a good reputation in the real estate market," he says.
Regarding property rights, the association emphasizes the importance of verifying
the developer's ownership of the project land. "If the developer is not the owner, request a legal document authorizing them to build the project on that land," it states.
The guide states that, with regard to legality, it is necessary to know what stage the project is at
within its legal permit management, validating that it is in the process of processing municipal permits, work start permits or construction license from the Ministry of Housing, Habitat and Buildings (MIVHED), as well as in other relevant institutions.
Authorization is the next measure that the construction industry is encouraged to consider, emphasizing that a legal document must be requested that proves that the representative of the development company is authorized to sign the contract, such as a
registered assembly minutes or the company's commercial registration.
The document also highlights financial backing and guarantees: "If the project will use financing or will be constituted under a trust, verify the veracity by reviewing the guarantees such as trust, the backing of recognized financial institutions and the legality of the
institutions involved.
Third-party recommendations is the seventh point raised by Acoprovi, emphasizing that it is prudent to validate the project through references from people or companies with
ethical integrity, which may include real estate advisors and trusted lawyers.
Formalities: "Make sure the contract and payments are made in the name of the
development company, and that this company is listed in the contract with the construction company. Also, verify that the company has a physical address and that the accounts where the installments are deposited belong to the development company or the project trust."
As success factors, he points out that it is important to review the characteristics or
deliverables of the company's past projects, verify the construction milestones already achieved by the project in question, and compare the characteristics of said project in relation to the
market offer.
Step nine emphasizes quality, suggesting that it is advisable to take into consideration the
innovation, quality and sustainability of the project, examining the technology and construction materials used, as well as the certifications that support these practices.
