SANTO DOMINGO – Alberto Bogaert, president of the Association of Real Estate Agents and Companies (AEI), is confident that the Dominican Republic will have a law regulating the practice of real estate agents in 2023, which he believes will “end the disorder in real estate transactions in the country.”
“This time we met with the committee studying the project. It’s almost certain we’ll have a law this year. Legislators are focused on regulating the market due to tax issues and because it’s the only loose link, and I believe we’ll achieve it,” the real estate representative explained, speaking at the certification ceremony for 70 brokers at Urban Group.
Bogaert reported that the AEI, as the entity promoting the project, along with the Association of Housing Builders and Promoters (ACOPROVI), is receiving support from the National Congress to provide feedback on the process and achieve approval.
He added that ACOPROVI and AEI have exchanged their observations on the legislation, resulting in a consensus between both organizations on the proposed amendments, aiming to create a law that reflects the realities and needs of the industry.
“We have reviewed the bill and we are at a point of consensus that I believe we will achieve,” declared Bogaert, who considered that this legislative instrument will serve to bring order to the profession, by establishing the requirement to carry a license for those who wish to enter the career.
He added that the AEI was created in 1989 with the purpose of regulating the market, after highlighting the struggles that the association has waged seeking to ensure that real estate is practiced in the Dominican Republic, under the protection of legislation that safeguards the sector and its agents.
Since 2021
The bill currently under consideration, which regulates real estate services and brokerage contracts in the country, was introduced on August 18, 2021, during the current administration of the Chamber of Deputies, headed by Alfredo Pacheco; and was authored by the deputy for the National District, Lourdes Serulle.
The purpose of the law is to protect the legal relationship between the proposer and the real estate broker or their agents and the confidence of the real estate market, derived from the legal transaction that arises as a result of the intermediation of real estate brokers or their agents.
It includes the regulatory, organizational and management framework for real estate brokerage activities applicable to real estate intermediaries operating within the national territory, the requirements for its practice, the rights and obligations of brokers and agents; as well as the brokerage contract; in addition to the quality control of such services
