SANTO DOMINGO - Reyna Echenique, a lawyer specializing in real estate law, warned about the urgent need to review and update Law 5038 on Condominiums, enacted in 1958, which she believes does not correspond to the realities and needs of the current real estate market in the Dominican Republic.
“Modernizing this law could provide a more robust and flexible legal framework to address the contemporary challenges of condominium living, improving legal certainty for both owners and administrators, and facilitating more efficient management of these properties,” he noted.
The veteran real estate advisor recommended that while progress is being made towards a possible reform, the internal regulations of condominiums should be drafted with an updated vision, within the limits allowed by current law, to mitigate existing gaps.
He considered that after more than six decades in force, the regulations have fallen behind the modern challenges of condominium living.
In her book " Real Estate from a Legal Perspective ," page 55, the author details the most critical aspects that should be the subject of legislative reform. She lists nine key points that she considers essential for a comprehensive reform:
1. Regulation of new types of condominiums, such as mixed-use condominiums or tourist complexes.
2. Incorporation of modern technologies in the administration and communication within condominiums.
3. Updating conflict resolution mechanisms, possibly including alternative methods such as mediation.
4. Clarification of responsibilities regarding insurance and maintenance of complex structures.
5. Adaptation to new realities such as working from home and short-term rental (for example, through digital platforms).
6. Consideration of environmental and energy efficiency aspects in the management of condominiums.
7. Improvement of governance and transparency mechanisms in condominium administration.
8. Regulation of the use of visitor parking, establishing clear criteria on its allocation and management.
9. Establishment of more specific rules on pet ownership in condominiums, balancing the rights of pet owners with the concerns of other residents.
The Queen of Real Estate, as she is known in the real estate world, argues that each type of property – from a home in the city to tourist or commercial developments – has legal particularities that must be well understood before any acquisition or investment.
