The ABA representative assures that the digital signature will simplify the process.
SANTO DOMINGO – The Dominican Republic is heading towards a process of innovation in real estate transactions, where buying a home before 2030 could be a matter of 5 minutes. This was the prediction of economist Sovieski Naut, manager of digital economy and SMEs at the Association of Multiple Banks (ABA), during his presentation at the third CENI Expo Forum, held last Thursday, May 2nd, at the Dominican Fiesta Hotel.
He said that the closing of a real estate transaction, from the sale to the closing and the deposit in the Property Registry, was a process that previously took between 3 and 6 months and is currently done in 24 hours and that in the not too distant future it will be able to be done in less than 10 hours.
The professional explained that this new digital tool is part of the process carried out by the ABA, taking into account what the housing sector represents for the diaspora and for Dominicans residing in the country.
He explained that it was in 2023 that banks began using digital signatures for internal use, and that the number is increasing, with 41% using digital signatures to do business with their clients.
As part of his presentation, the digital economy expert showed the testimony of the first client with whom the first digital mortgage contract was signed, a Dominican resident in New York, United States.
Sovieski Naut presents the first Dominican with whom a digital contract was signed. Justo Feliz/El Inmobiliario.
He revealed that in a survey of Dominicans living abroad, 60% responded that their main aspiration upon retirement is to acquire a home in their country. “We are helping them fulfill that dream in a simple way and by eliminating the friction,” he commented.
He explained that the normal process for a Dominican resident abroad to acquire a home in the country required a consular power of attorney, and that with the digital signature tool, all that problem and the multiple procedures it entailed were eliminated.
Naut assured that the ABA has created a trusted services infrastructure, where a person can be unequivocally identified, based on rules and biometric confirmation.
The professional explained that the digital signature method has closed gaps because sometimes, between selling a house and the client going to sign, there was a risk that the sale would fall through.
He said that brokers can be part of the process, urging their clients to use this new tool because it is "a flexible, legal and safe model.".
In July of last year 2023, the ABA made its qualified digital signature provider services available to its members, the financial market and the productive sectors, including SMEs, as a commitment by the banking sector to innovation and digital transformation.
