By Reyna Echenique
Special for El Inmobiliario
In the Dominican Republic, the real estate sector has become the epicenter of investment. This boom reflects a universal desire: to secure a prosperous future, protect family assets, and guarantee a roof over our loved ones' heads.
However, this rapid growth has also attracted unscrupulous opportunists lacking a solid business structure, financial backing, or legitimate property rights. These "snake oil salesmen" jeopardize the dreams of investors and families seeking to acquire such a coveted asset, whether to generate passive income, establish a home, or enjoy vacations in this Caribbean paradise.
As a real estate advisor and lawyer specializing in the sector, I believe it is essential that we understand both our rights and responsibilities in this dynamic market. Just as in the financial sector, where institutions regulated by the Superintendency of Banks strive to inform us in detail about our rights and obligations, the real estate sector requires a similar approach.
Drawing inspiration from the financial system and based on our legal framework, including the General Law for the Protection of Consumer and User Rights (No. 358-05), it is of utmost importance that real estate users are aware of their rights and obligations. This knowledge will allow us to minimize risks and ensure a successful experience, whether buying, selling, or renting a property.
As my mentor, Emil Montás, states, this knowledge empowers us to make sound real estate decisions and protect our interests in the real estate market. Below, I detail the essential rights and responsibilities of the real estate client or user:
Customer responsibilities
1. Due diligence in selection: Research and verify the credentials of professionals, real estate agencies, developers, or builders before hiring their services. Verify their registration with the AEI and ACOPROVI.
2. Financial and employment transparency: Provide accurate and truthful information about your financial situation, employment and marital status to facilitate a smooth process.
3. Clear communication: Clearly express your needs and expectations regarding the property you are looking to buy, rent or sell.
4. Careful reading: Thoroughly examine all legal documents before signing them. Seek legal advice specializing in real estate law if necessary, and do not sign anything you do not fully understand.
5. Compliance with agreements : Respect the terms agreed in contracts and payments related to the real estate transaction.
6. Data Protection: Safeguarding your personal and financial information throughout the process. Inform your agent of your data protection preferences if necessary.
7. Proactive Inspection: Conduct or request detailed and periodic inspections of the property before finalizing any agreement, whether you are buying a ready-to-use, pre-construction, or construction property.
Customer rights
1. Access to truthful information: Demand and receive all relevant information about the property, including its legal and physical condition.
2. Fair treatment: To receive real estate services without discrimination of any kind.
3. Freedom of choice: Freely select the property, agent, agency, builder or developer that best suits your needs, budget and objectives.
4. Cost transparency : Obtain a clear breakdown of all costs associated with the transaction.
5. Professional advice: Receive expert and specialized guidance on the buying, selling or renting process.
6. Right to real estate education: Access to educational resources and training programs that allow you to better understand the real estate market, its processes, and its risks. This right implies:
– Participate in workshops and seminars offered by professionals in the sector.
– Access up-to-date information materials on market trends, legislative changes, and best practices.
– Receive clear and detailed explanations about technical terms, contracts and real estate processes.
– To have the opportunity to ask questions and obtain clear answers from the professionals involved in your transaction.
7. Legal protection: Benefit from laws and regulations designed to protect consumers in real estate transactions.
8. Right to complain : To file complaints or claims with the competent authorities if your rights are violated.
Understanding and exercising these rights and responsibilities not only protects us individually, but also helps to create a more transparent and equitable real estate market. By becoming well-informed and ethical participants, we raise the standards of the entire sector and build a stronger future for the real estate industry in the Dominican Republic.
Continuing education in real estate is essential for making sound real estate decisions and protecting our interests. As clients and users, we have the right and the responsibility to stay informed about market trends, legislative changes, and best practices in the sector. This education empowers us to actively participate in our real estate transactions and contributes to a fairer and more transparent market for everyone.
The author is: A lawyer and real estate entrepreneur, founding partner of Echenique Group, and secretary of the AEI Board of Directors. She is a certified speaker by Maxwell and Tania Báez. She is also an author and ethical role model in the real estate sector in the Dominican Republic.
