SANTO DOMINGO.- The new bill currently being reviewed by the special Justice Committee of the Chamber of Deputies, which seeks to regulate the practice of real estate agents in the Dominican Republic, has 54 articles, all focused on protecting the rights and interests of property buyers, sellers and developers.
“This law aims to regulate, supervise, develop and promote an orderly, efficient and transparent real estate brokerage market, in order to protect the rights and interests of both property buyers and sellers and real estate developers, as well as to preserve confidence in the Dominican real estate market, establishing the conditions for information on the promotion of real estate transactions to be truthful, sufficient and timely, in order to contribute to the economic and social development of the country,” says Article 1.
The law that regulates real estate intermediation, of which El Inmobiliario has a copy, contains in its article 2 the scope of the law, article 3 speaks of its character, while article 4 explains the principles by which the legislative piece will be governed.
Article 5 elaborates on the definitions that support the project, Article 6 specifies the body that will act as the governing body for its application, Article 7 deals with its purpose, while Article 8 details the functions of the Real Estate Intermediation Directorate.
Article 12 refers to the suspension or exclusion of participants from the Real Estate Market Registry, article 18 refers to the explanation of the exercise of real estate intermediation, article 19 to its types, while article 20 refers to the prohibitions.
Article 22 deals with real estate agencies, article 23 with the requirements for their authorization, article 24 with the renewal of the license, article 27 explains matters relating to the real estate agent, the next article details the requirements for accreditation, article 30 outlines the rules of contracting, and article 32 addresses illegality in the profession.
In Chapter 3: Commissions and Fees, Article 33 discusses the amounts of commissions, and Article 34 creates a commission for ethics in the real estate market.
Articles 38 through 49 deal with sanctions. Articles 50 and 51 cover the administrative aspects, article 53 the regulations, while article 54 concludes with the issue of validity.
High interest
Alberto Bogaert, president of the Association of Real Estate Agents and Companies (AEI), told El Inmobiliario last Monday that the preliminary draft submitted in May 2023 to regulate real estate agents in the country continues to advance and has very positive expectations for its approval.
He reported that they have met on several occasions with the Justice Committee, chaired by Representative Alexis Jiménez, who have shown great interest in the bill's approval. It is projected that the committee will issue its report this week, recommending that the bill be submitted to the National Congress.
The document was authored by lawyer María Cristina Grullón, who adapted a previous proposal. If the Justice Committee issues a favorable report, the bill would be submitted to the Chamber of Deputies during the legislative session that begins in August, when President Abinader assumes his new term.
