SANTO DOMINGO.- The bill approved last Wednesday, April 23, in the Senate of the Republic, to regulate real estate intermediation and deceptive advertising in the Dominican Republic, contemplates the creation of a Department of Real Estate Registration, Control and Intermediation
According to the legislation, its objective will be to guarantee orderly, efficient and transparent intermediation, as well as to ensure compliance with the law.
Article six of the project indicates that the Ministry of Housing, Habitat and Buildings (MIVHED) will be the body in charge of designing, regulating, and promoting real estate intermediation in the country.
According to Article 9, the Directorate of Registration and Control will have its main headquarters in Santo Domingo de Guzmán and, as established, may create branches in other areas of the country, according to needs and budget availability.
His powers
Article 10 of the project establishes that the General Directorate of Real Estate Registration, Control and Intermediation will have the following powers:
- Implement and enforce the guidelines issued by MIVHED.
- Issue operating licenses for real estate intermediaries, promoters and developers.
- Supervise, inspect and audit the activities of the sector.
- Promote training and updating in real estate brokerage.
- Request information and documents from registered natural and legal persons.
- Approve the real estate agency operations manual.
- Investigate transactions and request information from related entities.
- Create and maintain the register of real estate intermediaries.
- Evaluate and decide on complaints or grievances.
- Implement a complaint system for users.
- Enable public consultation of the register of intermediaries.
Proponents
The legislative proposal was presented by Senators Rafael Barón Duluc, Félix Ramón Bautista and Eduard Alexis Espiritusanto.
The purpose of this regulation is to regulate, supervise, encourage and promote real estate intermediation in the Dominican Republic, with the aim of ensuring that the promotion, marketing and execution of real estate transactions are carried out in an ethical, orderly, efficient and transparent manner, benefiting the rights and interests of buyers, tenants, agents and real estate agencies and contributing to the economic and social development of the nation.
Recommended readings:
- Senate approves law against misleading advertising in the real estate sector
- Bill requires promoters and developers to issue a special license to market their properties
- Real estate brokerage law: an outstanding task in the National Congress
- In the proposed real estate brokerage law, MIVHED would have the supervision and regulation of the market
