SANTO DOMINGO.- The proposed real estate brokerage law seeks to reorganize one of the fastest growing sectors in the Dominican Republic through licenses, controls, minimum requirements and new rules for those involved in real estate transactions.
The initiative, approved in the Senate and pending review in the Chamber of Deputies, was explained by the lawyer and author of the legislation, María Cristina Grullón, during an interview on the podcast La Ventana delel Inmobiliario.
According to the specialist, the project does not seek to regulate only real estate agents, but to establish a general framework for all actors involved in the market.
1. Regulations for all participants
One of the main points of the proposal is that it covers agents, agencies, promoters and real estate developers.
The lawyer explained that the intention is to create common rules for those who regularly engage in real estate brokerage or promotion.
It also delineates the functions between the legal practice of lawyers and the activities of real estate intermediation.
2. Mandatory licenses to operate
The proposal states that any person who regularly engages in intermediation activities must obtain a license.
According to the specialist, there would be different types of licenses depending on the area in which each professional operates.
The goal, he explained, is to ensure that those involved in real estate transactions have verified minimum competencies.
3. Minimum training and academic level
The project also includes training requirements for those who wish to work within the sector.
According to Grullón, minimum training hours would be required, which would later be developed through specific regulations.
In addition, the piece proposes that intermediaries have at least a high school diploma.
“The training required for someone who works in rentals is not the same as that required for someone who works in sales,” he explained.
4. Principles of transparency and good faith
The initiative incorporates general principles that all participants in the sector must comply with.
These include transparency, good faith, and loyalty within real estate transactions.
The specialist pointed out that these rules aim to offer greater protection to buyers, investors, and consumers alike.
5. Limits and responsibilities for agents
The proposal also sets limits on the actions of real estate agents.
For example, when there are doubts about the ownership of a property or complex legal situations, the agent should refer the client to a lawyer.
According to Grullón, the intention is to reduce risks for buyers and prevent transactions carried out without proper legal guidance.
6. Supervision and sanctions regime
The document includes penalties for those who fail to comply with the established provisions.
Offenses would be classified as minor, serious, and very serious, including fines and possible license revocations.
Furthermore, the project proposes that the Ministry of Housing, Habitat and Buildings (MIVHED) function as the regulatory body of the system.
7. Increased fiscal control and prevention of illegal activities
Another aspect highlighted by the author of the project is the potential impact of the regulation on tax evasion and money laundering.
He argued that the obligation to register and monitor transactions would allow for greater traceability within the real estate market.
The specialist believes that regulation would also help strengthen transparency and increase revenues linked to the sector.
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