SANTO DOMINGO– Title history is more than just knowing the legal basis for ownership of a property. It confirms that the seller has the full right to carry out the transaction, said lawyer and surveyor Luz del Alba Rodríguez, during her presentation at the third edition of “Master Agent 360”.
He explained that under article 90 of law 105-8, it is necessary to have a letter of guarantee because "it is not only how the right is justified, but how it originates.".
She explained that transferring a property requires completing several processes, including reviewing its liens and encumbrances. “This can create a registration block that prevents me from selling the property, such as unpaid seller's rights, the establishment of a condominium, and the reservation of ownership,” the professional stated before more than 100 real estate agents who attended the training session last Saturday at a hotel in the Dominican capital.
Luz del Alba Rodríguez. (Fidel Pérez/El Inmobiliario).
He explained that elements that do not generate a registration block are a dispute over registered rights and mortgages, maintaining that there are three types of mortgages: Judicial, legal and conventional.
The property
Another thing that Rodríguez believes must be taken into account is that the property complies with local zoning and land use regulations and that there are no restrictions that limit its intended use.
“Verify that there are no tax charges against the property,” reiterated the real estate law expert, adding that it is also important to confirm that the location and area identification of the property is within the references and coordinates of the title and that the area described corresponds to what is stated in the document.
It's not all about sales
“It’s not all about sales; real estate agents are also property managers,” the speaker emphasized, explaining that property managers handle both short-term and long-term rentals. She differentiated this practice from long-term leases, noting that they are exclusive to rural areas.
“Good management is also key to a successful project. It’s a new approach for real estate agents,” he explained.
Luz del Alba Rodríguez highlighted the various types of contracts that should govern real estate transactions. “Separation or option to purchase contract, conditional contract, and purchase and sale contract.”.
He opined that the first one does not generate the same obligations as the others.
