Property rights and real estate transactions in the Dominican Republic are governed by Law 5038 of 1958 and its amendments, as part of the Civil Code of the Constitution. This law includes regulations related to horizontal property ownership.
To acquire real estate in Dominican territory, certain requirements and processes must be followed. First, a legal and financial verification is necessary, which includes examining the property title, the seller’s financial situation, and any encumbrances or restrictions on the property.
Steps to follow to acquire real estate:
- Promise of Sale: This involves signing a promise of sale contract where the buyer gives a deposit to a third party, and the seller commits to sell the property to the buyer. This contract must be signed in the presence of a notary public.
- Signing the Sales Contract: This is a crucial step in the process of acquiring property in the Dominican Republic. At this stage, it is essential to have the guidance of a certified real estate lawyer who will ensure that all relevant legal requirements are met.
- Registration of the Sale: Once the sales contract is signed, it is necessary to proceed with the registration of the sale at the General Directorate of Titles Registration. This step is crucial to guarantee the legal validity of the transaction and to obtain the title certificate in the buyer’s name.
- Presentation of the Sales Contract to the General Directorate of Titles Registration: The first step for registering the sale is to present the sales contract to the General Directorate of Titles Registration. This document must be submitted along with other required documents as per the institution’s guidelines. Upon presentation, a thorough review of the sales contract will be conducted to ensure compliance with all legal requirements. Additionally, the buyer’s and seller’s details will be verified for accuracy, along with a precise description of the property being transacted.
- Issuance of the Title Certificate in the Buyer’s Name: Once the sales contract is accepted and meets all legal requirements, the title certificate is issued in the buyer’s name. This certificate is the legal document that certifies ownership of the acquired land or real estate.
Process for Issuing the Title Certificate
- Present the sales contract to the General Directorate of Titles Registration.
- Thorough verification of the sales contract.
- Review of buyer’s and seller’s details.
- Review of precise property description.
- Issuance of the title certificate in the buyer’s name.
- Process duration may vary.
- Validation of registry data.
- Delivery of the title certificate to the buyer.
- Becoming the legal owner of the property.
Upon completing all the above steps, we reach the final stage of the property acquisition process in the Dominican Republic. At this stage, the final payment of the sale price must be made, the sale must be registered in the corresponding registry, and finally, the buyer becomes the legal owner of the property.
At Contadores Dominicanos, we can advise you on the acquisition of real estate properties, leveraging our extensive experience in providing legal assistance in all matters related to real estate contracts.
