THE NEW LAW ON PROPERTY REGISTRATION
The new law on property registration – With the entry into force of the new Law 108-05 on registration of real estate, the Dominican Republic was finally able to remove the existing gaps in the regulation of processes related to the real estate. One of the benefits of the new legislation is to help in registration of movable and real estate transactions – it introduces a modern system of measurement and demarcation and improves the functionality of the institutions responsible for the administration in this regard. This new Law achieves the above objectives, not departing from the fundamental system of Torrance.
How to change the Title Certificate? In early 2008, a new Certificate of Title came into the use. It´s surprised with its striking transformation. Now it looks like an ordinary sheet of paper, though, covered with almost countless codes and the system of signs, confirming its authenticity. Despite of its new ” Look ” certificate, as before, is the primary and most important legal document in respect of the right of property in the Dominican Republic.
The only novelty is that now the Title Certificate has a clear goal – to define the property and its rightful owner. The financial and legal constraints, that may affect the property, no longer part of the certificate and transferred to the additional registration authorities.
Temporary Certificate of Title – The novelty of the law is the fact that it provides an opportunity to obtain a temporary certificate for condominiums that are under construction. The law allows you to use a mortgage for each individual unit of the condominium. However, the concept of using the Temporary Title Certificate reserves many questions regarding the services it guarantees, the authorities responsible for certificate-related processes, control mechanisms, and opportunities for its transmission.