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Santo Domingo.– The new legislation that is being introduced to enable the formation of real estate development and investment trusts is positive for the country, said Luis Pellerano, partner in the law firm Pellerano & Herrera.

In an article for The Metropolitan Corporate Council, the renowned lawyer said that the law also allows trusts to issue securities, including mortgage bonds, certificates and notes.

In addition, there are special provisions within the legislation to facilitate public-private partnerships to develop low-cost housing in the country.

Pellerano had pointed out earlier this month there is growing interest in the use of public-private partnerships in the Dominican Republic, although he said the main thing holding back those partnerships is the lengthy approvals process.

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COMMENTS
14 comment(s)
Written by: VeronicaDR, 18 Aug 2012 10:07 AM
From: United States
What exactly does any of this mean when property titles here mean nothing. Corruption in our legal system makes investing here never a good idea.Anyone with the right connections can take your property especially from foreigners.
Written by: bernies, 18 Aug 2012 10:54 AM
From: United States, key west fl
Uh Veronica how is it that you and Josean never have anything possitive say about the Dominican Republic, were you abandoned here by your Dominican Sanky Panky after he has taking everything you ever had? I know a Swiss investor here whom just won a letigation over ownership of some land in Boca Chica against one the most powerful family in this country which are the Viccini family. What happen with the people that gets screw here is that they don't hire the right law firm in order to save money when purchasing a property to make sure that they do the real home work on the property that they are buying. If you hired any street lawyer to represent you with your purchase there is a 50% chance that you will get screw. I say hire a law firm that has representation in the USA because if they do the wrong job you can sue them there and get your money.
Written by: anthonyC, 18 Aug 2012 2:29 PM
From: United States
Having invested and done business in the Dominican real estate market I have to agree with VeronicaDR 100%
Written by: guillermone, 18 Aug 2012 3:38 PM
From: United States
here, here...........yes indeed........that totally correct.....
Written by: mesar, 18 Aug 2012 9:08 PM
From: Dominican Republic
DR is a safe place for investment, and the increasing number of foreign investor in our tourist market, suport this statement, but DR like any other place in the world is not free of scams. Investors must be caution and wise and do their homework before put the money over the table. Expend a few bucks in right legal advice always will be a good idea.
Written by: Cabareteguru, 18 Aug 2012 11:59 PM
From: Dominican Republic
DR is absolutely a safe place for real estate investments. I have invested myself big time in the DR and never goy screwed. The recipe is easy, get a decent law firm to supervise the title investigation, transaction and title registration and you will be as fine as in any European country.

The problem is that once foreigners get here they completely forget about the common sense. They drive drunk and like crazy, sit on the back of a motoconcho without any head protection and walk midnights at a remote beach with a golden watch. None of this they would do in their own countries, the same people would never hire in their own country a street lawyer for a real estate transaction. In the DR they do it because they think here everything would be cool and nothing would ever happen. Big mistake, DR has not more but also not less criminals than other countries waiting just for suckers. So open your eyes and try not to become one, then you will be fine.
Written by: josean, 19 Aug 2012 9:58 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016

So just how can you tell which are the "decent law firms" from those that are not?

Written by: Atabey, 19 Aug 2012 10:31 AM
From: United States, NYC

Two suggestions:



1. Establish an Internet listing of unscrupulous characters with their cedula numbers and photos, if possible, so that people can have some idea who to stay away from. Many people who have been shafted know, or at least are led on, by some dubious people oblivious to or contemptuous of what is right or honorable. Making a list available to all might keep some of these people away or wary of being exposed.

2. Establish, if it doesn't exist already, a national listing or ranking of decent Law Firms. Honest firms will want to protect their good ranking as this measurement will increase their goodwill and draw in more clients.
Written by: Cabareteguru, 19 Aug 2012 10:42 AM
From: Dominican Republic
Dear Josean, the answer is again common sense. In every region of the DR there are law firms with good reputation who are highly recommended by brokers, developers, bank managers, builders, business owners and the chamber of commerce. Before making business in the DR you will need to talk to a couple of people. Dominican business owners are usually a better choice than foreigners. There are for sure criminals looking for their chance in the DR like in any other country and the only way to go around them is to inform yourself. This way you will prevent unnecessary surprises.

The recipe is very easy, do whatever you would do in in your home land and you will be as safe as there in the DR

Good luck
Written by: anthonyC, 19 Aug 2012 11:25 AM
From: United States
The issue isn't with the lawyers.


The issue is the lack of private property rights and the totally messed up title database. I once looked at one property that had 3 overlapping titles.
Written by: Atabey, 19 Aug 2012 11:27 AM
From: United States, NYC

Agree Cabareteguru.

Two words: "Due Diligence"


"Due Diligence is the process of evaluating a prospective business decision by getting information about the financial, legal, and other material (important) state of the other party.

Due diligence is used most often when buying a business, as the buyer spends time going through the financial situation of the business, legal obligations, customer records, and other documents. The prospective buyer wants to validate his/her opinion of the business to see if it is truly a good decision.

If you don't do your "due diligence" in a business situation, you may end up buying something that isn't as you thought it was, or you may end up in a business relationship that will cause you trouble. It may be costly to perform due diligence, because it usually involves the services of a CPA and an attorney, but it's certainly worth your trouble."


But I still would like to see my two suggestions above carried out.
Written by: josean, 19 Aug 2012 1:41 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016


Atabey do you really think that most people here at DT don't know what the process of Due Diligence is that you had to define it?

Are you trying to sound smart or just condescending or both?




Written by: Escott, 20 Aug 2012 12:50 PM
From: Dominican Republic, Cabrera and Sosua a 2 days a month for payday
Mesar I have to agree with you 100%. You need to be very careful here doing business but if you take proper precautions you are on good footing. Bigger problem is hooking up with a Dominican woman and breaking up than problems with property and doing it right!

I have made more money here than I did in the US in the last 15 years.
Written by: dreadlocks, 20 Aug 2012 6:36 PM
From: United States
asks josean

Atabey do you really think that most people here at DT don't know what the process of Due Diligence is that you had to define it?

yes.
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