Senator proposes law to regulate real estate sector and prevent fraud

Santo Domingo.- In response to the increasing number of real estate scams in the Dominican Republic, Senator Eduard Espiritusanto of La Romana has introduced a bill aimed at regulating and professionalizing the sector. The proposed law would require real estate brokers and agents to obtain official licenses, complete mandatory training, and adhere to transparency and consumer protection standards. It also establishes a National Registry of Real Estate Intermediaries, supervised by the Ministry of Industry, Commerce, and MSMEs (MICM), which will oversee licensing and penalize fraudulent practices.

The bill includes strict penalties for unauthorized real estate activities, including fines of up to 50 minimum wages, business suspensions, and criminal charges for fraud or identity theft. A key feature is the introduction of a Geolocation Service for Georeferenced Properties, allowing individuals to verify the legal status, ownership, and location of registered properties in coordination with the Real Estate Jurisdiction.

Espiritusanto emphasized the urgent need for this law, highlighting the devastating impact of scams on Dominican families, particularly those living abroad. The bill also proposes measures such as mandatory civil liability insurance for brokers, regulation of commission fees, and stricter controls on real estate advertising to prevent misleading promotions. The senator believes these reforms will create a safer, more trustworthy real estate market that protects buyers and enhances the country’s reputation.