Don’t leave your brains at the airport. Would you purchase property in your home country that did not have a title? Sometimes people are so impressed with the natural beauty and climate of the Dominican Republic (and the amazing property offers) that they “throw caution to the wind” and make careless mistakes.
In the Dominican Republic, Title Deeds, which are also known as "Certificado de Titulo", are formal documents that serve as evidence of property ownership.
Why are untitled properties still being sold?
Unfortunately, there is no real estate regulation in the Dominican Republic, to protect people from unscrupulous practices. Some Real Estate agents continue to list and sell properties without titles to unsuspecting victims, hiding behind attractive looking websites and branded franchises- that have absolutely no legal recourse in the home country. This is why you need to be an educated buyer, and before you leave a reservation, ask to see the title.
Disadvantages to not having titles;
- You do not own your property and are therefore unable to enjoy the full benefits of property ownership, including the right to sell or transfer it to anyone you wish without reference to its registered owner.
- Dominican financial institutions refuse to grant mortgages on resale properties without Title Deeds, anyone wishing to buy your home must be a cash buyer.
- The legal owner of the property can still raise a mortgage on the land on which your property is built without your permission, even though you may have paid him for it in full.
- You may have bought a property that has been built illegally; as a necessary precursor to issuing Title Deeds is a formal independent inspection to ensure the property has been built in accordance with the Planning and Building Permits issued for its construction.
Many people live in blissful ignorance of the problems they face as a result of not having their Title Deeds on their Punta Cana properties. These only become apparent when they want to sell their property, when they try to use it as collateral to raise a loan, or when a bank comes to confiscate the property.