The procedure for converting a title for a piece of property into condo titles is as follows:
1. The property should have a ?deslinde?.
2. The plans for the condo building should have all the government approvals, up to the final approval at the Ministry of Public Works which issues a building license.
3. Submitting a condo petition to the Superior Land Court with the following:
a) certificate of title to the property
b) complete set of approved plans
c) condo declaration containing description of the condo units
d) condo regulations
4. After reviewing the application, the Superior Land Court will issue a resolution ordering the Registrar of Titles of the jurisdiction to cancel the old title and issue a new title for each condo unit.
Purchasing a condo in Santo Domingo is quite an experience for any buyer accustomed to the safeguards provided by the standard North American closing procedure. Most builders demand payment of most of the purchase price without: a) having a clear title, b) having a building permit or c) having an approved condo! A few months ago I represented a famous baseball player who wanted to buy a luxury condo in one of the best sections of the city. Since none of the items listed above existed, I advised my client that the only way I would allow him to pay any funds for the property would be into an escrow account until title was transferred to him. This standard advice was rejected by the builder and the sale fell through. The broker even accused my associate of being an ignoramus in real estate matters since it is common practice in Santo Domingo just to trust the builder (usually a fine-looking gentleman with a Mercedes SUV and a resonant last name). In my years as a real estate attorney, I have witnessed, among other calamities: a) a bank foreclosing on the ?property?of 18 condo ?owners? because the builder didn?t pay a construction loan; b) a single condo sold to 4 different buyers, each thinking he was the sole owner but none with a proper title; c) a condo fully built by mistake in the wrong property.
Buyers beware!