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Torontos real estate sector still standing strong!

Several reports have predicted that Canada’s economy will be better off compared to the economy of other Group of Seven countries, which includes superpowers such as America, United Kingdom, and Japan. Such forecasts were proven last year. America’s economic crunch is well-documented by the media, with the country’s real estate sector as one of its biggest hits. American investors are currently looking for business outside their country due to the already saturated market. Even foreign investors have departed from their usual business locations and have expanded in countries in Asia and South America, in countries where investors, years ago, would never have thought a market for real estate could exist. And this situation is not solely exclusive to America. But what makes toronto different?

For more go to Toronto Real Estate!




New or updated building standards?

At times when building projects are selling like hotcake's builders often overlook more time consuming value construction in favor of quicker measures. The product needs to get to the market and fast... Well, the current buyers market emphasizes improved building standards. Here are some things you should look out for in a new home in the DR:

1. Insulated roof construction, thermal insulation, good water proofing, a roof guarantee

2. European Plumbing system; flexible polyethylene high pressure one piece pipes until distribution register inside a protection hose, high pressure waste water pipes

3. French drain around all outside walls of the building to divert heavy rains away from the building. Polyester reinforced membrane under all outside walls and vertical membrane on all outside walls to at least 2 foot/ 60cm above the garden level. 8 inches or 20cm of washed gravel under the concrete slab against capillary effect...

4. Dedicated high-power voltage line from Edenorte additional generator power for backup

5. Solar Water heaters. They are generally installed on the roof. Once installed they need no additional energy and we do have plenty of sunshine as a primary energy source.

6. High quality reinforced PVC or aluminum glass doors and windows with sealed joints, energy saving double glass panels. Usually filled with argon gas, storm proof with tilt and turn features.

7. Quality kitchens with hardwood cabinets , fully extending drawers and granite counters, gas stove/ oven, stainless steel appliances.

8. Any and all energy saving passive construction elements like; south facing roof overhangs, shade trees, light color painted facades to keep sun heat absorption at a minimum etc.



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News: Deslinde news is provided by DR1.

Deslindes will be mandatory beginning April 2009

As you may all know, the new Property Registry Law (Law #108-05) that has been in effect since April 4, 2007, and its enabling regulations, have drastically changed Dominican Real Estate law. One essential element of this modernization has been the requirement of a “deslinde” for all real estate transactions: purchases, sales, mortgages, condominium formation, etc.

A “deslinde” (“segregation” in English) is the legal procedure by which a portion of land within a parcel is segregated from all the other portions within the same parcel. In other words, the deslinde procedure converts a provisional title that guarantees the property right of ownership for a portion of land within a bigger parcel into a definite title that guarantees the ownership of an individual parcel. The result of the procedure is that the segregated portion will become its own parcel with its individual cadastral designation, guaranteed by a definite title. The majority of jurisdictions around the world only recognize and register segregated portions of land and do not allow any transactions of portions of land that are not segregated. The purpose of the new Property Registry Law is to reach exactly the same level of sophistication and security as these modern jurisdictions have had for a long time: no recorded property rights without a deslinde.

The deslinde requirement introduces such a profound change to the Dominican land registry system that the law establishes a transitional period – from April 4, 2007 until April 4, 2009 – during which real estate transactions of properties without a “deslinde” are still possible, although severely restricted. Beginning April 4, 2009, however, real estate transactions without a deslinde will be prohibited. This means that from that date forward, the Registrar of Titles will not record any real estate transaction of a property without a “deslinde”.

Although this itself is a small revolution – in the past most property transactions took place without a deslinde – the modernization of the Dominican Property Registry Law goes much further. The procedure itself has been significantly modified. Under the new law, the surveyor has to use G.P.S. coordinates to segregate the property. In addition, it is now mandatory that the deslinde go through a judicial phase at the First Instance Land Court, requiring assistance by an attorney, as opposed to the old system, when the vast majority of the deslindes were handled administratively without contradiction, giving rise to widespread fraud. The current procedure is divided into three phases:

1. The “survey phase”. A certified surveyor measures the property using G.P.S. coordinates, after having given notice to all the owners of the neighboring properties. Once finished, the survey is submitted to the Regional Survey Office (a dependency of the Superior Land Court) for review. If approved, the Office provides the new parcel with a new cadastral designation and allows the procedure to continue to the second phase.

2. The “judicial phase”. The deslinde goes to the First Instance Land Court where neighbors or any interested third party may object to the deslinde. Parties must be represented by attorneys in this phase. After debate, the Judge rules on the deslinde petition. This ruling is subject to appeals. If the deslinde is approved, the Judge authorizes the Registrar of Title to cancel the old provisional title and to issue the new definite title with the new cadastral designation.

3. The “registration phase”. The Judge’s ruling is executed by the Registrar of Titles canceling the old provisional title and issuing the new definite title.

As mentioned, beginning April 4, 2009, real estate transaction of non-“deslinded” properties will be prohibited. Our recommendation, therefore, is for you to check if you own any property without a deslinde, and if you do, or are not sure if you do or not, contact your real estate attorney in order to assist you in this matter.

The above information is provided by the law firm of Guzman Ariza.


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