November 4, 2016 in English Legal Notes, Real Estate |

Mortgages in Dominican Republic

In the Dominican Republic, a mortgage may be conventional, statutory or judicial. A conventional mortgage results from the will of the parties, while a statutory mortgage is a legal mandate. A judicial mortgage requires prior authorization by a judge.

  • Conventional Mortgage

A conventional mortgage is a tool to ensure the fulfilment of an obligation. Every owner of a property can consent to a mortgage in favor of said owner's creditor or for the benefit a third party's creditor. A conventional mortgage must be agreed in writing and requires notarized signatures.

  • Statutory Mortgage

In the Dominican Republic, there are legal mortgages in favor of married women. All married women may register this encumbrance on the property belonging to the conjugal community, by simply presenting evidence of their marriage.

  • Judicial Mortgage

A judicial mortgage may be provisional or final.

A judicial mortgage is provisional when it results from the authorization given by the competent judge which enables the creditor to register this encumbrance on the debtor's assets. A provisional judicial mortgage becomes final when the loan on which it is based is consolidated through judicial recognition of the loan as a result of a judgment that acquires the authority of a final, irrevocable decision.

A judicial mortgage is final when the loan that forms the basis of a provisional mortgage acquires the authority of a final, irrevocable decision or when it is originally registered by virtue of said loan.

Both conventional and statutory mortgages and final judicial mortgages may trigger a property embargo procedure aimed at the expropriation of the property, which will be sold at public auction to settle the corresponding loan.

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