¿Need to protect your properties in the Dominican Republic?
In Matos Mateo & Asociados we can help you with the process to constitute your properties to a family asset.
In the Dominican Republic we have the Law 1024 that provides for the constitution of a family asset. An unattachable asset may be constituted for the benefit of any family, bearing the name of a family asset. Foreigners may not enjoy the prerogatives of this law until after they have been authorized, in accordance with article 13 of the Civil Code, to establish their residence in the Dominican Republic.
The constitution of a family asset results from a statement received by a notary, from a will, from a donation or from a request made by the constituent to the Court of First Instance of the Judicial District in which the property object of the constitution is located.
The constitutive act or the application must contain:
- Name, address and Personal Identification Card of the constituent or petitioner, and the declaration of whether he is married or single, if he is a guardian, if he is a judicial administrator, or if he or she exercises public jobs capable of producing a legal mortgage.
- Name, address, and Personal Identification Card, if any, of the beneficiary of the constitution and
- Designation and detailed description of the property and statement that it is free of mortgage, judicial or conventional registrations.
The application for the constitution of a family asset must be accompanied by:
- The petitioner's birth certificate, and the marriage certificate, if the person making the petition is married; copy of the divorce decree if the petitioner is divorced; copy of the death certificate of the deceased spouse, if the person making the petition, is a widow.
- The title that proves the property of the applicant on the property that is to be constituted in unattachable patrimony.
- Certification from the Mortgage Custodian or Title Registrar of the province where the property is located that there are no conventional or judicial inscriptions on it by the appellant.
If you need to carry out a similar procedure, do not hesitate to contact professionals, at Matos Mateo & Associates we are here to serve you.