PLEDGES OF ASSETS Encumbrances over movable assets may be structured with or without relinquishing possession of such assets. A pledge may cover tangible assets, such as machinery and inventory, and intangible goods, such as credits, bank accounts, contracts, etc., in which case the debtor of the obligation granted as a pledge must be notified. The original common pledge entails the delivery of the assets being pledged, either to the creditor or to a third party that must protect and keep the asset, until the debt is paid in full. Nonetheless, since this type of pledge became impractical because it made debtors unable to keep using their assets while they were pledged, the pledge without dispossession was created. In this case, there are several ways to protect the rights of cred- itors against a potential assignment or further encumbrance of the asset without its consent. A creditor wishing to foreclose on a pledged asset has the option to initiate a foreclosure process to force a public sale of the pledged assets, to collect the debt or to request the court to assign the asset to the creditor.
PURCHASE OF REAL ESTATE PROPERTY The purchase of real estate properties or real estate rights by foreigners is not subject to any special require- ment. The same rules that apply to Dominicans also apply to foreign purchasers. Before purchasing real estate, it is appropriate to verify the legal status of a property at the Title Registry Office to confirm the identity of the registered owner of the property and whether there are any transfer re- strictions that govern. After executing a transfer agreement, a prompt filing of the corresponding transfer documentation is very im- portant. In this regard, a buyer must deposit at the Title Registry a notarized original of the purchase agree- ment along with the Title Deed in the name of the seller, which shall be cancelled and substituted for a new one in the name of the buyer. The payment of transfer taxes also is required, among other things.