For this Client, we previously negotiated and structured a loan with a major local banking institution in which real estate guarantees were provided. One of said guarantees was the land where a hotel owned by the client is located, and on this land there was a previous guarantee, granted for the benefit of a creditor that our Client does not recognize, which was carried out around 30 years ago, and the Client acquired the property 15 years ago, with no recorded liens. The Firm intervened in the process of eliminating a first-degree mortgage that was not duly registered in the Property Title Registry, due to an inscription made on another property, which was poorly described and noted on the land where the Hotel is located. . While the property was released, the Bank withheld the disbursement of US$ 5,000,000.00,
With our intervention and assistance, through an administrative process of correction of material errors and background investigation before the Registrar of Titles, audit of the history of the lands and eventual request for transfer of the lien, we were able to avoid the Client initiating legal proceedings before the local court. In addition, the Client was able to receive the withheld payment from the Bank once the property was cleared of liens, as we demonstrated with a new lien certification.
Before the purchase of a property with an area of 2,481.51 square meters, within the Punta Cana tourism project, Alburquerque assisted the client in a multidisciplinary way, to achieve the transfer, given that it was pending its registration; We advise on the subscription of the Addendum to the previous Contract, managing to complete the process to benefit from the recent Law created on the transfer and revaluation of assets before the General Directorate of Internal Taxes (DGII). In this sense, we achieved an amnesty of surcharges and interest and amounts penalized for not registering the sale on its date, achieving a considerable reduction in the transfer tax in favor of the client.