Inspiring Women in Law: Lissette Balbuena Zeller

Latin Counsel has spoken with Lissette Balbuena Zeller, General Manager of Secure Title Latin America in the Dominican Republic, about her career and the escrow services offered by the firm in the country.

Lissette was born in the city of Puerto Plata and received her law degree from the Pontificia Universidad Católica Madre y Maestra, Santiago de los Caballeros, Dominican Republic, where she also completed a Master’s programme in Business and Economic Law. Subsequently, in 1997, she completed a Postgraduate Program in International Business Law at APEC University, Santo Domingo, Dominican Republic.

Lissette is responsible for the financial stability and efficiency improvements of the firm. She specialises in Real Estate, Commercial and Corporate Law.

She is a member of the Bar Association of the Dominican Republic and has held various positions on the board of directors of the Association of Real Estate Companies (AEI), and is a member of the Legal Committee of the Association of Foreign Investment Companies (Asiex). Lissette is married and has one daughter.

Latin Counsel: Could you briefly explain how the escrow services offered by STLA in the Dominican Republic work?

Lissette Balbuena Zeller: With offices open in the Dominican Republic since 2000, we are a company specialised in offering support services for real estate and commercial transactions. As an escrow agent, we are responsible for receiving, safekeeping and disbursing funds and documents, in accordance with the instructions contained in the Escrow Agreement, to be signed between the parties involved in the negotiation.

LC: What are the main benefits of using escrow services in the closing of real estate transactions in the Dominican Republic?

LBZ: The escrow service is a tool that adds value and creates a bridge of trust between the parties (individual and institutional investors, real estate developers and brokers, legal and financial advisors) and that allows in a real estate or commercial transaction the receipt and disbursement of funds, and the custody of documents, in a transparent and secure manner, thus minimising delays and risks of conflicts between the parties.

The benefits include:

Security: Funds are deposited and disbursed from bank accounts opened with world-renowned financial institutions and are received in compliance with laws and regulations.

Efficiency: Our staff follows up on the file until the final disbursement and closing of the transaction.

Confidentiality: Only the contracting parties or their duly authorised representatives have access to the transaction information.

Transparency: Transaction documents related to the service will be available to the parties involved upon request and according to the instructions of the parties.

LC: How do escrow services contribute to the success and security of corporate transactions?

LBZ: The experience we have accumulated in the commercial and corporate segment allows us to offer tools, knowledge and solutions that allow the parties and their legal and financial advisors to overcome the challenges of this type of transactions, which tend to be sophisticated, multidisciplinary and complex, providing security and confidence in transactions that without the service could not be closed quickly, professionally and securely.

LC: How has STLA evolved and grown in the escrow services market in the Dominican Republic over the last few years?

LBZ: Over the years we have been adjusting and adapting the service according to the needs of the market. We have gone from offering escrow services for residential or commercial real estate transactions, to offering services focused on satisfying the escrow needs of complex and high value commercial transactions or simply to attend to transactions in which the initial deposit or reservation of the property is received.

With great satisfaction we can say that we have been part of transactions in which industries, hotel franchises and their assets, free zone companies and high value hotel lots have been sold. We have also incorporated the escrow service to support legal strategies defined by lawyers, in which there are transactional agreements derived from litigation, as well as the sale of seized properties and for the payment of taxes due in transactions, especially capital gains.

LC: How have you perceived the economic growth and development of the Dominican Republic in recent years and what impact has this had on the legal and escrow services sector?

LBZ: Since the start of our operations in 2000 and to date, the Dominican Republic has made a 180-degree turnaround, in terms of its legal framework, transforming exponentially. To support this growth, the country has made important changes to its legal framework with a view to encouraging private investment and providing a clear and more secure investment climate. Examples include reforms to the Real Estate Registry Law and the programme to modernise the Real Estate Jurisdiction, the Law for the Promotion of Tourism Development, the Law for the Development of the Mortgage Market and Trusts, the Monetary and Financial Law, the Law for Regulatory Improvement and Simplification of Procedures, among others.

For its part, we have seen an executive branch focused on attracting foreign investment, outlining policies for attracting foreign investment, creating strategies and carrying out actions to promote investment in non-traditional areas of the economy. The State has implemented policies for its institutions to eliminate bureaucracy and modernise the processes and requirements for obtaining permits to develop investment projects. Likewise, the State, in some cases with the support of the private sector, has made important investments in infrastructure to support this economic growth. We can observe how, in the recent past, the Dominican Republic has boosted its economic development through significant investments in road infrastructure, ports, airports and telecommunications. These efforts have not only improved connectivity and logistics, but have also promoted the region as an attractive tourist destination that people from all over the world want to visit.

All these transformations and strategies to promote the country, together with the beauty of the natural resources and the warmth of the Dominican people, have positioned the country in the world as a safe and very attractive destination for investment in the real estate sector.

With the economic growth and development of the real estate sector, the escrow service has become an anchor service to give confidence to buyers in order to offer security and transparency to real estate projects whose target market are foreign buyers and investors of second homes in beach and golf destinations.

LC: As a leading professional woman in the field of law, what have been the biggest challenges and achievements you have experienced in your career?

LBZ: One of the most important challenges of the company was to introduce the escrow service to the real estate market in a country where this service was totally unknown, to gain the trust of the market players and to position Secure Title as a pioneer and leader of this service in the Dominican Republic. This achievement is the result of a lot of effort, perseverance and adaptation through a team committed to offering the client a quality service, adhering to ethics and best practices in the industry. It is a source of great satisfaction for me and my motive as a professional, to support and accompany our clients in the success of their transactions.

LC: What advice would you give to the new generation of female lawyers who are starting their careers in the legal field?

LBZ: To stand out and do a good job, there is no magic formula but there are constant elements that definitely have to coexist to achieve it and these are education, passion, effort, dedication, attention to detail, empathy and honesty.