Temer sanctions law regulating shared use of properties

The law that regulates the legal institution of multi-property was published in the Official Gazette of the Union this Friday (21/12). The rule amends the Civil Code and Public Records Law, in addition to delimiting issues about the transfer and administration of shared property.





In practice, the law regulates the shared use of properties. For example, two people buy a property in a certain place and want to explore it together. With the law, the owners' relationship will be regulated.



Lawyer Vinícius Koenig , from B2B Lead Costa & Koenig Advogados Associados, states that the regulation increases legal certainty. “This relationship could have already been adjusted in a contract signed between the parties, however, there was no possibility of registering the multi-property. Given the new Law, this type of property, already used in other countries, will now have greater legal security, allowing for greater application,” he says.



Before the law was published, there was no strict legal provision for multi-property real estate as a real right. There was a high level of difficulty for property registrars. This is because real rights must be typified in law in a formal sense, edited by the National Congress.



Due to this legislative gap, many property registrars avoided registering multi-property properties and in some judgments their real effectiveness has even been denied, on the grounds that without a specific legal provision, the owners' rights would have an obligatory nature.



According to the standard, shared ownership is the condominium regime in which each of the owners of the same property owns a fraction of time, which corresponds to the right to use and enjoy, with exclusivity, the entire property, to be exercised by their owners, alternately.



Indivisible

According to the law, multi-ownership will not be automatically extinguished if all time fractions belong to the same multi-owner. The rule also establishes that the property subject to multiproperty is indivisible and cannot be subject to division or condominium extinction action.



For Rodrigo Ferrari Iaquinta , lawyer at the Department of Real Estate Law at Braga Nascimento and Zilio Advogados, this new real estate business model will bring about a reorganization of the real estate market, as well as making the acquisition of properties in the country more dynamic.







"Furthermore, as the fraction of time acquired must be registered in the real estate registry, the opportunity to offer guarantees for other commercial transactions, whether real estate or not, is expanded. As an example, nothing prevents the deposit of a lease is carried out in a fraction of time in a multi-property, or can also be used as a guarantee in the event of obtaining personal credit from financial institutions”, he explains.



For Iaquinta, the idea of ​​dynamism inherent to this new format of real estate business is also seen with the fact that it is not necessary to inform other condominium owners about any interest in selling the fraction of time. Therefore, there is no need to respect the so-called right of preference.

Temer sanctions law regulating shared use of properties



The law that regulates the legal institution of multi-property was published in the Official Gazette of the Union this Friday (21/12). The rule amends the Civil Code and Public Records Law, in addition to delimiting issues about the transfer and administration of shared property.





In practice, the law regulates the shared use of properties. For example, two people buy a property in a certain place and want to explore it together. With the law, the owners' relationship will be regulated.



Lawyer Vinícius Koenig , from B2B Lead Costa & Koenig Advogados Associados, states that the regulation increases legal certainty. “This relationship could have already been adjusted in a contract signed between the parties, however, there was no possibility of registering the multi-property. Given the new Law, this type of property, already used in other countries, will now have greater legal security, allowing for greater application,” he says.



Before the law was published, there was no strict legal provision for multi-property real estate as a real right. There was a high level of difficulty for property registrars. This is because real rights must be typified in law in a formal sense, edited by the National Congress.



Due to this legislative gap, many property registrars avoided registering multi-property properties and in some judgments their real effectiveness has even been denied, on the grounds that without a specific legal provision, the owners' rights would have an obligatory nature.



According to the standard, shared ownership is the condominium regime in which each of the owners of the same property owns a fraction of time, which corresponds to the right to use and enjoy, with exclusivity, the entire property, to be exercised by their owners, alternately.



Indivisible

According to the law, multi-ownership will not be automatically extinguished if all time fractions belong to the same multi-owner. The rule also establishes that the property subject to multiproperty is indivisible and cannot be subject to division or condominium extinction action.



For Rodrigo Ferrari Iaquinta , lawyer at the Department of Real Estate Law at Braga Nascimento and Zilio Advogados, this new real estate business model will bring about a reorganization of the real estate market, as well as making the acquisition of properties in the country more dynamic.







"Furthermore, as the fraction of time acquired must be registered in the real estate registry, the opportunity to offer guarantees for other commercial transactions, whether real estate or not, is expanded. As an example, nothing prevents the deposit of a lease is carried out in a fraction of time in a multi-property, or can also be used as a guarantee in the event of obtaining personal credit from financial institutions”, he explains.



For Iaquinta, the idea of ​​dynamism inherent to this new format of real estate business is also seen with the fact that it is not necessary to inform other condominium owners about any interest in selling the fraction of time. Therefore, there is no need to respect the so-called right of preference.