He Decree 1017/2024, published in the Official Gazette, confirmed the implementation of “divisible mortgages on properties intended for real estate projects, allowing their subsequent division and accession to the rhorizontal property regime or real estate complexes, or the subdivision of common domain parcels”. The objective is to promote credit, boost the sector and construction, and reduce the housing deficit.
The measure, promoted jointly by the Ministry of Economy and the Ministry of Deregulation and Transformation of the State, will allow mortgages ofivisible on properties subject to real estate projects for the subsequent division and affectation of the horizontal property regime or real estate complexes, or for subdivisions originating from parcels of the common domain.
The decree highlights the relevance of mortgage credit to facilitate access to housing, stimulate private investment and support economic recovery. It also highlights that the real estate sector requires a context of macroeconomic stability, with falling inflation and an improvement in real wages. Besidesemphasis is placed on the deficit of mortgageable properties, which makes access to financing for future projects difficult.
With the aim of facilitate access to housing and promote the growth of the real estate sector, it was considered necessary simplify subdivision procedures and property registration, proposing the use of legal tools such as divisible mortgages and real surface rights. Besides, The importance of regulated state intervention was stressed, that allows the parties to agree on the contracting of insurance or other guarantees.
In this sense, it was established that “the parties may agree on the contracting insurance or other guarantees under the conditions they determine, exercising their autonomy and always respecting the protection rules for acquirers in good faith.”
What requirements must be met to constitute the divisible mortgage
In article 2 of the decree, it is established that the act constituting the divisible mortgage must meet the following requirements:
1) The ownership of the property must be stated free of liens or existing ones must be recognized by the creditor.
2) You must have a project that determines the modality of the subdivisionwhich must include the number, characteristics and destination of the future functional units or plots of land, describing the urban project.
3) It must contain the consent of the parties so that, once the division of the property is completed and the ownership has been transferred or the real right of surface has been established in favor of each purchaser, the division of the credit and the mortgage guarantee will proceed together with the division, which, from that moment on, will affect individually and independently to each unit or lot or surface for the balance that may correspond to the latter.
At the same time, it was clarified that in the event of dividing the property that is the object of the real estate development, the credit and the mortgage, may be transferred to the respective acquirers, who will assume the balance of debt corresponding to its own functional unit or lot, in accordance with the conditions agreed with the mortgagee.
Regarding the constitution of divisible mortgages for real estate projects, the decree highlights that “the parties may authorize its assignment, securitization, integration into financial trusts and issuance of mortgage notes.”
Title II of the decree maintains that it may “constitute a mortgage on the real right of surface, that is, on the grade, flight or subsoil, or on the right to build on the property, within the duration of the surface right, in accordance with the provisions of articles 2120 and 2206 of the Civil and Commercial Code of the Nation.”
In the event that the object of the real right of surface falls on a part of the property, “it must be described with the details and characteristics of a cartographic document, under the conditions that the applicable regulations on the matter determine according to the jurisdiction in which is found,” states the decree published this Wednesday in the Official Gazette.
On the other hand, title III, the Government empowered the National Securities Commission to “authorize entities that comply with the requirements established by the regulations issued for this purpose, to write down the purchase and sale tickets, and all other contracts on built units. or projected under the horizontal property regime or any other land subdivision regime, which promise the delivery of the real right of ownership or surface over a future property, over which possession cannot be exercised, due to the non-existence of the situation. “constructive enough.”
In order to ensure the protection of the right to property and access to housing, the Ministry of Economy will have complementary measures, and in turn, “will develop and implement federal harmonization mechanisms regarding the recognition and uniform administrative application of real rights.”
In that way, The organization will seek, together with the National Securities Commission, to promote uniform real rights policies throughout the country to facilitate the implementation of property rights. and access to housing; while the National Insurance Superintendency must promote risk coverage for mortgage loans, especially in real estate developments backed by divisible mortgages or surface rights.
In the Decree, The National Government called on the provinces to adopt, on their own or through the local authority or agency that is competent, the necessary measures for the implementation of the registration of sales tickets or any other equivalent contract, as provided for in the Decree.
Source: Ambito
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