| Work Detail |
In order to boost the real estate market and facilitate access to mortgage loans for homes under construction, the National Securities Commission (CNV) regulated the registration of sales contracts and contracts related to divisible mortgages. This measure, published in the Official Gazette, implements Decree 1017/2024, which authorizes the constitution of divisible or “Future Asset” mortgages on properties under construction. The new regulations allow Registration and Payment Agents (ARYP), Clearing Houses, Markets, Central Depositary Agents of Negotiable Securities (ADCVN) and financial entities to register sales contracts and other contracts related to units projected under horizontal property or land subdivision regimes. These contracts must include the promise of delivery of the real right of ownership or surface area over future properties, even without sufficient construction for possession. The measure seeks to resolve the barrier represented by the requirement of a property title (deed) to access a mortgage loan. This tool will allow real estate developers to offer more accessible financing and home buyers to access a property financed with a mortgage loan using only the purchase agreement. At the moment, only Banco Ciudad offers this line of credit. The purchase and sale of homes in the pit is expected to materialize after the first quarter of 2025, boosting the market and construction. General Resolution No. 1043 of the CNV establishes that authorized entities may register sales contracts and related contracts as activities complementary to the capital market, after informing the CNV. The divisible mortgage allows the start of the project to be guaranteed directly to the purchaser of a unit, independently of the developers financing, by registering the sales contract and pledging it. This provides legal security to the buyer and the creditor. The decree also makes the use of the right of surface more flexible, allowing it to be established without an official plan in some provinces. Although the initiative was welcomed by developers and experts, the Ministry of Economy is still awaiting regulation. The importance of registering the tickets in official registries for greater legal security is highlighted, although the possibility of private registries is raised, which could generate tensions. The Ministry of Economy, through the Secretariat of Territorial Development, Habitat and Housing, will define the final details. The measure seeks to facilitate access to housing, stimulate construction and real estate development. The news mentions Banco Ciudad as the only entity that currently offers this line of credit, and the Chamber of Urban Developers (CEDU) as an entity that supports the measure. |
