Senate Approves Text-Based Design Project Construction and Real Estate

The Senate approved yesterday the text of the project base that defines rules for the abandonment of the purchase of real estate in the plant, the so-called real estate distort. Senators will meet again today to review the amendments to the bill and complete the vote. The proposal should also go back to the Chamber's analysis.

The bill establishes the rights and duties of the parties in cases of termination of contracts for the acquisition of real estate under real estate development or subdivision.

The text foresees that 50% of the value paid by the buyer be retained by the construction company if the property is within the system of equity of affectation, in which a company is created to touch the project with equity separate from the construction company. In other cases, the penalty will be 25%.

Favorable senators argue that the bill gives legal certainty to builders and consumers. On the other hand, there are parliamentarians who considered the text more favorable to companies.