Publication of the New Real Estate Co-Proprietorship Law

Complementing the Newsletter que publicamos con fecha 2 de febrero de 2022, en que explicamos algunos aspectos relevantes de la Nueva Ley Sobre Copropiedad Inmobiliaria, informamos que con fecha 13 de abril de 2022 se publicó en el Diario Oficial la Ley N°21.442 sobre Copropiedad Inmobiliaria (en adelante, “la Ley”), cuya tramitación data del año 2017.

Esta nueva Ley rige in actumThis new Law governs in actum, i.e., it comes into force from the date of its publication, except for some exceptional rules, these are:

1. Article 43 of the Law, regarding the contracting of collective fire insurance.. This regulation will enter into force six months after the publication of the regulations of the Law. In the meantime, Article 36 of Law No. 19,537 will remain in force. 

   Then, with respect to those condominiums that were under co-ownership prior to the entry into force of said Article 43, they will have a term of two years to review their policies to ensure that they comply with the requirements of the Law.

2. Article 60 paragraph 1 of the Law relating to parking lots for new social housing condominiums.. This provision will be enforceable for projects applying for a building permit as of January 1, 2023. However, before that date, social housing condominiums with more than three dwellings must have at least one parking lot for every two dwellings.
3. Article 70 of the Law relating to social housing may not have more than 160 housing units. This article will not be required for those projects that at the date of publication of the Law are in any of the following situations: a) have a subsidy assigned; b) have been evaluated by Serviu or have been submitted for evaluation; or c) have an approved preliminary project or building permit granted or such applications have been submitted.

Additionally, it is expected that the competent authority will issue the regulations of the Law within twelve months from today, in addition to the minimum term of 30 days for the submission to public consultation, in light of the requirements of this Law.

Finally, it is also expected that the various regulations referred to in the Law will be issued soon, such as the Technical Standard to be officialized by the Ministry of Housing and Urban Development; the regulations to be issued by the Financial Market Commission regarding insurance; the relevant amendments to the General Ordinance of Urban Development and Construction; among others.

This Real Estate Co-ownership Law establishes substantial changes to the different areas of the Real Estate Co-ownership regime, which require a deep and detailed analysis in each particular case.