📰 NEWS | Venezuelan Parliament Approves Law to ‘Protect’ Real Estate Developers
Venezuela’s National Assembly has unanimously approved a new law regulating the construction and commercialization of residential properties, replacing the 2012 Law Against Real Estate Fraud.
The legislation introduces new requirements for developers, including proof of land ownership, permits and escrow mechanisms to protect buyers’ funds. At the same time, it gives private construction firms greater flexibility to set prices, removes a previous 24-month completion deadline for certain projects and ends banks’ liability when developments are not completed.
The law follows a new rental framework approved in July that gives landlords and tenants greater freedom to establish rental terms while allowing landlords to rescind agreements when tenants are two months behind on rent, among other conditions.
Read the full report here 👉🏾 https://venezuelanalysis.com/news/venezuelan-parliament-approves-law-to-protect-real-estate-developers/
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Venezuelan Parliament Approves Law to ‘Protect’ Real Estate Developers - Venezuelanalysis
The initiative granting benefits to private sector construction firms follows a new rental law facilitating tenant evictions.
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