Author Archives: Elias Kier Joffe

An unnecessary regulation on the Buenos Aires rental market in Argentina

Renting a property in Buenos Aires Argentina? Find a Real Estate Attorney in Buenos Aires

The elimination by the Buenos Aires Legislature of the real estate commission paid by the tenant collides with the Civil and Commercial Code

the Buenos Aires legislature almost unanimously sanctioned a law that modifies that of real estate brokers, providing that they can not charge commission to tenants in housing leases.

It is not a rent law, which would be a matter reserved to the National Congress, since it would imply a reform of the Civil and Commercial Code, but a change in the brokerage law, a local rule for regulating a profession, and therefore reserved for the provinces.

The novelty lies not only in that real estate can not charge commission to tenants, but also sets an amount, with a ceiling of up to 4.15% of the contract, which can only be charged to the owner. Nor will they be able to charge the tenant such expenses as the manager, which include certificates of ownership of the guarantor’s property or notary certification of signatures, among others, that will be absorbed by the broker or will be borne by the owner.

It is estimated that there are about 400,000 rented properties in the city of Buenos Aires. Although the norm seeks to help tenants, reducing the costs of a lease, it is likely to end up being far from benefiting them, because, as different entrepreneurs have pointed out in the real estate sector, the additional costs that would happen to the owner of the property would be transferred to the rental price. Hence, it is considered that, rather than favoring the tenant, the new provision will mean a reduction of income to real estate companies acting as intermediaries between the parties. Up until now, the real estate companies had typically received a commission of up to 4.15 percent from the tenants and negotiated with the landlord an additional commission that was half that percentage.

Real estate entrepreneurs have rightly pointed out that a potential tenant who comes for a specific property offered for rent is not the same as the one who orders a search for a property of certain characteristics or price to a real estate broker.

On the other hand, the business of real estate income has been negatively affected in recent times, since in the 1990s the income was around 10% per annum, when today is around 3 to 4% per year.

State intervention on the rental market has never been beneficial to anyone. And it is known that, on many occasions, this has caused a retraction in the supply of rental properties, which resulted in price increases.

Another of the most critical aspects of the standard is that it advances on the Civil and Commercial Code, which can not be modified. In that sense, Article 1351 of the Code states that if only one broker is involved in an operation, all the parties are required to pay the commission. Hence, the rule sanctioned by the Buenos Aires Legislature, by limiting the collection of commission to the owner, would be modifying that legal criterion, which would be unconstitutional.

Are you in need of a Buenos Aire Real Estate Lawyer? Contact us today to schedule a consultation.

Buenos Aires Approves New Rental Law

Legislature of the Autonomous City of Buenos Aires

Considering: That the same favor the strengthening of the policy of access to housing that is being carried out both from the Government of the Autonomous City of Buenos Aires and from the National Government for the neighbors of the City. As well as having implemented multiple initiatives related to the mortgage market, it is also considered necessary to move forward with improvements in the conditions of access and permanence to the market of locations for housing. According to data from the Annual Survey of Households of the General Directorate of Statistics and Censuses of the Ministry of Finance of the Autonomous City of Buenos Aires, 35.7% of the real estate for housing in the Autonomous City of Buenos Aires Are occupied by locational links, which means that more than one million people are tenants at the local level. That this entails the challenge of finding new ways of articulating the situation of rents for housing, and of guaranteeing the development of conditions that allow an increasing number of residents of the City to access a formal rental. That it is incumbent upon the City Legislature to regulate the framework of action of the Real Estate Brokers, a power exercised, for example, in the enactment of law 2,340, a standard created by the Unique School of Real Estate Brokers in the City of Buenos Aires. That when signing a contract, the sum of the concepts that the tenants must pay creates a barrier of access, in some cases impassable, for part of the neighbors of the City. That these projects seek to give the possibility to them, to be able to make the leap towards a better quality of life, with greater predictability, and above all things with clear rules in relation to the housing they inhabit. That in order to reduce the monetary burden that the tenants have to face at the beginning of the tenancy link, it is proposed that it is mandatory and unavoidable compliance for all those enrolled in the Single School of Real Estate Brokers the prohibition of requiring and / or receiving real estate commissions And / or fees for the intermediation to tenants, sub-shareholders and / or continuators of the location. Prohibition that in the same line, extends to the possible costs of administration of said locations.

That Law 1,251 of the C.A.B.A. Establishes the main objective of the Housing Institute of the City, placing it as the head of housing policies within the framework of Article 31 of our local Constitution, inasmuch as it proposes the incorporation in its creation rule of specific faculties related to the subject Locative-housing. For the above, this General Legislation Commission recommends the following law:

Article 1:
Replace paragraph 2 of article 11 of Law 2340 (consolidated text according to Law No. 5666), which will be written as follows: Perceive fees for the activity performed and commissions of its principal according to the remuneration they freely agree. In the case of leases of immovable property in which the tenant is a natural person, the maximum amount of the commission to be collected will be the equivalent of four with fifteen hundredths (4.15%) of the total value of the respective contract , By the landlord.-

Article 2:
Incorporate as item 7 to article 13 of Law 2340 (consolidated text According to Law No. 5666) “Prohibitions”
– The following text: In the leases of real estate with a destination in which the tenant is a natural person, it is expressly prohibited to require and / or receive, through any form of payment, real estate commissions and / or fees for brokerage or brokerage to Tenants, sub-shareholders and / or continuators of the location. The prohibition extends to the fees for administration of said locations.-

Article 3:
Replace the following text with paragraph 2 of article 10 of Law 2340 (consolidated text according to Law No. 5666) to be drafted as follows: Request reports to the official bodies on the conditions of dominance, liens and inhibitions, regarding the Operation entrusted and the intervening parties, making them available to them. The costs of managing these reports may not be required of tenants of real estate for housing purposes.

Article 4:
The following text shall be included as subsection 8 of article 10 of Law 2340 (consolidated text according to Law No. 5666): To state in any advertising offer of rental of real estate with a housing destination that is issued via websites, own or third parties, the Next caption:
“For housing rental cases, the maximum commission amount that can be
Require the owners will be the equivalent of four with fifteen hundredths percent (4.15%) of the total value of the respective contract. It is prohibited to charge real estate commissions and reporting costs to tenants, in the case ofBe physical persons. ”

Article 5:
Incorporate as subsection 9 of article 10 of Law 2340 (consolidated text according to Law 5666) Display in all premises and / or offices in which real estate brokerage services are rendered posters visible to the public with
The following legend: “It is found
It is forbidden to charge real estate commissions and reporting expenses to tenants, in the case of being natural persons. For housing rental cases, the maximum amount of commission that may be required from the owners will be the equivalent of four with fifteen hundredths (4.15%) of the total value of the
Respective contract “.

Article 6:
Derive article 54 of Law 2340 (consolidated text according to Law No. 5666) .-

Article 7:
Incorporate as paragraph i) of article 4 of Law 1251 (consolidated text according to Law No. 5666) the following text: To exercise control of compliance with local laws that regulate aspects related to the locative-housing matter.-

Article 8:
Law No. 3,588 is hereby repealed.

Article 9:
Communicate Room of the General Legislation Commission, August 16, 2017.

The four key points of the new Buenos Aires rental law in Argentina

Buenos Aire Real Estate Attorney | Argentina Real Estate Lawyer

The legislators of Buenos Aires approved this afternoon the project of reform of Law 2340 that seeks to improve access to housing through rent. The proposal prepared by the Government of the City of Buenos Aires will reach some 400,000 families that rent in the City, in addition to promoting the improvement of the system through the defense of owners and tenants.

During the parliamentary debate, which lasted approximately one and a half hours, the law obtained 51 positive votes, 0 negative and 2 abstentions. The project was presented by the president of the Housing Commission, Lia Rueda, and the president of the Civic-ARI Coalition, Paula Oliveto, and focuses on four measures:

The key points

The real estate commission will not be paid by the tenants, but by the owners. This will facilitate access to the rent, since this commission, plus the advances and costs of the move, made the tenants have to face many expenses of entrance. In this way, renters and owners will share expenses.

The real estate companies will not be able to charge for the expenses of management or administration.

The rights of tenants and landlords must be visible on Internet sites and in real estate offices. In the same way, they will be present in the social networks and sites of the Government of the City of Buenos Aires.

The City Housing Institute (IVC) will be responsible for ensuring the rights of tenants and landlords, who will work in conjunction with the City’s Ombudsman to provide free legal assistance.

Following the vote, the head of the City’s Housing Institute, Juan Maquieyra, said that work will continue to improve the rental system and to promote vacant housing to be offered for rent.

“This is a first step to make it easier, safer and cheaper to rent in the City of Buenos Aires.We estimate that with this measure, the cost of entry to rent a home is going to decrease by 25 to 30 percent, And that is going to make the tenants do not need to gather so much money to get in. In addition, we are already working on alternatives to offer real estate guarantees that conform to the owners and expedite the operation, “he said.

Are you in need of a Buenos Aire Real Estate Attorney? Contact us today to schedule a consultation.

What are the keys to the new Buenos Aires Rent Law in Argentina

Buenos Aires Real Estate Lawyer: What are the keys to the new Rent Law in Buenos Aires, Argentina

The Buenos Aires legislature approved yesterday modifications to the regime by which the real estate companies charge commissions to the tenants.

The Legislature of the City of Buenos Aires yesterday approved amendments to the Rent Law, prohibiting the charging of commissions by the real estate to the tenants.

– The most important change lies in the fact that tenants, when entering a house, should not pay the typical commission to real estate, which was usually 4.15%. From now on, that item will be in charge of the owners of the houses. From the Real Estate Professional College they warned that this money could be transferred to the monthly prices.

– The amounts that the real estate can not charge more, as of the amendment of Law 2,340, is the one corresponding to the typical administrative or management expenses.

– The conditions of the rental operations and the rights of the tenants must be visibly published on the websites of the real estate agents, as well as in their offices, so that the clients are properly informed when facing an operation Of these characteristics. The Government of the City of Buenos Aires will also be responsible for disseminating this information through social networks and websites of its dependencies.

– All these new measures and modifications in the real estate circuit will be controlled and verified by the City Housing Institute (IVC), which will be responsible for ensuring that the rights of tenants are respected.

Are you in need of a Buenos Aires Real Estate Lawyer in Argentina? Contact us today to schedule a consultation.

Probate Lawyer Argentina & Probate Attorney Buenos Aires

Probate Lawyer Argentina & Probate Attorney Buenos Aires

Claiming succession is not usually as easy as it sounds. A lot is involved in ensuring your path to claiming an estate or succession is as smooth as possible. If you’ve been searching for a probate lawyer Argentina or in need of a probate attorney Buenos Aires, you’ve come to the last bus stop!

In case you’re wondering, what’s this probate lawyer Argentina going to do? What role is my probate attorney Buenos Aires going to play in my succession claim? Here is a brief on what to expect from your lawyer.

Gathering of all required documents that will facilitate a succession proceeding, from financial statements to ownership certificates and of course birth certificates. Your probate lawyer will guide you in ensuring none is missed. Your lawyer will look at the domicile of the decedent to determine where your succession claim will be heard. The important location is the decedent’s last place of abode before death and not necessarily where his properties and estate is located.

Depending on the circumstances surrounding decedent’s death and if there was a valid written will or not, your lawyer can conclude whether your succession is testate (with a valid written or oral will) or intestate (without a valid will, also includes invalid written will). Where there is a will, your probate attorney Buenos Aires will help you determine whether the will is holographic or notarial.

Once requisite documents have been gathered, your probate attorney will then file the succession petition in court, estate notices in the Official Gazette, ruling acknowledging legal heirs and other needed procedures to bring success to your claim. Estate notices are required to be filed to eliminate any untitled claims.

Limiting your overall expenses by making sure due process is followed. Especially as most people assume they do not need to initiate succession proceedings where there is a valid will involved. They may get to realize this mistake late, after lots of unnecessary expenses have been made.

Peruse the will to be sure it is consistent with laws governing estate, probate and succession. For instance, children are entitled to 4/5 of the decedent’s estate, parents 2/3 while spouse is 1/2. While they can inherit more than this quota, less than it is not allowed in law. This mandatory quota is known as the legitime portion of the estate of the decedent.

Advice you on your options where other beneficiaries are opposed to initiating succession proceedings. According to law, you have the option to singly initiate the proceedings and cause processes to be served on beneficiaries not in agreement.

A probate lawyer Argentina is needed not only during initiation of succession claims, but also before death of the decedent. The lawyer will review your written will and advice on terms to include so rightful heirs are not excluded. You can write as many wills and revoke them too, but the last written one before death will be the valid one.

Your probate lawyer will discuss upfront what to expect in fees and thus save you higher expenses which can be recovered in court after the proceedings. So it’s important you reach a mutual agreement before retaining your lawyer.

After the judge has passed a ruling acknowledging the heirs of the estate, the probate document is then registered by your lawyer which then gives you the right to either sell via the Fast Track system or personal management.

Our expert and dedicated team at Kier Joffe Firm are waiting to meet your estate, probate and succession needs with the most effective legal solution. Our reach includes both local and international assets. If you’ve got more questions, we’re just a call away!