Rules for multi-lessors relating to the sale of real property intended for housing
Administrative Ruling No. 00042 was published in Official Gazette No. 40,382 of March 28, 2014. Said Ruling contains the general rules established in order for owners and/or lessors of buildings that have been used for leasing for twenty (20) years or more, owned by multi-lessors, to offer them for sale to their lessees (hereinafter, the ‘Ruling”).
The owners and/or lessors of buildings that have been used for leasing for twenty (20) years or more, owned by multi-lessors, must offer each housing unit for sale to their lessees within a period of sixty (60) business days after the entry into force of the Ruling. The offer of sale must be made in accordance with the provisions of the Law for Regularization and Control of Lease of Housing Units.
The Ruling also establishes that the owner and/or lessor that fails to comply with these provisions will be imposed a fine of Two Thousand Tax Units (2,000 TU) per each housing unit not offered. When applicable, the owner and/or lessor must pay the fine in a period of five (5) business days after the breach has been determined. The owner and/or lessor that fails to pay the fine will be considered a repeater and the value of the fine will be doubled. In the event that the owner or lessor does not pay the fine, the National Superintendence of Lease of Housing Units (Superintendencia Nacional de Arrendamiento de Vivienda - “SUNAVI”) will consider the administrative act determining the repetition as an enforceable title and will request from the competent courts the relevant attachment execution of the property subject to the fines.
In order to request the fair value of the real property subject matter of the Ruling, the owner and/or lessor must request it in writing from the SUNAVI, attaching the documentation indicated in the Ruling.
The Ruling became effective upon its publication in the Official Gazette.
In order to access the Ruling, please click here.
“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”