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Real Estate Rules For Sale - Full Text Of The Norm

Original Language Title: INMUEBLES NORMAS PARA SU VENTA - Texto completo de la norma

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Standards are set for the sale of Inmuebles broken in batches and in time

LEY 14.005

Sanctioned: September 30-1950
Promulgated: October 12-1950

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, sanction with force

ARTICLE 1 - Contracts aimed at the sale of broken property in lots, the price of which is to be satisfied by periodic quotas, are subject, as an essential form for its validity to the conditions and requirements set out in this law when the translational deed of domain is not immediately granted.

ARTICLE 2 - The owner of the property who wishes to sell it in the form provided for in the previous article will write down in the Public Real Estate Registry that corresponds to the location of the asset, his declaration of will to proceed to the sale in such a way, accompanying at the same time a certificate of record scribe on the extrinsic legitimacy of the title and a plan of subdivision with the requisitions that establish the respective regulations.

Article 3 - The annotation referred to in the preceding article will only proceed if the property is free of any gravel and its owner in a position to dispose.

If the property is mortgaged, the notice may be made provided that the creditor or creditors accept the division of the debt into the different lots, or when they are judicially compelled to it. The division of debt extinguishes the right of the creditor or creditors to pursue the payment of the receivable against the entire property.

ARTICLE 4 - Upon conclusion of the contract and within six days of its date, it shall proceed to the pre-emptive annotation of the instrument delivered by the seller to the buyer in the Public Real Estate Registry. This period may be extended by regulations on the basis of distance, not exceeding thirty days.

Such an instrument should contain:
(a) Name and surname of the contracting persons, nationality, marital status, age, date and place of granting them;

(b) Individualization of the good with reference to the lottery plane, its location, surface, limits and improvements;

(c) Price for sale, form of payment and agreed interest;

(d) Correlation of the seller ' s title and that of its predecessor in the domain;

(e) Specification of the charges affecting the property, with reference to the official reports that certify them.

ARTICLE 5o - The re-registration of the property in accordance with article 2 o, inhibits the owner for his disposal in a manner other than that provided for in this law, except in the case of withdrawal expressed in writing before the Public Real Estate Registry.

ARTICLE 6 In the event of a conflict between lotes and third-party brokering creditors, the following principles shall be observed:

1o) The buyer who has registered instrument will be preferred to any creditor for the deed of the acquired fraction;

2nd) The embargoes and inhibitions against the seller, subsequent to the date of the award of the pre-notated instrument, may only be effective on unpaid assessed contributions.

ARTICLE 7o - The buyer may claim the deed after having satisfied twenty-five percent of the price, being that irrenunciable faculty and voids all clauses to the contrary, and the seller may demand mortgage guarantee for the price balance.

ARTICLE 8o - The Commissory pact for non-payment cannot be asserted after the purchaser has paid the price portion set out in the previous article, or has made constructions equivalent to fifty percent of the purchase price.

ARTICLE 9o - The buyer may pay the entire debt or pay dues in advance of the agreed deadlines.

ARTICLE 10. - The buyer who transfers the contract must record this transfer in the Real Estate Registry.

ARTICLE 11. - This law is complementary to the Civil Code and will begin to govern the sesena days of its promulgation.

ARTICLE 12. Contact the Executive.

Given the meeting room of the Argentine Congress, in Buenos Aires, at 30 September of the Year of the Probator General San Martin, 1950.

Alberto H. Reales
L. Zavalla Carbó

-Registered under number 14.005-