In a complex economic scenario where debts because the income is not enough, there is a key legal tool that allows the Civil and Commercial Code to protect the family home.
It is about the Affectation to the Housing Protection Regime. This rule, which replaced the traditional “family property” with the entry into force of Civil and Commercial Code of 2015allows giving the property a legal protection, which prevents it from being executed due to obligations subsequent to its registration.
In this context, this Saturday, April 11 the College of Notaries of the City of Buenos Aires organizes a new edition of its campaign “Take care of yours”in which it will be offered free advice and the possibility of doing the procedure at the moment.
The day will be 10 to 13on the avenue Callao 1540 (Recoleta), and marks the beginning of activities for the 160 years of the School. During the meeting, neighbors will be able to come and ask questions about different notarial procedures and processes to protect properties.
The notaries present will also answer questions on a wide range of topics, including paperwork in a mortgage creditinheritances, advance health directives, among others. Furthermore, there will be two open talks: at 10.30, “I am a buyer, I am a seller: who needs the notary more”and at 12, “As buy in a well without being buried?”.
“To celebrate these 160 years, the best way is to provide a service to the community that really works for you. That is a great purpose, be close to people who need the guidance of a scribe and see all the solutions you can find with free advice“said the president of the College of Notaries, Magdalena Tato.
The Affectation to the Housing Protection Regime allows a property intended for family housing Be protected against most debts. In practice, this means that cannot be judicially enforced for common obligations.
For access this benefitthe property must be the main residence, it cannot be used for commercial or rental purposes and only one property can be affected per person.
In any case, there are exceptions: protection does not apply in cases of debts directly linked to the property (such as taxes, fees, expenses or mortgages) or in the face of alimony obligations.
One of the key points is that, if a property is affected by this regime, It cannot be sold without first disassembling it..
Besides, There are usually restrictions when using it as collateral for a rental. However, there is an alternative: Through a deed, the owner can state that he will not oppose this protection against a specific contract. In this way, the property remains protected in general terms, but it can be used as collateral in that specific case.
Who can do it and what to bring
The procedure can be carried out by the owner of the property or for all the condominium ownersin case the property is in the name of more than one person.
To advance, it is recommended to bring:
It’s something quite simple: anticipate. Understanding what tools exist and using them in time can make a difference between a manageable problem and a much more complex one. In that sense, the possibility of doing this procedure at no cost and with direct advice works as an unusual shortcut. “It is a fundamental fact to secure the roof and provide another instance of security to society,” Tato summarized.
