BRAZIL Law and Practice Contributed by: Mariana Cobra, Janaína Vargas, Mayara Zanini and Marcela Freire, Mattos Filho
2. Sale and Purchase 2.1 Categories of Property Rights Ownership
acquisition by the Muffato Group (fourth larg - est retail group in Brazil) from Makro (Dutch SHV Group) of 16 stores, 11 petrol stations and other assets located in the state of São Paulo. • Hospitality: entrance of the Anantara (Minor Group) for the operation of the super high- end brand, located in the states of Bahia and Ceará. • Carbon credits: acquisition of rural prop - erty of approximately 150,000 hectares and respective forestry assets located in the Ama - zon region (state of Acre) for the purpose of conservation of the native forest and issuance of carbon credits thought a highly complex project finance transaction. Mattos Filho also participated in the sale of Faria Lima 3500, an AAA office building that was origi - nally built to suit the headquarters of Itaú BBA, considered the largest Brazilian office building The most relevant legislative proposal that may affect real estate law is the so-called Tax Reform and reform of the Civil Code. The Civil Code Amendment Bill is still in its early stages and will likely undergo a series of chang - es until its approval by the National Congress. Based on proposals so far, the limit on the acqui - sition of rural land by way of adverse possession per person would have a significant impact on real estate ownership. deal in 2023 (BRL1.5 billion). 1.3 Proposals for Reform
The property right that grants to the owner the exclusive right to use, enjoy, dispose of, and reclaim the property. Co-ownership is permit - ted and each co-owner has rights over an ideal share/percentage of a property – similar to a common law tenancy in common. The Real Estate Development Law also con - templates a specific kind of co-ownership, under which each owner has full ownership of its independent unit and an undivided interest in the land and in any common areas of the devel - opment. Co-ownership can also be in the form of time - share – each owner holds a fraction of time in which they can exercise exclusive rights over the property. Useful Domain The useful domain of a specific public property may be granted to private persons by the rel - evant governmental authority. Surface Rights Once created, the landowner continues to own the land and the grantee of the surface right becomes the owner of its surface. Other In Rem Rights • Right of the buyer to a commitment of purchase and sale (deed or agreement): provided the deed/agreement is irrevoca - ble, its registration in the relevant real estate record file grants in rem rights in favour of the buyer, but ownership is not transferred until the purchase and sale deed is executed and registered in the respective real estate record
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