BRAZIL Trends and Developments Contributed by: Ivandro Ristum Trevelim, Rafael Jordão Bussière and Fabio Perrone Campos Mello, Campos Mello Advogados
• the implementation of programmes that dis - courage family indebtedness, and the limita - tion of interest rates charged on credit card revolving credit. Significant recent legislative innovations are set out below; these innovations will certainly keep impacting the real estate market in 2024 and beyond. Law 14,620/2023 Law 14,620/2023 was responsible for restart - ing the Minha Casa Minha Vida programme and also implemented a number of changes to real estate provisions, affecting the Public Registry, regulated by Law 6,015/73, as well as: • the Electronic System (Law 14,382/22); • the Real Estate Development and Building Condominium Law (Law 4,591/1964); • the Urban Ground Division Law (Law 6,766/1979); • the Civil Code (Law 10,406/2002); and • the Rural and Urban Land Regularisation Law (Law 13,465/2017). Minha Casa, Minha Vida Minha Casa, Minha Vida is a federal housing programme in Brazil, created in March 2009, which facilitates housing credit for low- income families. In July 2023, the programme was modified with the publication of Law 14,620, with the aim of increasing the number of beneficiaries. This was pursued through the following changes. • Increase in the limit for financing properties: Minha Casa, Minha Vida finances up to 80% of the value of the property, with the remain - der being the entrance payment, which can be reduced with government subsidies and
the use of the FGTS, and the value of each instalment can be up to a maximum of 30% of the combined income of the buyers of the property. • Increased subsidies: if FGTS resources are used, families in the programme will have a greater discount on the entrance payment for the purchase of the property; lower-income families will have government assistance to reduce the value of the financing instalments; and the subsidy for the purchase of the prop - erty will be up to BRL55,000. • Interest rate reduction: for families earning up to BRL2,000 a month, the interest rate has been reduced to 4%, from 4.25%. Changes in the Public Registries Law and in the Electronic System of Public Registries Law (SERP) The Public Registries Law (Law 14,620/2023) has included several new provisions, such as: • the possibility to open real estate records for properties originally acquired if it affects parts of previously registered properties or affects more than one previously registered property; • the Federal Government, States, Federal District and Municipalities can request the opening of real estate records for urban prop - erties without previous registration, whose ownership has been guaranteed to them by law; and • private agreements authorised by law, administrative contracts and terms related to extrajudicial expropriations are admitted for registration in the competent real estate regis - try office. The Electronic System of Public Registries Law (Law 14,620/2023) has allowed electronic state - ments related to real estate, produced by finan - cial institutions authorised to enter into instru -
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