NEWS ■

NEW REGULATION OF LAW NO. 21,442 ON REAL ESTATE CO-OWNERSHIP

On Thursday, January 9, 2025, Supreme Decree No. 7 of the Ministry of Housing and Urban Development was published in the Official Gazette. This decree approved the Regulation of the New Real Estate Co-Ownership Law No. 21,442 (the “Law”). The Regulation expands and complements the Law, specifying its application in key areas such as participation in assemblies, financial administration, the registry of co-owners and other occupants, the duty of care for common property, and regulations related to public-interest housing condominiums.

The main areas regulated by the Regulation include:

Supplementary Application: Covers all matters not expressly regulated by the condominium's co-ownership bylaws. Additionally, it declares null any provisions in these bylaws that do not conform to the Law and its Regulation.
Registration Obligation: Requires co-owners, tenants, and other occupants of each condominium unit to request their inclusion in the Co-Owners Registry and specifies its content.
Assembly Convening Rules: Establishes deadlines and formalities for convening co-owners’ assemblies, including requirements for holding virtual and hybrid assemblies.
Minimum Standards for Common Property: Differentiates standards for applying Article 24(2) of the Law, specifying that sub-administrators are not required when a condominium consists solely of a collective building with more than 200 residential units.
Administrator's Duties: Includes the collection of financial obligations, issuance of debt status certificates for units, reporting to the management committee, and maintaining condominium accounting records.
Emergency and Evacuation Plans: Mandates the preparation and updating of emergency and evacuation plans in condominiums, including submission to Chile’s Carabineros and Fire Department in the municipality where the condominium is located. This must occur before requesting final acceptance of construction works or establishing the condominium under real estate co-ownership when final acceptance has already been granted.
Parking Allocation Adjustments: Establishes the basis for requesting approval from the municipal director of public works to allocate fewer parking spaces than required by the Law in public-interest housing condominiums.
Review of Current Bylaws: Obligates each community's management committee to review the existing co-ownership bylaws and propose necessary adjustments to the co-owners' assembly to ensure compliance with Law No. 21,442. This obligation must be fulfilled within one year of the Regulation’s publication.

For additional information on this matter, please contact Julio Trucco Vera (jtrucco@jdf.cl) or Germán Guerrero Lehuedé (gguerrero@jdf.cl).

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