On November 15, 2024, the bill ‘FOR GOOD GOVERNANCE AND THE MODERNIZATION OF CONDOMINIUM PROPERTY’ was published. While the name sounds positive, the content fails to effectively address good governance. It does not outline the responsibilities of administrators or developers, nor does it resolve or strengthen property owners’ rights.
The bill aims to allow developers to modify or change existing condominiums after they have been registered in the National Registry. This would alter the characteristics of the property and the terms under which it was acquired, all without the owner’s consent. Additionally, it allows for the unification, merger, division, and annexation of condominiums by majority vote decision, without the individual owner’s approval. Basically, you can do your research, look for the condo of your dreams according to your needs and what you can afford in terms of maintenance fees—but despite all that, you could end up living in a different condominium with completely different conditions and, most likely, a higher monthly fee, because the proposed law allows it. This puts condominium owners at risk of unfavorable situations.
As the Condominium Owners Association, whose mission is to defend the rights of small property owners, we cannot remain silent. We will firmly speak out to highlight the shortcomings of this bill, which threatens the property rights of true owners and could affect more than 400,000 people.
