Real Estate Transactions
ARTICLE 73.- Acts related to real property shall only be subject to this Law when the suppliers are developers, constructors, promoters and other persons that take part in rendering advisory services and sale of housing to the public to be used as dwelling places, or when the consumer has been granted the right to use the real property through the timesharing system, within the meaning of Articles 64 and 65 of this Law.
The contracts concerning the activities indicated in the foregoing paragraph shall be registered with the Agency.
ARTICLE 73 BIS.- With respect to acts concerning the real property indicated in the preceding article, the supplier shall put at the disposal of the consumer the following, at least:
I. In case of pre-sales, the supplier shall show the complete final detail design, as well as the relevant model and, if applicable, a sample of the real property;
II. The documents that evidence the title to the real property. Likewise, the supplier shall inform the existence of any encumbrances that affect such real property, which shall be cancelled once the relevant notarial deed is executed.
III. The legal capacity of the seller, and the authorization of the supplier to promote the sale;
IV. Information on the conditions of the terms concerning the payment of taxes and public utilities;
V. In case of new real property or a pre-sale, the authorizations, licenses or permits issued by the relevant authorities for the construction concerning the technical specifications, safety, land use, types of materials used in the construction and its basic services, as well as other services it may have, according to the applicable legislation. In case of used real property that do not have such documentation, the contract shall expressly indicate the absence thereof;
VI. The structural, architectural and systems' plans or, in absence thereof, the expert opinion on the structural conditions of the real property. If applicable, the reasons for the absence of these documents shall be expressly indicated, as well as the term within which such documentation shall be available;
VII. Information on the characteristics of the real property, such as the stretch of land, surface constructed, type of structure, systems, finishes, accessories, parking place or places, areas to be commonly used with other real property, percentage of tenancy in common if applicable, its services and the general physical condition of the real property;
VIII. Information on the benefits that the supplier may additionally offer in case the transaction is completed, such as special finishes, curtains, tiles and integral kitchen, amongst others;
IX. The payment options that the consumer is able to chose, specifying the total amount to be paid in each one of the options;
X. In case of credit transactions, the indication as to the kind of credit in question, as well as a projection of the amount to be paid, including, if applicable, the interest rate to be used, and fees and charges. In case of a variable rate, the reference interest rate and the formula used to estimate such rate.
If applicable, the mechanisms to modify or renegotiate the payment options, the terms under which such payment would be made, and the economic implications both for the supplier and the consumer;
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