LA FINANCIACIÓN INMOBILIARIA EN BRASIL.

Abstract

The article is about the new system of real mortgage collateral in Brazilian law, based on fiduciary ownership and property encumbrance. The article shares some reflections upon (i) the fiduciary disposal of immovable property as security for entrepreneurs and financers; (ii) fiduciary cession, from the entrepreneur to the financer, of credit rights whose origin lies in the sale of immovable property; (iii) the property-wise autonomy of each real estate undertaking under construction; this the law terms «property subject to encumbrance,» and it only secures the debts of the undertaking; activity continues even in the hypothesis of the entrepreneur's bankruptcy, in which hypothesis the property would come under the administration of a committee made up of the persons who have acquired the property; and (iv) the creation of a category of property subject to encumbrance that is made up of the credits underlying the issuance of certificates in the securitization process; this property is not connected with the property of the securitizing company and is intended exclusively for the payment of certificates and other obligations of the separate property.