Real-estate companies and users will be able to assume the Biess credit process

The legal procedures, such as the review of documents or contracts, which were only made by the IESS Bank (Biess) through law firms, may also be performed by real-estate companies or users .

 This measure, announced by President Rafael Correa on his weekly address, aims to reduce the delivery time of mortgages credits.

 The Biess acknowledged that credit delivery takes an average of six months, this responsibility has been attributed to the law firms, Land Registry and municipalities. With this change, it is expected to obtain a credit within 90 days.

 According to Hermel Flores, from the Chamber of Construction Industry, the real-estate may voluntarily perform legal procedures of buying and selling process of a property, assume the costs involved and then pass those bills to the Biess, so the entity recognize these values.

 Rumbea added that the idea of real-estate companies making the procedure is very useful to improve the times, and in the case of not having the ability to do the paperwork, they could make agreements with law firms that work with the Biess .