Superintendency of Companies will regulate housing delivery

According to the order issued by the Superintendency of Companies to control and regulate the construction of housing projects in Ecuador, customers will gain greater security in their investments, but it will extend the delivery process for the houses.

The regulation prohibits real estate companies from receiving money in advance for the construction, if they don’t have the law permits. Last year, the Superintendency forbade the delivery of houses if all the work of the project was not completed.

For example, if a mixed construction (houses and apartments), was to be delivered: apartments in March and houses in July,  with the new ordinance, the delivery date of all houses and apartments could be October.  Once the construction is fulfilled the company can start the respective procedures as to request the respective procedures as : occupancy permits (fire department) certificate of completion of the construction process, and obtention  of the Inscription.

The law is not retroactive, ie it only applies to projects from December 18th.

Clients should consult their respective municipality to determine if the housing project has the necessary permissions, or if the promoter did not know the situation. Users can not receive their homes if the builder has not obtained the Inscription and the work is fully culminated.