To avoid conflicts that may arise in the real estate market, the Single College of Real Estate Brokers of the City of Buenos Aires (Cucicba) proposed the creation of its Arbitral Tribunal.
A legal tool that allows parties to voluntarily submit their differences through an arbitrator to decide on the dispute, in this case purely of a real estate nature and which can be resolved without prolonging the differences. With this modality, it is hoped that the possible dispute can be resolved in a few months and avoid reaching the judiciary where trials last for years.
The Arbitral Tribunal of Cucicba will award mainly on issues related to activity, disputes that may arise in rentals, purchase sales of real estate, real estate developments, trusts, investments, construction damages, among others.
In order for this tribunal to function, in contracts signed from now on and when the parties deem it necessary, the option may be added. This must be stated in the contract because arbitration is voluntary, although if the parties later choose to go to that instance they will also be able to do so.
“The contracts include a clause in which the parties undertake to submit any dispute arising in such contractual relationship to a particular Arbitral Tribunal. This implies that, if the parties do not agree on an issue, any of them may request that an arbitrator intervene to settle the dispute. What the arbitrator resolves is equivalent to a sentence by a judge,” said Marta Liotto, president of the entity.
A good thing for both tenants, landlords and consortia is that there will be low costs. It is not yet stipulated, but they clarified from the entity that the tariff will be accessible and that the fees will be commensurate with the seriousness of the conflict.
That cost will have a lot to do with the differences in which you have to pay, it is not the same to look for a solution from a trust of 300 units as in a two-room apartment of 40 square meters.
“It is important to clarify the difference between mediations and arbitrations: in the former the main protagonists are the parties if they agree; in the second, the parties make a presentation and the key role is that of the arbitrator,” Hernán Iradi, head of institutional relations at Cucicba, told Infobae.
How it will work
Both registered officials and lawyers specializing in arbitration who wish to join the courts must register at Cucicba to complete the appropriate training.
Interested parties, tenants, landlords, builders, among others, who voluntarily stipulate the possible intervention of the court in the contracts, within a few days the entity that brings together more than 8,000 real estate agents from Buenos Aires, will appoint an arbitrator to invite the parties to submit their proposals.
Liotto said that arbitral proceedings are simple and that it is not necessary to do any cumbersome procedures, “on the contrary, to those who leave it stipulated, requesting it in the contract is open this option”.
A few days ago, a conference was held that combined the face-to-face and virtual, in which Juan Ramón Montero, president of an Arbitral Tribunal in Madrid (Spain), participated, and other experts from countries in our region such as Ecuador and Brazil, where these arbitrations work successfully.
“In the Court of Madrid, a large number of disputes regarding rents, debts, reparations, contract resolutions have been resolved, for example. They have also intervened in conflicts involving large investments in real estate developments when the parties fail to agree. The idea is to replicate that experience in our City,” said Liotto.
What are the most common problems
Experts believe that its application would be a solution to activate and descend the conflict in Buenos Aires. It would be very appropriate to leave it recorded in rental contracts, both for homes, offices and commercial premises.
There are usually the main problems in real estate, where there are sometimes problems due to late payments, or due to breakages in the unit or the consortium (which sometimes delay because they have to be approved in assembly unless it is something urgent), and it is difficult to resolve them immediately.
Also in new constructions it is common for there to be breakages on the part of construction companies that erect buildings and eventually cause damage to the annexed property.
“This will begin to take effect shortly, we hope that voluntarily among the parties that make the agreement will become aware of how valuable it is to accept arbitrations for the future and to avoid attrition and costs in judicial matters that can be circumvented,” Iradi concluded.
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