Rental Law Will be Repealed Tomorrow, by Decree

[Rich One]

As part of the 600 page ! Omnibus decree , the Rental Law, will be repealed tomorrow. No More Rental Law . Rental Contracts will operate under the Civil Code.

 

[Jimbob]

As part of the 600 page ! Omnibus decree , the Rental Law, will be repealed tomorrow. No More Rental Law . Rental Contracts will operate under the Civil Code.

Can you expand on what that means at all? What difference the Civil Code will bring? Cheers

 

[gringoexpress]

Can you expand on what that means at all? What difference the Civil Code will bring? Cheers

This means that there will be apartments available for rent. At the moment, the only rentals available in just about the entire country are "vacation rentals", which lack any sort of legal guarantee of the tenant's continued right to stay there as long as they keep paying the rent. This is because the rental law made it illegal to sign a standard rental contract in any currency but pesos, and since nobody wants pesos, boom the entire rental supply disappeared.

 

[Rich One]

Can you expand on what that means at all? What difference the Civil Code will bring? Cheers

Find for yourself a full explanation, see the link ,and consider the Civil Code regulations prior to the 2020 Rental Law.

https://www.defensorba.org.ar/pdfs/alquileres-guia-de-derechos.pdf

 

[Rich One]

This means that there will be apartments available for rent. At the moment, the only rentals available in just about the entire country are "vacation rentals", which lack any sort of legal guarantee of the tenant's continued right to stay there as long as they keep paying the rent. This is because the rental law made it illegal to sign a standard rental contract in any currency but pesos, and since nobody wants pesos, boom the entire rental supply disappeared.

For as long as the inflation is 1% per day or more, three year contracts in pesos will be almost nihil

 

[blarrow]

Can the rental contracts be in any currency now? If so, they will likely (almost all) be in dollars for the most part?

 

[antipodean]

Can you expand on what that means at all? What difference the Civil Code will bring? Cheers

The main point is that if the parties agree a contract / transaction in dollars, the liability to pay it is in dollars and not local currency (For example, if a dispute about a contract in dollars that previously ended up in court or for collection, the courts would be obliged to “pesofy” the debt/ amount in question meaning the “seller” would always loose out).

On top of this, the parties are now free to agree rental contracts in any currency they wish, for any amount, for any length, and with any adjustment they desire. Once a contract is signed, it is then fully valid and “enforceable” as agreed between the two parties. Frankly this is just legalizing what is already common practice on the informal rental market today, removing the legal risks otherwise faced by owners renting out “informally” (and also minimizing economic risks faced by owners renting out formally).

Hopefully this will also mean prices start coming down as a result of removing these risks for owners and opening up more supply.

 

[sts7049]

it gives renters more security as well, not having to rent things informally.

this supply and demand thing, it's really an amazing concept!

 

[Bajo_cero2]

As part of the 600 page ! Omnibus decree , the Rental Law, will be repealed tomorrow. No More Rental Law . Rental Contracts will operate under the Civil Code.

It cannot be repealed by decree.

 

[Bajo_cero2]

The main point is that if the parties agree a contract / transaction in dollars, the liability to pay it is in dollars and not local currency (For example, if a dispute about a contract in dollars that previously ended up in court or for collection, the courts would be obliged to “pesofy” the debt/ amount in question meaning the “seller” would always loose out).

On top of this, the parties are now free to agree rental contracts in any currency they wish, for any amount, for any length, and with any adjustment they desire. Once a contract is signed, it is then fully valid and “enforceable” as agreed between the two parties. Frankly this is just legalizing what is already common practice on the informal rental market today, removing the legal risks otherwise faced by owners renting out “informally” (and also minimizing economic risks faced by owners renting out formally).

Hopefully this will also mean prices start coming down as a result of removing these risks for owners and opening up more supply.

The only one free is the landlord.