Regulations for homebuyer protection

22 November, 2024
homebuyer protection
Through Circular 004 of 12th November 2024, the consumer protection authority issued new rules for those who promote or sell housing projects, seeking greater transparency and protection for consumers. The circular, which will come into effect in three months, includes several key changes.

Among the measures, companies must ensure that all advertising information is clear, complete, and accurate. This includes detailing the built area, the price in Colombian pesos, the exact location, the estimated stratum, the characteristics of finishes and furniture, as well as the approximate administration costs. They must also specify whether the parking spaces are private or common.

In addition, abusive clauses in contracts and unilateral modifications are prohibited. Any change in delivery dates or conditions must be communicated in advance and justified. Likewise, consumers will know the real costs of a withdrawal before signing.

The purpose of these regulations is to guarantee a more transparent and fairer experience for homebuyers, leaving the provisions of 2023 without effect.

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