Promote Real Estate Guaranty Law in Nicaragua
The Chamber of Commerce is promoting the approval by Parliament of the Real Estate Guaranty Law.
Wednesday, November 12, 2008
This law will make it possible for businessmen to guarantee their payment obligations using real estate and rights, including those not accepted under the current law. They can also obtain financing more easily and under better conditions. This solves the problem of lack of access to loans for those without property, which limits their financing sources.
The Chamber of Commerce is promoting an initiative that it hopes to present to the Assembly and have it approved before the end of the year.
The new law will allow lenders to accept personal property as a guarantee for loans.
The Property Registry will be in charge of temporarily recording the real estate guaranties.
A law project will enable creditors to accept movables as collateral for loans.
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