By: Vitor Ferrari and Ivan Kubala
In short, time sharing or multi-property consists of sharing assets, whether real estate or otherwise, for a period of time, which may belong to one or more partners/investors. It’s a kind of temporary installment of the asset.
In Brazil, 02 (two) years before the enactment of Law n. 13,777/18 that regulates the institute, multi-ownership was recognized, by means of of jurisprudence of the Superior Court of Justice (RESp: 1546165 SP, reported by Minister João Otávio de Noronha). In this specific case, the Superior Court recognized the institute and also claimed it to be a new right, despite not yet having been regulated at that time.
The trend and practice of time sharing are still not well known in Brazil, despite having started in the mid-1960s in Europe and having been regulated almost 03 years ago with the approval of Law No. 13,777/18, known as the Real Estate Multiproperty Law, inserting the articles 1,358-B to 1,358-U in the 2002 Civil Code, which refers to the concept of multi-property as “a condominium regime in which each owner of the same property holds a fraction of time, which corresponds to the right to exclusively use and enjoy the property, to be exercised by the owners alternately”.
Thus, during its period of use, the multi-owner is free to exercise the ownership to use and enjoy the property in the way that best suits him, whereby the others are temporarily deprived of this right.
Given the peculiarities of this modality, another important point that deserves to be highlighted is the possibility of a multi-owner to transfer his rights to third parties without the consent of the others, i.e., without having to submit to division or extinction of the condominium.
The Law actually contradicts the traditional conception of property that was associated to its owner. Therefore, prior to the enactment of the special legislation, it was very difficult to carry out pertinent records and endorsements at the real Estate Registry Offices
Furthermore, the Brazilian legislator did not restrict its application to the nature of the property, resulting in its application in both urban and rural real estate, and is very useful for the latter, since certain obligations contracted by only one multiowner will not be extended to the others, such as the acquisition of mortgage credit, and it remains certain that same will be associated only to the fraction of the time of the debtor multiowner. Moreover, we can mention the absence of the right of preference of a lessee in the event of alienation of the fraction of time of a multiowner who does not participate in the lease relationship.
As a result, it can be concluded that the adoption of multi-ownership represents a breakthrough in real estate relations, bringing numerous benefits to those who intend to avail themselves of this institute, reducing its cost in the acquisition and maintenance of the property, aimed at greater economic exploitation and a greater cost-benefit for all those involved in society.