Colombia: New decree will protect new home buyers

The Decree 282 of 2019 forces building developers and/or owners to establish collateral warranties covering all risk of latent structural defects in the 10 years after properties are sold. Warranties must be net and assure effective rights of action for new homeowners.

The new decree became effective 21 February 2019. Nevertheless, its enforcement is voluntary until 21 February 2021, date in which the transition period ends.