Colombian Decree 282 of 2019´s main purpose is to protect homeowners from all damages they might suffer in case of total or partial property destruction.
The Decree imposes new obligations to builders and sellers enforcing the existing statute of repose. The deadline for this protection should be 10 years following the issue of the technical certification of property occupation, and it can be constituted by a trust fund, a bank guarantee, an insurance policy, or other mechanisms.
Every construction project starting in 2022 and later, must ensure one of the mechanisms mentioned in the Decree in order to obtain all necessary building licenses.
