Legitimation of SAREB

The Supreme Court (TS) has ruled on a case in which SAREB, the company that manages assets from the banking sector, bought several homes from a company that was in bankruptcy proceedings (that is, in bankruptcy and judicial liquidation). After a judge approved the direct sale of the properties, the homeowners' association claimed payment of the annual fees outstanding from before the official signing of the sale and also those that would accrue from then on.

SAREB refused to pay, arguing that until the notarial deed was signed, it was not yet the owner and therefore was not responsible for assuming the community's debts. The lower and appellate courts ruled in its favor, stating that the sale was not final until the deed was obtained.

However, the homeowners' association took the case to the TS, which has overturned the judicial response. According to the TS, when the bankruptcy judge approves the sale and awards the properties, a "transfer of ownership" already occurs even if it has not been formalized in a public deed; that judicial order is sufficient to consider SAREB as the owner. Thus, it is understood that SAREB must respond to the outstanding community fees from the previous three years and from the date of award until the time of the lawsuit, as well as the legal interests.

This TS criterion clarifies that the handing over to the winning bidder in this type of judicial sales is considered symbolic delivery, and the deed would only be necessary for registering the property, but not for assuming the obligations as the owner before the community.

Our professionals can provide you with appropriate advice on the operation of your community in accordance with regulatory requirements, as well as take the necessary actions to defend your rights.