PROPERTY ASSET MANAGEMENT: LEGAL FRAMEWORK

Abstract

The Property Asset Manager is a figure of the construction process of recent implantation in Spain, also the Spanish legislation in force does not expressly contemplate it like an agent of the construction. We have analyzed and interpreted the legislation, especially the “Ley de Ordenación de la Edificación-LOE”, to see what could be applied. We have also analyzed the legal nature of the contract, as well as the responsibilities deriving from their works, taking into account the applicable rules to the construction process as well as the contract of the Property Asset Management and its penal responsibility. To conclude, the actions of the Property Asset Management, even if it is a figure that is not expressly regulated in the current Spanish legislation, is subject, directly or indirectly, to the scope of application of the regulations regarding contractual liability of the LOE, the Civil Code and The Penal Code. From our point of view, the Spanish courts will be recognizing the figure of the Property Asset Management as a new active agent of the construction when it comes to performing management functions, that is to say, delegated developer. We believe that an update of the LOE is needed, in the sense that it includes this new figure, Property Asset Management, along with many more agents that fight their way through the Spanish construction process. However, they have a lot of strength in the international field.