December 5, 2018 / 8:34 PM / 13 days ago

Brazil's lower house approves bill to regulate home sales cancellations

SAO PAULO, Dec 5 (Reuters) - Brazil’s lower house approved on Wednesday a bill to regulate the cancellation of home sales, so that buyers who pull out of a deal will lose 25 percent to 50 percent of the amount paid, depending on the structure of the project.

Previously, Brazilian home buyers who decided to cancel purchases could sue to receive all their money back from homebuilders. The bill will move to President Michel Temer to be signed. (Reporting by Maria Carolina Marcello; Writing by Tatiana Bautzer; Editing by Richard Chang)

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