segunda-feira, 2 de janeiro de 2012

CONTRATOS BUILT TO SUIT: AVANÇOS JURÍDICOS

Modalidade serve como garantia para investimentos de fundo imobiliário
bem como lastro de emissão de valores imobiliários

A operação imobiliária denominada built to suit, contrato em que uma parte se obriga a adquirir determinado terreno, prover pela construção de uma edificação para posterior locação à outra, em consonância com o interesse dessa, disseminou-se fortemente no Brasil na última década.

Durante esse período, o entendimento sobre o built to suit, focado inicialmente no fato de o imóvel a ser construído em terreno ser singular, migrou para uma interpretação mais ampla com a caracterização da operação como um contrato atípico.

Contrato atípico é aquele não tipificado claramente pelo ordenamento jurídico, muitas vezes fruto da dinâmica das relações econômicas que permeiam a sociedade civil. Buscando contemplar essa dinâmica da evolução das relações econômicas, o ordenamento jurídico nacional recepcionou a licitude de as partes contraírem contratos atípicos, impondo a tais contratos tão-somente a observância das normas gerais legais.

Assim, mesmo que as relações jurídicas previstas em um contrato sejam tipificadas pela lei brasileira, caso essas relações sejam diversas e constituam um todo indivisível, a interpretação contratual deverá ter, como princípio basilar, a integração das diversas normas aplicáveis ao contrato, com referência às diversas relações compreendidas no contrato; tal integração sob a perspectiva de não desvirtuar ou desequilibrar as relações indissociáveis, subjacentes ao contrato atípico.

O conceito da operação de built to suit como um contrato atípico encontra amparo na distância entre as relações inerentes a esse contrato face ao tipo legal da locação, onde "uma das partes se obriga a ceder à outra, por tempo determinado ou não, o uso e gozo de coisa não fungível, mediante certa retribuição".

Se na locação uma das partes se obriga a ceder à outra o uso e gozo de coisa não fungível, é premissa lógica da locação que a parte que se obriga a ceder tal uso e gozo detenha previamente tal coisa não fungível.

Na operação built to suit, aquele que irá entregar o direito de uso e gozo do imóvel não possui ainda o imóvel, pelo contrário, irá adquiri-lo para que seja possível entregar seu uso e gozo para o terceiro, sendo que essa aquisição (aquisição do terreno e provisão da construção do imóvel) somente se efetiva por exclusivo pedido desse terceiro. Assim, fica evidente que a relação jurídica presente em um contrato built to suit não se confunde com a locação típica, pelo contrário, engloba, entre outras relações diversas, a relação locatícia, caracterizando-se, por conseguinte, como um contrato atípico, onde diversas relações jurídicas co-existem, de maneira complementar e indissociável.

Rescisão antecipada

As grandes vantagens dessa modalidade contratual são o fato de afastar o risco da rescisão antecipada imotivada pelo locatário, assim como a manutenção constante do fluxo dos recebíveis, afastando a aplicação da revisão do aluguel durante o período locatício do contrato. Tais características permitiram um grande desenvolvimento da indústria imobiliária brasileira, servindo tanto como garantia para investimentos de fundo imobiliário, como também lastro para emissões de valores mobiliários, como os certificados de recebíveis imobiliários.

Não obstante o crescimento da indústria, a possibilidade de aceitação da operação de built to suit pelos nossos tribunais, operação totalmente engendrada pela dinâmica dos negócios, sempre foi objeto de questionamento pelo mercado. Essa questão, sem resposta até recentemente, pôde finalmente ser respondida. Em sentença inédita, o Judiciário de São Paulo, ainda em primeira instância, reconheceu como legítima a renúncia ao exercício do direito da revisional em ação proposta por locatária de um contrato atípico de locação.

Aumentando a segurança de tais operações, a sentença entendeu que apesar de existir previsão legal do direito à revisão de aluguel na locação típica, e não obstante o fato de existir entendimento de que esse direito não pode ser afastado por acordo entre as partes, no caso específico entendeu-se como lícito o acordo pela não aplicação desse direito e durante o prazo do contrato atípico de locação.

Fonte: José Paulo Marzagão, sócio da Navarro Advogados

Nota do Editor:
O deputado Júlio Lopes propôs à Câmara o projeto de lei 356/11, que acrescenta novo artigo à lei do inquilinato (8.245/91), visando regulamentar o built-to-suit. A ideia é trazer para o regramento da lei, não só esse tipo de locação, mas manter sob este alicerce todas as modalidades de locações existentes no mercado. A matéria pretende também disciplinar a securitização dos créditos locatícios desse tipo de empreendimento.

Clique no link para conhecer o projeto na íntegra:
http://www.camara.gov.br/proposicoesWeb/fichadetramitacao?idProposicao=491760

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