Repurchase of Sold Assets
1. The seller may agree with the buyer on the right to repurchase the sold asset after a period called the repurchase term.
The repurchase term is agreed upon by the parties; if no agreement is made, the repurchase term shall not exceed 01 year for movable property and 05 years for immovable property from the date of delivery of the asset, except where other laws provide otherwise. During this term, the seller has the right to repurchase at any time, but must provide the buyer with reasonable prior notice. The repurchase price shall be the market price at the time and place of repurchase, unless otherwise agreed.
2. During the repurchase term, the buyer shall not establish any transaction transferring ownership of the asset to another party and shall bear the risk of the asset, unless otherwise agreed.
Legal basis: Article 454, Civil Code 2015
