O papel do registro de imóveis na sistematização das alienações fiduciárias em série

Abstract

The fiduciary transfer of real estate in security (alienação fiduciária de bens imóveis), established by Law No. 9.514/1997 and currently underlying approximately 98.20% of real estate finance transactions in Brazil, constitutes the main pillar of collateral in the domestic mortgage credit market. In this context, this dissertation examines the role of the Brazilian Land Registry (Registro de Imóveis) in structuring the so-called series of fiduciary transfers introduced by Law No. 14.711/2023 (Marco Legal das Garantias), taking as its central axis the tension between economic efficiency, legal certainty and the broader movement towards dejudicialisation of secured credit enforcement. The research begins with a historical reconstruction of property rights and their social function, followed by the doctrinal and case-law development of real estate fiduciary transfers, with particular attention to the regime of Law No. 9.514/1997 and to recent innovations concerning eventual ownership, reloading and extension of security interests. It then employs the analytical tools of law and economics, with emphasis on transaction costs, informational asymmetries and the institutional design of secured transactions, in order to assess the impact of this legal framework on the real estate credit market. The study also analyses case law from the São Paulo Court of Justice, the Superior Court of Justice and the Federal Supreme Court on non-judicial foreclosure procedures, in addition to an empirical sample of decisions from the Federal Regional Court of the 3rd Region concerning the consolidation of fiduciary ownership. In its final part, the dissertation explores the legal, technological and operational dimensions of the Brazilian Land Registry — including the fólio real system, the principle of concentration, the SERP platform, the SREI infrastructure and selected performance indicators — with a view to investigating the role of this institutional framework in organizing and publicising complex and successive security interests and its economic effects. The methodology is predominantly deductive, combining bibliographical, legislative and case-law research.