This dissertation aims to examine real estate development as a complex contractual phenomenon, recognizing that such activity extends beyond a single agreement and creates a network of multiple interdependent covenants. From this perspective, the study (i) analyzes the function of the grace period provided in Article 34 of Law No. 4,591/64 (Brazilian Condominium and Incorporation Law) as a distinctive form of unilateral termination, enabling the developer to assess the market and financial feasibility of the project; and (ii) evaluates how the implied covenant of good faith and fair dealing and the broader social function of the contract operate as balancing mechanisms, preventing the abusive exercise of this right of termination and ensuring the protection of purchasers and other stakeholders. To accomplish this, the research begins with a historical and doctrinal overview, highlighting the importance of prior recordation of the Incorporation Memorandum and the transparency it brings to all participants, as well as the consolidation of a stable real estate industry over the decades. The dissertation further explores the legal safeguards against unjustified extrajudicial termination of the development project outside the grace period, seeking to harmonize the developer s interests with the protection of prospective buyers. In this regard, it identifies gaps in the academic literature and proposes possible solutions to enhance legal certainty. Finally, it argues that fostering a cooperative relationship guided by the implied covenant of good faith and fair dealing is essential for the solidity of this market, as the trust placed by all parties—developers, builders, financiers, and purchasers—underpins the orderly and reliable growth of Brazil s real estate sector, thereby promoting the country s socio-economic development.