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Contrato de Promesa de Compraventa sobre inmueble

English translation: Buy-Sell Agreement

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15:43 Nov 25, 2003
Spanish to English translations [PRO]
Bus/Financial
Spanish term or phrase: Contrato de Promesa de Compraventa sobre inmueble
la compañía declara ser parte de un Contrato de Promesa de Compraventa sobre inmueble ubicado en el Club de Golf XXXXX que comprende entre otras a la villa No. (en lo sucesivo denominada “LA VILLA”) y que por lo tanto está de acuerdo en adquirir y en su oportunidad escriturar los derechos de propiedad del citado inmueble, a favor de MR. XXXXXXX, libre de gravamen

¡Agradezco su ayuda!
Luis Rey Ballesteros (Luiroi)
Local time: 19:33
English translation:Buy-Sell Agreement
Explanation:
+

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Note added at 2003-11-25 16:04:53 (GMT)
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Promesa de compraventa: Buy-sell agreement; agreement whereby a person agrees to sell and another to buy a specified article for an agreed price on a given date.

Ref.
Bilingual Dictionary of Legal Terms, Bossini & Gleeson

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Note added at 2003-11-25 16:06:48 (GMT)
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Amazon.com: Books: How to Create a Buy-Sell Agreement & Control ... - [ Traduzca esta página ]
... this book carefully explains each step of this process and provides all the tax
and legal information a business owner needs to draft a buy-sell agreement. ...
www.amazon.com/exec/obidos/tg/ detail/-/0873374649?v=glance - 61k - En caché - Páginas similares

Principal.com - Buy -Sell Agreement - [ Traduzca esta página ]
... This agreement establishes a predetermined business price and a buyer for the business
interest. Two frequently used forms of buy-sell agreements are Cross ...
www.principal.com/bizprotection/buysell.htm - 16k - En caché - Páginas similares



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Note added at 2003-11-25 16:07:29 (GMT)
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Aprox. 140,000 hits in google for \"Buy-sell agreement\"

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Note added at 2003-11-25 16:58:53 (GMT)
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En realidad si existe una distinción entre la traducción de

\"contrato de compraventa\" Purchase contract
y
\"promesa de compraventa\" Buy-sell Agreement
Selected response from:

Andrea Wright
Local time: 20:33
Grading comment
Thanks a million!!!!. Everybody contributed to clarify my idea in this regard.

A difficult choice, indeed!


4 KudoZ points were awarded for this answer



Summary of answers provided
5 +3NOT FOR KUDOZ - CLARIFICATION
María Eugenia Wachtendorff
5 +2Buy-Sell AgreementAndrea Wright
5 +2Real Estate Purchase AgreementJane Lamb-Ruiz
5 +1Preliminary Contract of Sale of Real Property
Graciela Guzman
5Purchase sale agreement
Myriam Garcia Bernabe
4 +1Contract of Promise to Sell Real Property
William Stein
3 +1Preliminary Contract (Option Agreement) to Buy & Sell LandxxxKirstyMacC


  

Answers


19 mins   confidence: Answerer confidence 5/5 peer agreement (net): +2
Buy-Sell Agreement


Explanation:
+

--------------------------------------------------
Note added at 2003-11-25 16:04:53 (GMT)
--------------------------------------------------

Promesa de compraventa: Buy-sell agreement; agreement whereby a person agrees to sell and another to buy a specified article for an agreed price on a given date.

Ref.
Bilingual Dictionary of Legal Terms, Bossini & Gleeson

--------------------------------------------------
Note added at 2003-11-25 16:06:48 (GMT)
--------------------------------------------------

Amazon.com: Books: How to Create a Buy-Sell Agreement & Control ... - [ Traduzca esta página ]
... this book carefully explains each step of this process and provides all the tax
and legal information a business owner needs to draft a buy-sell agreement. ...
www.amazon.com/exec/obidos/tg/ detail/-/0873374649?v=glance - 61k - En caché - Páginas similares

Principal.com - Buy -Sell Agreement - [ Traduzca esta página ]
... This agreement establishes a predetermined business price and a buyer for the business
interest. Two frequently used forms of buy-sell agreements are Cross ...
www.principal.com/bizprotection/buysell.htm - 16k - En caché - Páginas similares



--------------------------------------------------
Note added at 2003-11-25 16:07:29 (GMT)
--------------------------------------------------

Aprox. 140,000 hits in google for \"Buy-sell agreement\"

--------------------------------------------------
Note added at 2003-11-25 16:58:53 (GMT)
--------------------------------------------------

En realidad si existe una distinción entre la traducción de

\"contrato de compraventa\" Purchase contract
y
\"promesa de compraventa\" Buy-sell Agreement

Andrea Wright
Local time: 20:33
Native speaker of: Native in SpanishSpanish
PRO pts in pair: 105
Grading comment
Thanks a million!!!!. Everybody contributed to clarify my idea in this regard.

A difficult choice, indeed!


Peer comments on this answer (and responses from the answerer)
agree  María Eugenia Wachtendorff: This is IT!
32 mins
  -> thanks Maria Eugenia!! :) :)

agree  Alicia Jordá: claro!
1 hr
  -> gracias!! 8)
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35 mins   confidence: Answerer confidence 5/5
Purchase sale agreement


Explanation:
...

Myriam Garcia Bernabe
United Kingdom
Local time: 01:33
Native speaker of: Native in SpanishSpanish
PRO pts in pair: 88
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2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
Preliminary Contract (Option Agreement) to Buy & Sell Land


Explanation:
The second stage in the UK is completion of the conveyance or transfer/US closing of the escrow (?).

Though looking like a covenant, promesa is equivalent to a stock, futures or commodity market call/ put 'option' that can REQUIRE the counterparty to buy or sell.

xxxKirstyMacC
Local time: 01:33
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 1193

Peer comments on this answer (and responses from the answerer)
agree  William Stein: I was hoping you would show up! If there's no transfer of ownership it's got to be a different animal from a regular sales contract.
5 hrs
  -> Right! A first-stage contract of sale in GB transfers a 'contractual interest' and property risks only. The 2nd-stage conveyance transfers the title. Maria is right> the force is covenant-like, but it just ain't called a promise in GB - only in trans,

neutral  María Eugenia Wachtendorff: Hi, Counsel. Promesa de C-V has nothing to do with "Arriendo con promesa de venta". It's just a commitment between buyer and seller of a housing unit. No more, no less.
9 hrs
  -> I agree. That's why 1. I bracketed option 2. I never suggested there was a lease. In GB, it's a first-stage option to buy registerable as a binding ESTATE CONTRACT by a prospective purchaser. It then 'fixes' the whole world with notice.
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2 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +2
Real Estate Purchase Agreement


Explanation:
Pure and simple!


which is NOT the Real Estate Purchase Contract!!

an agreement in English is the translation of promesa, for heaven''s sake!

... Purchase Agreement binding both of them to their agreement. ... them a copy of the signed
Real Estate Purchase Contract so they ... all the terms of the sale and can ...
www.real-estate-purchase-contract-agreement-form.com/ real-estate-purchase-agreement.cfm - 16k - Cached - Similar pages


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Note added at 2003-11-25 18:22:40 (GMT)
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I disagree with all my colleagues except the one who said Real Estate Purchase Agreement, who should get the points. I am only posting this explanation to make it clearer!!

Real Estate Purchase Agreement VERSUS Real Estate Purchase CONTRACT

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Note added at 2003-11-25 23:47:12 (GMT)
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ONE LAST THOUGHT:

You know how contracts in Spanish often say X promises to Y

That is just agrees in english.

If you say \"Purchase Agreement\" it implies a promise or commitment. Just because you have an agreement, does not mean you will buy. Purchase agreement contain clauses that dock the parties. You just don\'t need to say anything else in English.

It;\'s an AGREEMENT NOT anything else....

Jane Lamb-Ruiz
Native speaker of: Native in EnglishEnglish, Native in PortuguesePortuguese
PRO pts in pair: 7709

Peer comments on this answer (and responses from the answerer)
agree  xxxKirstyMacC: Right for the US! No such agreement v. contract distinction in Eng. land - but sale of goods - law.
15 hrs

agree  Andrea Wright: that's why I posted "Buy-sell AGREEMENT" and also added the distinction between agreement and contract :)
1 day2 hrs
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2 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +1
Preliminary Contract of Sale of Real Property


Explanation:
This is an agreement by which the parties undertake to sell and buy in a said period of time. In the event of non-fulfilment the defaulting party pays the other party a sum as damages, no judicial or extrajudicial demand being necessary. In case the Vendor be the defaulting party, he'll repay all and singular sums collected under the agreement to the Buyer.

Graciela Guzman
Argentina
Local time: 22:33
Native speaker of: Spanish
PRO pts in pair: 213

Peer comments on this answer (and responses from the answerer)
agree  William Stein: Wow, did you write that explanation yourself?
4 hrs
  -> Well, yes. It's common practice here where I live and everybody knows. I mean, maybe they can't put it in the same words as we do because we are translators, but in essence it's common knowledge.
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6 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
Contract of Promise to Sell Real Property


Explanation:
Financing
... A document referred to as a Contrato De Promesa de Compraventa (Contract of Promise to Sell) is entered into.
www.costamayaproperty.com/html/body_financing.html - 5k

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Note added at 8 mins (2003-11-25 15:51:54 GMT)
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Apparently distinguished from absolute sale:

GR No. L-59266
... AS WARRANTING READING OF THE AGREEMENT, EXHIBIT C, AS ONE OF ABSOLUTE SALE, DESPITE THE CLARITY OF THE TERMS THEREOF SHOWING IT IS A CONTRACT OF PROMISE TO SELL ...
www.lawphil.net/judjuris/juri1988/ feb1988/gr_l_59266_1988.html - 21k - Cached - Similar pages

GR No. L-46898-99
... b —The contract of promise to sell executed between the Bank and Gerardo Badong is rescinded and cancelled and the Bank is directed to return the amount paid ...
www.lawphil.net/judjuris/juri1989/ nov1989/gr_l46898_99_1989.html - 28k


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Note added at 7 hrs 41 mins (2003-11-25 23:25:12 GMT)
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Maria: Thanks a lot for the explanation, I really appreciate it, BUT: If you sign a sales contract (or agreement), you are the new owner and you can\'t back out just by paying a penalty.
A contract is certainly not the translation of \"promesa\". Promises are not legally enforceable but contracts are. For a contract, you need a firm offer and firm acceptance (plus legal capacity, valuable consideration and legality). Before firm acceptance, the offer is very fragile and can be revoked easily UNLESS you pay option money (valuable consideration) in order to keep the offer open for a certain period of time.

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Note added at 7 hrs 50 mins (2003-11-25 23:33:54 GMT)
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Anyway, my point is that a special contract to keep the option to buy open is called an \"option contract\" in the US, as Counsel suggested. I don\'t know much about Spanish Law and the system might be quite different, but still if you say \"I signed a sales agreement\" to an English-speaker he will think that you are now the owner, which isn\'t the case here: it just means you might be the future owner.

William Stein
Costa Rica
Local time: 19:33
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 1214

Peer comments on this answer (and responses from the answerer)
agree  Patricia Fierro, M. Sc.: real estate?
2 mins
  -> In business they say "real estate", but in legal jargon "real property"

neutral  María Eugenia Wachtendorff: William, the buy-sell agreement/commitment binds both parties. If the buyer backs out, they have to pay a penalty (I have profited from this myself while trying to sell my own house)
51 mins
  -> Right, but I think there might be a distinction betw. "contrato de promesa de cv" et "contrato de "cv" -- Let's hope Counsel shows up!
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1 hr   confidence: Answerer confidence 5/5 peer agreement (net): +3
NOT FOR KUDOZ - CLARIFICATION


Explanation:
This is in response to William's comment as to the difference between a "Promesa de Compraventa" and a "Contrato de Compraventa".

-Promesa de Compraventa (buy-sell promise/agreement) is a commitment between the seller of real property (owner, not broker) and a buyer. As usually people need to get credit before they can to close the operation, this instrument is signed by way of "firm reservation", and involves payment of a penalty in case either party fails to comply within the agreed deadline.

-Contrato de Compraventa is the last step in the transaction, and represents the transfer of ownership rights on the estate.

Hope this is clarifying enough. I would be proud if you accepted my explanation, William.

Saludos,
mew

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Note added at 11 hrs 57 mins (2003-11-26 03:41:28 GMT)
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TO SEE A SAMPLE \"CONTRATO DE PROMESA DE COMPRA-VENTA\":
http://biblioteca.binmo.com/contratos/compraventa.doc

María Eugenia Wachtendorff
Chile
Local time: 22:33
Native speaker of: Native in SpanishSpanish
PRO pts in pair: 3879

Peer comments on this answer (and responses from the answerer)
agree  xxxKirstyMacC: There's no substitute for practical conveyancing experience in the relevant country/countries.
25 mins
  -> Thank you, Sir!

agree  Jane Lamb-Ruiz: you don't need to say compraventa in English MAria it;s just a purchase agreement, really...the clauses take care of your worries...:)
4 hrs
  -> In English you may not need to, Jane, but here in Chile these are two stages in the process. A commitment (which may not materialize) and an independent, final contract superseding the commitment. If Luis were translating into Spanish, I agree with you.

agree  William Stein: Your explanation makes it clear that they are differnt animals, which is why they need different names. Signing a "sales contract" transfers ownership irrevocably (you can't get out of it just by paying a penalty) so it needs to be called something else.
5 hrs
  -> Unfortunately, Counsel is wrong, William. The PROMESA DE C-V is not an "OPTION" but a mutual commitment involving a penalty. DO YOU REALLY THINK I WAS NOT CLEAR ENOUGH IN STATING THAT THESE ARE "DIFFERENT ANIMALS"?
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