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23:11 Apr 8, 2007
This question was closed without grading. Reason: Other
Spanish to English translations [PRO] Law/Patents - Law: Contract(s) / Real Estate Contract
Spanish term or phrase:help understanding phrase...
"En caso de que el Comprador unicamente bajo el entendido de ya contar con los recursos antes pactados para la liquidacion del inmueble por alguna razon no imputable al Vendedor se procederá al pago de una penalizacion por la cantidad de..."
Does this mean that the Buyer shall pay a penalty of XXX amount as long as the Seller has not made a breach, on the assumption that the Buyer already has the agree-upon loan amount? Is there a verb missing or am I misunderstanding the original?
According to my experience (very badly expressed here), the buyer will have to pay a penalty in the event the buyer does not proceed with the purchase (or delays the purchase) after getting an approved mortgage loan for the property.
The lack of punctuation makes it difficult to understand the meaning. Here's what I get: The seller agrees to grant a mortgage loan to the buyer as long as the latter has a certain amount of money. If for any reason the buyer turns out not to have such amount at the moment of buying the property, he must pay a penalty. Hope it helps