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Thank you. All this discussion has helped clarify the process a lot, although to be honest, I'm still not sure how to render it in English. Can anyone offer me a suggested answer?
Catherine, the seller sells the property to the buyer and the buyer (who is now the owner) mortgages the property to the seller as collateral against defaulting on repayment of the loan.
Is there any possibility that the buyer is somehow mortgaging the very same company that he is buying the property from i.e. if he has an interest in that company?
Just an idea, I've completed the rest of the document and there's no indication of this, nor of the basis of the mortgage.
I can see what you're saying, Robert, about the buyer being the subject of the verb 'hipotecar', but why would it be 'a la primera'? surely he would be pledging 'a' the asset used as guarantee rather than 'a' the seller?
ok, thanks, I wasn't clear on that. And do you think that 'por parte' just means something like 'on behalf of' or 'with relation to', rather than any division of the price?
"To mortgage" is synonymous with "to pledge", so it is the buyer who mortgages the property to the seller, look:
Since the buyer/borrower is pledging the property, he/she is "mortgaging" the property and in known as the "mortgagor". The lender is the recipient of the pledge, and therefore is the "mortgagee". http://mersnews.com/2--Who-is-the-Mortgagor--What-is-the-Mor...
I see what you mean. There is definitely nothing after this although it may become clearer in the body of the document. Just to clarify, is that the usual construction, to say that Mr XXX 'hipoteca a' the company, to mean that he receives the mortgage from them?
At this point I'm deducing that Mr XXX is buying the parcel from the corporation but that they are also providing him with the mortgage to do so. I'm not sure about this though, is this common?, and does 'por parte' in this case just mean 'for (on behalf of) the [whole] price', or does it literally refer to a 'part' of the price?.
the latter mortgages to the former for part of the price
Explanation: That's my attempt. Pretty confident about the first part; it's the "for part of the price" that I'm not entirely sure about.
Robert Carter Mexico Local time: 14:48 Native speaker of: English PRO pts in category: 91
Notes to answerer
Asker: Thank you! Actually, there is mention in the full document of a partial payment having been made and then installments which are due, so that may be relevant.
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