KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER CHILEAN LAW -

I. STANDARD FORMS OF AGREEMENTS -

A. Offer to Purchase sets forth Buyer’s offer of price, date for closing, contingencies for inspections, financing etc. and date for signing a formal purchase and sale agreement. Seller may accept or reject. If the seller rejects, rejection is considered a counteroffer if reasons for rejection are informed.

B. The most usual form of commitment to sell and purchase real estate, notwithstanding the property’s purpose, features of the parties, or other conditions is through a Promise Agreement. The promise agreement must detail the terms and conditions of the purchase as thoroughly as possible, or it may be deemed invalid and unenforceable. This means the promise agreement must at least include...