KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER CHILEAN LAW -

I. STANDARD FORMS OF AGREEMENTS -

1. Offer to Purchase: Offer to Purchase sets forth Buyer's offer of price, date for closing, contingencies for inspections, financing, etc., and date for entering into a formal purchase and sale agreement. Seller may accept, reject or counteroffer, based on the original offer.

2. Promise to Purchase: The most usual form of agreement to sell and purchase real estate, is through a Promise to Purchase. The Promise to Purchase must detail the terms and conditions of a Definite purchase as thoroughly as possible, and, consequently, the Definite Purchase and Sale Agreement shall contain the same terms set forth in the Promise to Purchase. The key condition contained in the Promise to Purchase to enter into the Definite Purchase and Sale Agreement is that the titles of the property must comply and be according to law.