Sep 30, 2022 15:35
1 yr ago
28 viewers *
Spanish term
United Kingdom
DPSI, ACIL
Native in: Spanish (Variants: Latin American, Mexican)
Works in: English to Spanish, Spanish to English
PROMITENTE VENDEDOR Y/O FIDEICOMITENTE Y PROMITENTE COMPRADOR Y/O FIDEICOMISARIO
Spanish to English
Law/Patents
Law: Contract(s)
Purchase of Property contract
Hello, for the execution of a property sale. The phrase is as follows:
"Este contrato contiene el entendimiento total entre "EL PROMITENTE VENDEDOR Y/O FIDEICOMITENTE" y "EL PROMITENTE COMPRADOR Y/O FIDEICOMISARIO"
This contract is from Mexico where some properties are sold under the establishment of a Trust. My guess and after looking it up in the dictionary and elsewhere, is this:
This contract has the total understanding between the "COMMITED SELLER AND/OR TRUSTOR" and the "COMMITED BUYER AND/OR TRUSTEE"
Would this be an accurate translation or am I missing something? I have come across with Trusts and Trustees in the past but never like this sentence, so I am not 100% this is correct.
Any help is much appreciated, thanks
"Este contrato contiene el entendimiento total entre "EL PROMITENTE VENDEDOR Y/O FIDEICOMITENTE" y "EL PROMITENTE COMPRADOR Y/O FIDEICOMISARIO"
This contract is from Mexico where some properties are sold under the establishment of a Trust. My guess and after looking it up in the dictionary and elsewhere, is this:
This contract has the total understanding between the "COMMITED SELLER AND/OR TRUSTOR" and the "COMMITED BUYER AND/OR TRUSTEE"
Would this be an accurate translation or am I missing something? I have come across with Trusts and Trustees in the past but never like this sentence, so I am not 100% this is correct.
Any help is much appreciated, thanks
Proposed translations
+2
1 hr
Joshua Parker
Mexico
Mexico
Native in English
Specializes in field
Mexico
Trilingually educated, globally trained.
Native in: English (Variants: British, US) 
Works in: Spanish to English, French to English, English to Spanish, and 4 more.
Related KudoZ points
:
24
Selected
committed seller and/or trustor and committed buyer and/or beneficiary
I live in Mexico and have translated for many clients setting up "fideicomisos". When non-Mexicans wish to purchase property within the "restricted zone" (100 km from borders, 50 km from coastline), they have to do so through a trust/fideicomiso. This is almost certainly what is happening in the document being translated here.
I'd go with "beneficiary" for "fideicomisario" here; the "trustee" (fiduciario) is the bank, in whose name the property is being held.
And "committed" is spelt with a double "t" in English.
For a definition of the fideicomiso and the parties involved, see:
http://www.fifonafe.gob.mx/acercade/concepto.htm
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Note added at 1 hr (2022-09-30 17:27:27 GMT)
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It makes sense for the "fideicomisario" and the "fideicomitente" to both be individuals - the "fideicomisario" is the buyer (who will ultimately be the beneficiary of the trust, since it is the buyer who will enjoy the use of and rights pertaining to the property) and the "fideicomitente" is the seller, who is essentially placing the property in the trust, i.e. is the trustor. If this is a "promesa de compraventa" then it is simply a private agreement between two individuals, so the bank needn't be mentioned at this point in the process (but it will be later on when the parties sign the fideicomiso papers). And yes, I'd still use those terms because the concepts remain the same, even if your document, at this point, makes no mention of the bank; I'd strongly recommend NOT translating "fideicomisario" as "trustee" because that will put you in a mess when the "fiduciario" (i.e. the bank) is involved.
I'd go with "beneficiary" for "fideicomisario" here; the "trustee" (fiduciario) is the bank, in whose name the property is being held.
And "committed" is spelt with a double "t" in English.
For a definition of the fideicomiso and the parties involved, see:
http://www.fifonafe.gob.mx/acercade/concepto.htm
--------------------------------------------------
Note added at 1 hr (2022-09-30 17:27:27 GMT)
--------------------------------------------------
It makes sense for the "fideicomisario" and the "fideicomitente" to both be individuals - the "fideicomisario" is the buyer (who will ultimately be the beneficiary of the trust, since it is the buyer who will enjoy the use of and rights pertaining to the property) and the "fideicomitente" is the seller, who is essentially placing the property in the trust, i.e. is the trustor. If this is a "promesa de compraventa" then it is simply a private agreement between two individuals, so the bank needn't be mentioned at this point in the process (but it will be later on when the parties sign the fideicomiso papers). And yes, I'd still use those terms because the concepts remain the same, even if your document, at this point, makes no mention of the bank; I'd strongly recommend NOT translating "fideicomisario" as "trustee" because that will put you in a mess when the "fiduciario" (i.e. the bank) is involved.
Note from asker:
| Yes Joshua, you are right, it is about the restricted zone. An Argentinian who will purchase a property within the 50km from coastline. Both, the "fideicomisario" and the "fideicomitente" declare to be individuals. Would you still use these terms even if the bank is not mentioned? Thanks ... and for the typo Now it makes me feel I should have proofread the document before entering this question... |
4 KudoZ points awarded for this answer.
Comment: "Thank you, with a clear mind this morning, it all made sense. For future references, I leave this website:
https://www.gov.uk/trusts-taxes"
49 mins
Patricia Fierro, M. Sc.
Ecuador
Ecuador
Native in Spanish
&
English
Specializes in field
Ecuador
Language and engineering expert
Native in: Spanish 
, English
Works in: English to Spanish, Portuguese to English, Spanish to English, and 7 more.
Related KudoZ points
:
59
seller and/or trustor and buyer and/or trustee
, both of which have entered into this sales promise
Peer comment(s):
| agree |
philgoddard
: Yes, you don't need to translate "prometente".
10 mins
|
| disagree |
Joshua Parker
: The fideicomisario, as an individual buying the property, is the beneficiary of the trust; the bank holding the property is the trustee (fiduciario). See my answer and comments below.
1 hr
|
19 hrs
Adrian MM.
Austria
Austria
Native in English
Specializes in field
Austria
Retd.T&I, Barrister & Austro-Advokat
Native in: English (Variants: British, Scottish)
Works in: Spanish to English, English to Spanish, French to English, and 5 more.
Related KudoZ points
:
278
bound, prospective seller and/or settlor and bound, prospective buyer and/or beneficiary
Notes, admittedly outside of (or Scots: outwith') Mexico where the trust mechnism has already been explained by Joshua:
1. more than the 10-word asking limit.
2. I was going to mention Wilsonn's lower casing point.
3. the asker is in the UK, so BrE: settlor, rather than the AmE trustor (both West) - the term of trustor being rarely used in English Equity / Chancery.
4. buyer & seller as a user-friendlier term to consumers than vendor & purchaser of old.
5 promitente comprador > promising buyer; promitente vendedor > promising seller + fideicomisario > beneficiary, all West.
I've never seen committed buyer & seller in a UK conveyancing transaction, but am willing to learn... cf. Define PERSONS BOUND. This Contract X is not assignable. The terms "BUYER," "SELLER," and "Broker" may be singular or plural. https://www.lawinsider.com/dictionary/persons-bound
Otherwise, I called parties to a *Prelininary Agreement to Sell* prospective or intending buyer & seller as the grantee and grantor, respectively, of a binding, registrable option to buy and sell (call and put option) - the promise being understood.
6. covenantor (seller) & covenantee (buyer) would refer to covenants made in the prelim. agreement or contract itself, rather than an original promise to buy & sell..
Over and out....
1. more than the 10-word asking limit.
2. I was going to mention Wilsonn's lower casing point.
3. the asker is in the UK, so BrE: settlor, rather than the AmE trustor (both West) - the term of trustor being rarely used in English Equity / Chancery.
4. buyer & seller as a user-friendlier term to consumers than vendor & purchaser of old.
5 promitente comprador > promising buyer; promitente vendedor > promising seller + fideicomisario > beneficiary, all West.
I've never seen committed buyer & seller in a UK conveyancing transaction, but am willing to learn... cf. Define PERSONS BOUND. This Contract X is not assignable. The terms "BUYER," "SELLER," and "Broker" may be singular or plural. https://www.lawinsider.com/dictionary/persons-bound
Otherwise, I called parties to a *Prelininary Agreement to Sell* prospective or intending buyer & seller as the grantee and grantor, respectively, of a binding, registrable option to buy and sell (call and put option) - the promise being understood.
6. covenantor (seller) & covenantee (buyer) would refer to covenants made in the prelim. agreement or contract itself, rather than an original promise to buy & sell..
Over and out....
Example sentence:
In the preliminary agreement (or "bilateral sales agreement"), the seller and buyer both agree to round off the sale at a price which is set jointly. Legally, the preliminary contract is the same as a sale
The preliminary agreement for the transfer or real estate is a contractual legal act under which the seller & alleged owner of the transferred property promises to the prospective buyer to appear & sign before the notary the final purchase
Discussion
"This agreement contains/sets forth the full/entire understanding between..."
I've also seen "Whole Agreement" used
https://www.proz.com/siterules/kudoz_general/1.4#1.4