He dictionary of the Royal Spanish Academy (RAE) define the term promising as an adjective that qualifies that or that that promises . The concept, therefore, is linked to promise .
East verb , on the other hand, is to guarantee something or to commit to perform some action. The manifestation of this will is known as promise .
The most common use of the notion of promising is found in the legal scope , where it is understood by promise to a contract in which one or both parties undertake to enter into another future contract within a specified period. The promise, in this sense, is a preliminary contract or a precontract .
In this context, the promising is the part that express your commitment to finalize the future contract. According to the characteristics of said contract, we can talk about promising-tenant (if the contract is lease), promising-buyer (in the case of a purchase and sale contract), etc. The other party that participates in the promise is called promissory. If the promise is bilateral, both parties will be called promising.
As in any contract, there are rights and obligations related to the contractual link between promising and promising. If the promising party finally rejects the conclusion of the contract he has promised, the promissory is entitled to initiate a demand .
On the other hand, if the promised thing happened to property from a third party who acted in good faith, the promise will lose its value. The promising one, in this sense, will be responsible for the damages generated to the promisario.
In a promise contract of buying and selling a property, to cite a common example, we find the following two parts: promising seller and the promising buyer . As is normal in these cases, the first paragraph details the information personal or commercial of each one, and it is indicated that from then on the document will refer to each of them by the aforementioned names, instead of using their own names.
The first clause determines that the promising seller agrees to make the sale of the property, which will be described later, to the buyer, who in turn assumes the promise to acquire it. Here you must also indicate data of the property such as its location, its dimensions, the characteristics and the distribution of the land (the dimensions of the built space and the patio or garden, if any).
Another important point to highlight in the following paragraphs is the information regarding the purchase of the property by the promising seller: the public deed number, the date and the city in which the previous contract of sale was signed, among other relevant data .
He price It has its own clause, since it is the key to the exchange. It must be specified in letters and numbers, making it clear that the promising buyer assumes the obligation to deliver said sum to the seller on a date, also defined in the document, which is usually the day of delivery of the public deed.
A concept that is included in a promise of purchase agreement is the pull down , a sum of money that the promising buyer delivers to the other party, as a signal, to guarantee you will fulfill your obligation . If, for different reasons, the first part failed to fulfill its promise, it would automatically lose them, while in the opposite case (if it were the promising seller who breached its obligations), it should recover them.
Finally, the contract must cover the period within which the transaction must be concluded and if the possibility of a extension , information about the conditions that the property must have at the time of delivery and administrative expenses, among others. The signatures of both promising parties close the contract.
