KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER CHILEAN LAW -
I. STANDARD FORMS OF AGREEMENTS -
1. 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 that if there is reason to reject and are informed the reject is considered a counteroffer.
2. 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. Purchase and Sale Agreement shall repeat the terms sets forth in the Promise Agreement.
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