PLEDGE CONTRACT: WHAT IS IT? When we decide to buy a property (house, Department, Site, Local Commercial), usually the first thing to do is sign a Pledge Agreement. This contract will be signed by both parties: promisor promissory seller and buyer. This instrument is a contract that is intended that the parties agree to enter into a contract in the future.
There are two distinct acts:
1) The Pledge itself.
2) The Contract promised, in this case is a sale of real estate.
The Civil Code regulates the contract in Article No. 1454:
We said: "The Promise of a contract NO produced obligation
, unless the following circumstances:
1) That the promise in writing / Just a private deed, except the deed required by law.
2) The contract promised NO than those which declare ineffective laws / words that are not affected by annulment.
3) That the pledge contains a term or condition set by you Time of the conclusion of the Agreement.
4) That it is specified in the contract so as promised, only to miss perfect the tradition of the thing, or solemnities which the law prescribes.
This agreement creates an obligation to do.
Sources: Civil Code - Notes Francisco.
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