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PROMITENTE VENDEDOR Y/O FIDEICOMITENTE Y PROMITENTE COMPRADOR Y/O FIDEICOMISARIO

English translation: committed seller and/or trustor and committed buyer and/or beneficiary

15:35 Sep 30, 2022
Spanish to English translations [PRO]
Law/Patents - Law: Contract(s) / Purchase of Property contract
Spanish term or phrase: PROMITENTE VENDEDOR Y/O FIDEICOMITENTE Y PROMITENTE COMPRADOR Y/O FIDEICOMISARIO
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
Pamela Olea
United Kingdom
Local time: 05:33
English translation:committed seller and/or trustor and committed buyer and/or beneficiary
Explanation:
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)
--------------------------------------------------

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.
Selected response from:

Joshua Parker
Mexico
Local time: 21:33
Grading 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
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +2committed seller and/or trustor and committed buyer and/or beneficiary
Joshua Parker
4seller and/or trustor and buyer and/or trustee
Patricia Fierro, M. Sc.
3bound, prospective seller and/or settlor and bound, prospective buyer and/or beneficiary
Adrian MM.


Discussion entries: 5





  

Answers


49 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
seller and/or trustor and buyer and/or trustee


Explanation:
, both of which have entered into this sales promise

Patricia Fierro, M. Sc.
Ecuador
Local time: 23:33
Specializes in field
Native speaker of: Native in SpanishSpanish, Native in EnglishEnglish
PRO pts in category: 59

Peer comments on this answer (and responses from the answerer)
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
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1 hr   confidence: Answerer confidence 5/5 peer agreement (net): +2
committed seller and/or trustor and committed buyer and/or beneficiary


Explanation:
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




--------------------------------------------------
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.

Joshua Parker
Mexico
Local time: 21:33
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 24
Grading 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
Notes to answerer
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...


Peer comments on this answer (and responses from the answerer)
agree  Richard Cadena: Fideicomisario is beneficiary.
1 hr
agree  ezpz
4 hrs
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19 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
promitente vendedor y/o fideicomitente y promitente comprador y/o fideicomisario
bound, prospective seller and/or settlor and bound, prospective buyer and/or beneficiary


Explanation:
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....

Example sentence(s):
  • 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

    Reference: http://www.wikiwords.org/dictionary/term/365298/728582
    Reference: http://www.lawinsider.com/clause/notice-to-intending-seller
Adrian MM.
Austria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 278
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