Promise of Sale Chile (Promesa de Compraventa)

Promise of Sale Chile (Contrato de Promesa de Compraventa) is a preliminary bilateral contract governed by Código Civil de Chile (CC) Article 1554, by which a promitente vendedor (promising seller) and a promitente comprador (promising buyer) agree to execute a definitive real estate purchase agreement (escritura pública de compraventa) before a Notario Público at a future date, subject to the fulfilment of specified conditions and within an agreed deadline. Article 1554 of the Código Civil establishes four cumulative requirements for a valid promesa: the promise must be in writing (constar por escrito); the promised contract must not be one that the law declares ineffective (no ser de aquellos que las leyes declaran ineficaces); the promise must contain a deadline or condition that fixes the time for executing the promised contract (contener un plazo o condición que fije la época de la celebración del contrato); and the promise must specify the promised contract in such terms that only the execution of the solemn formality is lacking (especificarse de tal manera el contrato prometido que solo falte para que sea perfecto, la tradición de la cosa, o las solemnidades que las leyes prescriban).

The Corte Suprema de Chile has established through extensive jurisprudence that the promesa de compraventa de bienes raíces requires escritura pública (public deed executed before a Notario Público) to be valid — a private instrument (instrumento privado) does not satisfy the writing requirement of CC Article 1554 N° 1 for real estate promises. The Notarías de Chile — regulated by the Código Orgánico de Tribunales (COT) Articles 399–437 and supervised by the Corte de Apelaciones of each jurisdiction — provide the notarial authentication required for the promesa and the subsequent compraventa.

The promesa de compraventa is the standard preliminary contract used in Chilean real estate transactions for residential properties (departamentos and casas), commercial properties (oficinas and locales comerciales), agricultural land (predios agrícolas), and development plots (terrenos). Real estate developers (inmobiliarias) such as Paz Corp, Fundamenta, Almagro, Siena, and Moller y Pérez-Cotapos use promesas de compraventa to secure buyer commitments for off-plan (en verde or en blanco) residential projects — the buyer signs the promesa and pays a percentage of the price as advance payment (pie) while the developer completes construction and obtains the recepción final from the Dirección de Obras Municipales (DOM) under the Ley General de Urbanismo y Construcciones (LGUC — DFL N° 458 of 1975).

The Conservador de Bienes Raíces (CBR) — the public registry where all real estate ownership transfers (inscripciones de dominio), encumbrances (gravámenes), and prohibitions (prohibiciones) are registered — does not inscribe the promesa de compraventa, but the buyer should obtain a certificado de dominio vigente and certificado de gravámenes y prohibiciones from the CBR before signing the promesa to verify the seller's clear title and absence of liens. The Servicio de Impuestos Internos (SII) assigns each property a rol de avalúo (tax assessment number) used for property tax calculations under the Decreto Ley N° 3.063.

Real estate prices in Chile are predominantly denominated in Unidades de Fomento (UF) — the daily inflation-adjusted unit of account maintained by the Banco Central de Chile — ensuring that the agreed price maintains its real purchasing power between the date of the promesa and the date of the definitive compraventa. The Comisión para el Mercado Financiero (CMF) regulates mortgage lenders (mutuarias) including banks and non-bank lenders that provide hipotecarios (mortgage loans) to buyers, with the hipoteca registered at the CBR as security for the loan.

A Promise of Sale Agreement Chile is required whenever a buyer and seller wish to formalize their commitment to execute a future real estate purchase before a Notario Público, establishing binding obligations with penalties for non-compliance while conditions precedent — such as mortgage approval, title verification, or construction completion — are satisfied.

Homebuyers purchasing apartments (departamentos) or houses (casas) in Santiago's residential market — in comunas such as Providencia, Ñuñoa, Las Condes, La Florida, Maipú, and Puente Alto — sign promesas de compraventa to secure the property while the bank (Banco de Chile, BancoEstado, Banco Santander Chile, Scotiabank Chile, or Banco BCI, all regulated by the CMF) processes the hipotecario (mortgage loan) application. The typical timeline from promesa to escritura de compraventa is thirty to ninety days, during which the bank conducts property appraisal (tasación), reviews title certificates from the CBR, and obtains internal credit approval.

Real estate developers (inmobiliarias) registered with the Cámara Chilena de la Construcción (CChC) require buyers to sign promesas de compraventa for off-plan residential projects (proyectos en verde or en blanco) before construction completion. Ley N° 19.932 on Guaranteed Real Estate Promises established that the developer must provide a boleta de garantía bancaria (bank guarantee) or póliza de seguro (insurance policy) securing the buyer's advance payments (pie and installments) until the definitive compraventa is executed — protecting buyers against the developer's insolvency or failure to complete construction.

Sellers of existing properties need a promesa de compraventa to secure the buyer's commitment while they resolve pending matters — lifting existing hipotecas or gravámenes registered at the CBR, obtaining the alzamiento (mortgage release) from the existing lender, resolving co-ownership situations (comunidades) under CC Articles 2304–2313, or completing ongoing posesión efectiva processes for inherited properties.

Foreign buyers acquiring vacation properties in Chilean resort areas — Viña del Mar, Pucón, Puerto Varas, San Pedro de Atacama — sign promesas de compraventa while obtaining their RUT from the SII and establishing banking relationships in Chile. Agricultural investors acquiring predios agrícolas in the regions of O'Higgins, Maule, Biobío, and La Araucanía use promesas de compraventa to conduct due diligence on water rights (derechos de aprovechamiento de aguas registered in the Registro de Aguas of the CBR under the Código de Aguas — DFL N° 1.122 of 1981) and regulatory compliance.

Real estate brokers (corredores de propiedades) operating through Portal Inmobiliario, TocToc, and Yapo.cl facilitate transactions that require promesas de compraventa as the binding preliminary step before the definitive escritura de compraventa is executed at the Notaría.

A valid Promise of Sale Agreement Chile under Código Civil Article 1554 must contain the following essential elements to constitute an enforceable promesa de compraventa that meets the four cumulative requirements established by law:

Written Form — Escritura Pública (CC Art. 1554 N° 1): The promesa de compraventa of real estate must be executed as a public deed (escritura pública) before a Notario Público competente. The Corte Suprema de Chile has consistently held that a promesa de compraventa of bienes raíces executed as a private instrument (instrumento privado) is null and void (nula de nulidad absoluta) for failure to comply with the writing solemnity required by CC Article 1554 N° 1 in conjunction with CC Article 1801 (which requires escritura pública for the sale of real estate). The Notario incorporates the promesa into the protocolo notarial and issues authorized copies (copias autorizadas) to each party.

Identification of Parties: Full legal names, RUT numbers (Rol Único Tributario issued by the SII), nationality, marital status (estado civil), profession, and domicilio of the promitente vendedor (promising seller) and promitente comprador (promising buyer). For married sellers under the régimen de sociedad conyugal (community property), both spouses must sign the promesa under CC Article 1749. For corporate parties, include the company's razón social, RUT, legal representative's name and authority, and inscription at the Registro de Comercio of the CBR.

Property Description (Descripción del Inmueble): Precise identification of the real estate — street address, apartment or unit number, comuna, city, and región; the property's rol de avalúo (SII tax assessment number); the CBR inscription data (foja, número, and año at the Conservador de Bienes Raíces); total built area and land area in square metres; and property boundaries (deslindes) for houses and land. For off-plan properties, reference the approved architectural plans (planos aprobados) and building permit (permiso de edificación) issued by the Dirección de Obras Municipales (DOM).

Sale Price and Payment Terms (Precio y Forma de Pago): The total sale price denominated in Unidades de Fomento (UF) or Chilean Pesos (CLP), with a detailed payment schedule: the initial deposit or earnest money (arras or señal) paid at signing; progress payments during the period between promesa and compraventa; the amount to be financed through a hipotecario (mortgage loan) from a CMF-regulated bank or mutuaria; and the balance payable at the time of the escritura de compraventa. The price must be sufficiently determinate under CC Article 1554 N° 4 to specify the promised contract completely.

Deadline for Definitive Contract (Plazo para Escritura Definitiva — CC Art. 1554 N° 3): A specific deadline (plazo) or condition (condición) that fixes the time for executing the definitive escritura pública de compraventa before the Notario Público. The deadline is typically expressed as a specific calendar date (e.g., "within ninety calendar days from the date of this promesa") or tied to the occurrence of a specified event (e.g., "within thirty days of the buyer obtaining mortgage approval from a CMF-regulated bank"). CC Article 1554 N° 3 requires that the promesa contain a plazo or condición — absence of this element renders the promesa null.

Penalty Clause (Cláusula Penal): A multa or cláusula penal under CC Articles 1535–1542 establishing the financial penalty for non-compliance by either party. Typical penalties range from 10% to 20% of the sale price. The penalty clause serves as both a deterrent against breach and pre-liquidated damages (avaluación anticipada de perjuicios) — the non-breaching party can claim the penalty amount without proving actual damages. The promesa should specify whether the penalty is compensatory (compensatoria — in lieu of performance) or moratoria (moratoria — in addition to demanding specific performance).

Title Verification Conditions (Condiciones de Estudio de Títulos): Provisions granting the buyer a period to conduct due diligence on the property's legal status — review of the certificado de dominio vigente, certificado de gravámenes y prohibiciones, and certificado de litigios pendientes from the Conservador de Bienes Raíces; verification that contribuciones de bienes raíces (property taxes under DL N° 3.063) are current through the SII; confirmation that the property has no pending municipal violations (infracciones municipales) with the DOM; and review of the property's regulatory compliance under the LGUC and OGUC. The buyer typically has fifteen to thirty days to complete the estudio de títulos (title study), conducted by an abogado specializing in derecho inmobiliario.

Mortgage Contingency (Condición de Financiamiento): If the buyer requires mortgage financing, a condition precedent (condición suspensiva) that the buyer obtains a hipotecario from a CMF-regulated institution within a specified period. If the mortgage is not approved within the deadline, the promesa typically terminates and the seller returns the buyer's advance payments (pie) without penalty — or the parties may agree to extend the deadline. The Superintendencia de Bancos e Instituciones Financieras (now part of the CMF) regulates mortgage lending practices and disclosure requirements.

Property Delivery Terms (Entrega del Inmueble): The date and conditions for physical delivery (entrega material) of the property to the buyer — typically at the time of inscription of the escritura de compraventa at the CBR. The promesa should specify whether the property is delivered furnished or unfurnished, the condition of delivery (documented in an acta de entrega), and responsibility for utility connections (Enel Distribución, Aguas Andinas, CGE, or regional providers).

Forms-legal.com provides this Promise of Sale Chile template as a reference for buyers and sellers entering into preliminary real estate agreements under Chilean law. Given the significant financial stakes and the strict validity requirements of CC Article 1554, both parties should engage an abogado specializing in derecho inmobiliario to review the promesa before execution at the Notaría. Los usuarios de forms-legal.com pueden descargar este documento de forma gratuita en formato PDF o DOCX, completar los campos del formulario guiado y obtener un documento listo para firma.