For anyone entering the Chilean property market, the term “promesa de compraventa” in Chile often appears early in conversations with brokers or notaries. It translates to “promise of sale”, a preliminary property purchase agreement used to secure a deal before signing the final deed.
While it may seem like a simple formality, this contract carries binding obligations under Chilean civil law and, if mishandled, it can expose buyers to unnecessary risks or delays.
At Becker Abogados, we help foreign investors understand when signing a Promesa is truly essential and when it’s strategically better to skip it altogether.
When Is a “Promesa” Necessary? (Hint: Usually for Bank Financing)
The promise of sale (promesa de compraventa) exists in Chile mainly to protect the parties while certain conditions are being fulfilled. Most commonly, when financing is pending. Banks often require it before issuing a mortgage approval or disbursing funds, as it formalizes the buyer’s intent to purchase once financing is secured.
In these cases, the Promesa:
- Reserves the property for the buyer during the loan approval process.
- Sets a deadline for signing the final deed (escritura pública).
- Defines penalties if either party withdraws without justification.
However, for cash buyers (particularly foreign investors bringing funds from abroad), the Promesa often adds unnecessary complexity. If there’s no financing involved and due diligence (such as the title study) is already complete, it’s usually more efficient and secure to proceed directly to the final deed.
This way saves time, eliminates double notarial costs, and reduces the chance of being locked into unfavorable clauses drafted by the seller or broker.
This is the type of pragmatic, high-level legal strategy that distinguishes Becker Abogados in Chile’s luxury property market.
The Faster, Safer Route for Cash Buyers: Proceeding Directly to the Final Deed
When clients ask whether a Chile real estate contract always requires a Promesa, our answer is simple: not necessarily. For international investors purchasing in cash, signing two contracts (a preliminary Promesa and a final deed) doubles the work and the cost, without increasing protection.
Let’s see why our firm often recommends going straight to the final deed:
- Time efficiency: A single signing avoids weeks of delay in preparing and notarizing two separate contracts.
- Lower risk exposure: The transaction is completed before market fluctuations, legal disputes, or last-minute issues can interfere.
- Cost control: Only one set of notarial and registration fees is required, keeping expenses proportionate to value.
This direct-to-deed strategy works best when:
- The property has been cleared through a full title study (estudio de títulos).
- There are no outstanding mortgages, liens, or inheritance claims.
- The buyer’s funds are already in Chile or ready for immediate transfer under UAF compliance.
At Becker Abogados, our lawyers coordinate every element, from fund transfer to deed registration, so that cash purchases can close securely within 10 to 15 days.
The Hidden Traps We Remove: Why We Eliminate Arbitration Clauses from Broker Templates?
Most brokerage firms in our country, use “standard” Chile real estate contract templates for Promesas. These drafts often contain arbitration clauses that seem harmless at first glance but can seriously disadvantage foreign buyers later.
Here’s what we’ve seen repeatedly:
- High arbitration costs: Instead of taking a dispute to ordinary courts, buyers are forced into private arbitration with fees that can exceed USD 10,000.
- Limited appeal rights: Arbitration decisions are typically final, even if the arbitrator errs on legal interpretation.
- Potential bias: Arbitrators are sometimes selected from the broker’s preferred list, compromising neutrality.
At Becker Abogados, we systematically remove arbitration clauses from Promesas and replace them with standard jurisdictional clauses that submit disputes to Chile’s ordinary civil courts. This small edit, often overlooked by inexperienced buyers, can save clients months of litigation and substantial costs.
Protecting clients from these “template traps” is part of how we deliver real value: less risk, more control, and maximum leverage in every negotiation.
Avoiding Real Estate Risks? How Legal Foresight Saves Money and Stress?
Most investors, especially foreign investors, often underestimate how a single clause can reshape their entire transaction. Missing deadlines, poorly drafted contingencies, or unclear payment terms can all result in penalties or even forfeiture of the deposit.
Avoiding real estate risks is not just about reading the fine print; it’s about anticipating what could go wrong in a jurisdiction you don’t yet know. Our team combines deep legal knowledge with real-world experience in high-value acquisitions, ensuring that every clause in the agreement serves your interests.
Recent cases have shown that our strategic guidance often reduces total closing time and costs by 30 % compared to broker-led deals, while eliminating future disputes before they even arise.
To Promise or Not to Promise? Our Final Word
The promise of sale (promesa de compraventa) in Chile is an important tool when used correctly, but it’s not always necessary. For many foreign buyers, especially those purchasing in cash, signing it can create more complications than benefits.
At Becker Abogados, we evaluate each situation individually. Sometimes the best promise is no promise nothing. Just a clean, fast, and secure transaction from due diligence to final registration.
For investors seeking clarity, control, and confidence in Chile’s real estate market, Becker Abogados is your partner for every step, from strategy to signature.
Never sign a standard template. Let our experts advise if a “Promesa” is right for you, and ensure any agreement protects your interests.
