arras penitenciales

English translation: earnest money

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

Spanish term or phrase:	arras penitenciales
English translation:	earnest money
Entered by:	María T. Vargas

14:50 Nov 14, 2002

Spanish to English translations [PRO]
Bus/Financial

Spanish term or phrase: arras penitenciales

The text reads: "las partes suscriben un contrato de arras penitenciales". I do know what it is, I just do not know what is the correct English wording for it.
Thanks in advance

María T. Vargas KudoZ activity Questions: 837 (none open) (3 without valid answers) (52 closed without grading) Answers: 1451 Spain
Local time: 13:56

earnest money (contract)

Explanation:
On this I'm not totally sure but it gives you something to check out against your context.

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Note added at 2002-11-14 18:43:07 (GMT)
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It would of course be understood as a deposit that could be forfeited in the event of a breach of contract, which would be the meaning of \"penitenciales\". Such is normally the case even though the title itself may not say anything about \"forfeitable\", \"penalty\", etc.

Selected response from:

Henry Hinds
United States
Local time: 05:56

Grading comment

Thanks a lot to you (and "Parrot" please note yours came second and this is the only reason I could not give you the points) and to all the colleagues who contributed answers, comments, etc. There should be a way to share points! Pampi
4 KudoZ points were awarded for this answer

Summary of answers provided

3 +5

earnest money (contract)

Henry Hinds

4 +3

earnest money contract

Parrot

abajo

Luis Arri Cibils

3 -1

Prison Security

Chiwi

1 +1

Not an answer

Andy Watkinson

Answers

12 mins confidence:

peer agreement (net): -1

Prison Security

Explanation:
Hiya - I haven't got a reference, I've heard the reference before.

Regards.

Chiwi
Spain
Local time: 13:56
Native speaker of:

English
PRO pts in pair: 7

15 mins confidence:

peer agreement (net): +5

earnest money (contract)

Henry Hinds
United States
Local time: 05:56
Native speaker of:

English,

Spanish
PRO pts in pair: 26512

Grading comment

17 mins confidence:

peer agreement (net): +3

earnest money contract

Explanation:
See the conditions below:

Reference: http://www.kaktus.com/opt/earnest-money.html

Parrot
Spain
Local time: 13:56
Native speaker of: English
PRO pts in pair: 7645

50 mins confidence:

peer agreement (net): +1

Not an answer

Explanation:
María:

Como han dicho arriba las "arras" = "earnest money".

Recuerdo que en España (al menos) existen dos tipos:

Las "penitenciales" suponen la pérdida de la cantidad depositada (el doble en el caso de la vendedora) en caso de incumplimiento del contrato.

Existe otro tipo (creo que "ejecutorias" o algo así) en las que la parte cumplidora puede exigir el perfeccionamiento del contrato ("specific performance"), es decir, en el caso de una compraventa, dicha parte puede exigir que la parte incumplidora proceda con la compra/venta de la propiedad de acuerdo con lo estipulado en las arras.

Lo menciono sólo para tu información puesto que especificas "penitenciales"

Espero que te ayude.
Andy

Andy Watkinson
Spain
Local time: 13:56
Native speaker of:

English
PRO pts in pair: 1307

57 mins confidence:

abajo

Explanation:
"Arras" IS "earnest money." (See,e.g., Black's LD or the references below). The problem, however, is when the term is qualified as "arras penitenciales." This is a particular case where if the buyer pulls out of the agreement, the seller keeps the earnest money. If the seller is the party pulling out, the buyer is entitled to collect twice the amount of the earnest money deposited. The sale of te property is not enforceable. I do not know whether this type of contracts is used in the US. I have never seen it, although I do not work in the area. I couldn't find a translation.

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ARRAS ( ALSO SENAL) down-payment at purchase-contract - handsel or earnest-money. If having arranged arras penitenciales contract can be dissolved by that means that buyer agrees to loose them or the seller redeems them double

http://www.ctv.es/real-estate/en/ImmoLexikonA_EN.htm

LA PAGA Y SEÑAL
Se trata de una cantidad de dinero que se entrega a cuenta del precio final de la vivienda por la que ambas partes, comprador y vendedor, confirman su intención uno de comprar y el otro de vender.

Si leemos en nuestra reserva que se trata de una "paga y señal" el dinero que estamos entregando forma parte del precio final. Desde ese momento tanto el vendedor como el comprador pueden exigir el cumplimiento del contrato en caso de renuncia de la otra parte, sea cual sea la causa. Si el vendedor no quiere vender el comprador podrá exigir la venta en el precio que se ha determinado y, al revés, si el comprador se arrepiente el vendedor podrá exigir la compra en el precio acordado. En realidad la reserva bajo la forma de paga y señal es un verdadero contrato de compraventa desde el mismo instante en que se firma por las dos partes.

Legalmente esta figura jurídica se denomina arras confirmatorias.

LAS ARRAS
Las arras "a secas" o también llamadas arras penitenciales es una cantidad de dinero que se entrega por una opción de compra. Si leemos en nuestro documento de entrega de señal que se trata de arras penitenciales del articulo 1.454 del Código Civil, estamos ante una opción en la que las dos partes pueden retractarse: el vendedor de vender y el comprador de comprar. Éste último perdiendo la cantidad entregada si es suya la renuncia y el vendedor devolviendo el doble de lo recibido si es suya la renuncia.

Es necesario que se indique claramente en la entrega de señal que se trata de arras penitenciales ya que si no queda especificado se entendería que estamos ante una paga y señal con las consecuencias que ya hemos visto.

http://www.comprarcasa.com/weblogic/guia_lacompra.jsp#senal

Luis Arri Cibils
Local time: 06:56
Native speaker of: Spanish
PRO pts in pair: 515

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English translation: earnest money

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