Glossary entry (derived from question below)
Spanish term or phrase:
hipoteca recíproca
English translation:
reciprocal lien
Added to glossary by
philgoddard
Mar 6, 2013 13:56
11 yrs ago
12 viewers *
Spanish term
"hipoteca recíproca"
Spanish to English
Bus/Financial
Law: Contract(s)
Real Estate
cuya primera copia fue inscripta en el Registro de Hipotecas de la Segunda Sección , cuyas disposiciones el representante de la sociedad compradora declara conocer y aceptar en todos sus términos, especialmente la **hipoteca reciproca** en él establecida.
Reciprocal mortgage? mmmmm....
What do you say?
TIA
Claudia
Reciprocal mortgage? mmmmm....
What do you say?
TIA
Claudia
Proposed translations
(English)
4 | reciprocal lien | philgoddard |
4 +1 | joint mortgage | Edward Tully |
Change log
Mar 9, 2013 16:39: philgoddard Created KOG entry
Proposed translations
7 hrs
Selected
reciprocal lien
This applies to multi-owner properties. Each owner is required by law to have a charge placed on their property so that they can't sell it without paying their share of communal charges, so they're basically issuing guarantees to one another.
This is from Uruguay's "horizontal property" (ie shared ownership) act:
"Artículo 6º. (De la hipoteca recíproca).- Cada una de las unidades quedará gravada en favor de los propietarios de las otras, en garantía de los gastos de conservación y reparación de los bienes comunes, primas de los seguros y demás expensas necesarias a que se refieren los artículos 5º y 25 de la ley 10.751, de 25 de junio de 1946.
"Dicha hipoteca, que no excederá del 30% (treinta por ciento) del valor fiscal de cada unidad, se documentará en el reglamento de la copropiedad y se inscribirá en el Registro de Hipotecas,que corresponda a la radicación del inmueble, por la sola presentación de la primera copia de dicho reglamento."
--------------------------------------------------
Note added at 7 hrs (2013-03-06 21:06:46 GMT)
--------------------------------------------------
You might need to add a few words of explanation to the translation.
--------------------------------------------------
Note added at 7 hrs (2013-03-06 21:10:18 GMT)
--------------------------------------------------
And you could say "mortgage" too, though that's often used to mean a lien obtained in relation to a loan, which is not the case here.
This is from Uruguay's "horizontal property" (ie shared ownership) act:
"Artículo 6º. (De la hipoteca recíproca).- Cada una de las unidades quedará gravada en favor de los propietarios de las otras, en garantía de los gastos de conservación y reparación de los bienes comunes, primas de los seguros y demás expensas necesarias a que se refieren los artículos 5º y 25 de la ley 10.751, de 25 de junio de 1946.
"Dicha hipoteca, que no excederá del 30% (treinta por ciento) del valor fiscal de cada unidad, se documentará en el reglamento de la copropiedad y se inscribirá en el Registro de Hipotecas,que corresponda a la radicación del inmueble, por la sola presentación de la primera copia de dicho reglamento."
--------------------------------------------------
Note added at 7 hrs (2013-03-06 21:06:46 GMT)
--------------------------------------------------
You might need to add a few words of explanation to the translation.
--------------------------------------------------
Note added at 7 hrs (2013-03-06 21:10:18 GMT)
--------------------------------------------------
And you could say "mortgage" too, though that's often used to mean a lien obtained in relation to a loan, which is not the case here.
4 KudoZ points awarded for this answer.
Comment: "Thanks to everyone. You are always so helpful!"
+1
2 mins
joint mortgage
my take!
--------------------------------------------------
Note added at 6 hrs (2013-03-06 20:07:51 GMT)
--------------------------------------------------
I don't think that 791 hits on Google represent a lot of references, and in many of them the term seems to be used with the same meaning and legal responsibilities as "joint/collective mortgage"...
--------------------------------------------------
Note added at 6 hrs (2013-03-06 20:07:51 GMT)
--------------------------------------------------
I don't think that 791 hits on Google represent a lot of references, and in many of them the term seems to be used with the same meaning and legal responsibilities as "joint/collective mortgage"...
Note from asker:
Ok, then. I'm still working on the deed, so I'll use Joint Mortgage. Thanks Edward. Thank you Tom for your contribution. |
Peer comment(s):
agree |
Adrian MM. (X)
: Lat. Am. in general and Uruguyan in particular: www.derechocomercial.edu.uy/Ley16871.htm
2 hrs
|
many thanks! ;-)
|
|
neutral |
philgoddard
: You haven't given any references, and I don't see how you arrive at this. A joint mortgage is one held by more than one party, such as a husband and wife.
6 hrs
|
this is a mortgage not a guarantee/lien, sorry.
|
Discussion