Understanding Real Estate Transactions in Puerto Rico

August 27, 2015 Leave a comment

DOMESTICATION OF JUDGMENT – A New term I learned today

A few days ago I posted about the importance the meaning of words play in understanding legal procedures, specifically real estate transactions in Puerto Rico. Today, I learned about the “Domestication of a Judgement” in New York and how it relates to Puerto Rico.  The lesson was brought about by lawyer Christopher Fanning in Queens, New York.  

Mr. Fanning has a judgment issued in Puerto Rico which needs to be issued in a way that is acceptable to NY authorities.  Of course, the judgment is in a format issued in accordance with Puerto Rico laws.  He had the task of having the Puerto Rico Judgement accepted in New York.

My first thought was that I was facing a situation new to me.  Nevertheless,  as I continue to speak with Mr. Fanning, we began exchanging definitions of the various legal terms used in our respective areas.  We then  came to realize that we both knew the solution to the problem.  We just had different terms to identify this solution which kept us from “seeing eye to eye.”

Once we realized the meaning of the terms associated with the situation, we were both in a position to solve the client’s problem and go about our business.

The meaning of legal terms and their application to real estate transactions is a key element of understanding how our system works, and it is a key element to finding a solution to a given real estate problem.

Moreover and most importantly, understanding the legal terms will bring about a great sense of comfort to the parties performing the closing.

Very truly yours,

Santiago F. Lampón

PD – published with Mr. Fanning’s consent.

Monte Carmelo – A brief update

August 25, 2015 Leave a comment

I received confirmation from a good source that titles are not yet being granted in Monte Carmelo, but that lots are being in fact assigned to qualified individuals.  Who is a “qualified individual” is beyond the scope of this post, but there are well established specific requirements which need to be met in order to have a lot “assigned” to an individual as a prerequisite to title.

Individuals interested in having their rights formally recognized with regards to properties in Monte Carmelo, should not remain idle thinking this is “more of the same.”

Yours,

Santiago F. Lampón

Prenuptial Agreements Under Puerto Rico Law – Some Important Notes

June 28, 2015 Leave a comment

Prenuptial agreements under Puerto Rico Law have very stringent requirements, which when absent nullify most if not all prenuptial agreements done outside of Puerto Rico.

A prenuptial agreement in Puerto Rico requires that it be done through a public deed executed before a notary public in Puerto Rico.  The contents and format of the deed are very specific.  Any deviation from the requirements and the agreement would be ineffective.

A prenuptial agreement in Puerto Rico must completed be done BEFORE the couple is formally married.  Once the couple is married, and agreement cannot be created, any agreement cannot be change and not even corrected.  If the agreement is incorrect in anyway, once the ceremony is held and the vows are exchanged, the agreement is what it is.

As a notary, I have had the opportunity to work with many prenuptial agreements.  At times, I have had situations in which partner decided to engage separate counsel to review the agreement and propose changes before its execution.

If you or someone you know with ties to Puerto Rico is getting married and a prenuptial agreement is part of the equation, make sure that a Puerto Rico notary becomes involved; and of course before they walk down that isle.

Yours,

Santiago F. Lampón

Governor of Puerto Rico and Same-sex Marriage – official declarations June 2015

June 26, 2015 Leave a comment

http://www.fortaleza.pr.gov/content/expresiones-autorizadas-del-gobernador-alejandro-garc-padilla-15

This link takes you to the Governor of Puerto Rico official site and his authorized communication on the United States Supreme Court majority decision on same-sex marriages.

The official expressions make sense to me.  The Governor is going to act promptly but cautiously, and will also ask the Puerto Rico Attorney General to direct the required actions following applicable law.  The Governor also states that he will seek approval from the House and the Senate as needed.

Yours,

Santiago F. Lampón

Categories: Uncategorized

Governor of Puerto Rico and Same Sex Marriage

June 26, 2015 Leave a comment

http://m.apnews.com/ap/db_306488/contentdetail.htm?contentguid=V8w3GGuA

The link will take you to an article which reports that, allegedly,  the Governor of Puerto Rico is set to “change the laws” of Puerto Rico in light of the US Supreme Court decision on same-sex marriages.

I do not know if the report is accurate or not, but I will share my point of view.

First, a governor cannot change a law.  The Governor can initiate the process by filing a bill asking the House and the Senate to consider and approve a law making revisions to Puerto Rico marital law articles.

Second, I would expect that the decision by the US Supreme Court– once it becomes final–would operate on itself.  Of course a reconsideration could be filed, and all that is needed is 1 Supreme Court Judge to change sides for the ruling to go against same-sex marriages.  Though unlikely, it could happen.

We need to wait and see on all of the above.  Nevertheless,  I do believe the writing is on the wall.

Yours,

Santiago F. Lampón

Categories: Uncategorized

The time has come – U. S. Supreme Court Landmark Decision

June 26, 2015 Leave a comment

http://mobile.nytimes.com/2015/06/27/us/supreme-court-same-sex-marriage.html?_r=0&referrer

The link above takes you to a New York Times article on the landmark decision by the United States Supreme Court on same-sex marriage.

This just came out a few minutes ago, and I will be reading the decision to understand how we are going to change our legal documents and procedures accordingly.

One caveat though:  I have not read the judgment by the Court, but I am totally expecting that the ruling does benefit those who on a daily basis participate in real estate transactions in Puerto Rico.

Another aspect I am looking forward to understand, is how the change in situation and legal status may apply to individuals who already own real estate property in Puerto Rico in light of our inheritance laws and overall propietary rights.

Truly yours,

Santiago F.  Lampón

Categories: Uncategorized

Establishing Residence in Puerto Rico – Problems and Solutions

June 24, 2015 Leave a comment

The subject of becoming a resident of Puerto Rico has many variables involved.  Through this video I briefly introduce some problems and some solutions.

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