Property Taxes in Puerto Rico – Part 1 of 4
Real estate closings in Puerto Rico are distinctively unique in comparison to closings across most of the United States of America and other English speaking countries. Many individuals are not aware, that there is an almost direct relationship or “connection” between the language spoken and the legal system followed in any given country.
Across Latin America, legal systems follow closely the Spaniard System of Law. Puerto Rico is not the exception and, accordingly, our real estate transactions mirror the manner in which transactions are handled in Spain in comparison to the handling of real estate transactions in the USA.
Through this video, #1 in a series of 4, lawyer and notary public Santiago F. Lampón introduces the issue of property taxes in connection to a real estate transaction under Puerto Rico Law. Through the other videos in the series, Mr. Lampón describes the various areas of concerns finalizing with a description on how to diminish the potential liability.