Understanding Real Estate Transactions in Puerto Rico
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.