Title Clearing in Puerto Rico – A brief introduction
I recently had the grateful experience of meeting and helping key executives of one of the biggest and most successful title clearing companies in the United States. They have a series of clients that have entered the Puerto Rico market, which in turn have placed them in the unexpected but also interesting position of having to become trained in how the title clearing process works in Puerto Rico.
Now, title clearing for us has two variables. On the one hand, is the task of making sure that a title is in perfect condition to be properly and securely transferred to a new owner. This also means that the registration of the title is such, that the property can be successfully used to as a guarantee for a loan. The other face of this coin, is the clearing of the title after a loan has been paid of completely. This action is what nowadays I am referring to as the “lien release” process.
In Puerto Rico we use other expressions or names to refer to this two actions.
When dealing with a title that is not clear, the action of “clearing” the title we refer to it in Spanish as “cleaning” the title or “título limpio.” On the other hand, when we are referring to releasing a property form a lien, we referred to it as “freeing” the property which is the translation from the Spanish “liberando” which means “setting free.”
In sum, we may become confused by different words or by becoming lost in translation. Nevertheless, at the end of the road the end result we can deliver to you is the same; we may just need to reference some dictionaries along the way.
Very truly yours,
Santiago F. Lampón