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Why Talk To a Lawyer Before Purchasing Property in Puerto Rico

April 26, 2017 Leave a comment

Hello!

Nice to know you are watching and reading this. Today I am providing you some information on why and how it is useful to talk to a lawyer BEFORE purchasing property in Puerto Rico specifically.

I hope this is useful to you and share it with more and more people that could use the information.

Hope you have a fantastic day and week!

Truly yours,

Santiago Lampón


Why talk to a Lawyer before purchasing property in Puerto Rico – Transcript

Hello my name is Santiago Lampón. I am a lawyer and a notary here in Puerto Rico and I welcome you to this episode of Puerto Rico Legal Video Blog. I am going to cover why you should engage or contact a real estate lawyer before performing your real estate transaction in Puerto Rico.

That before is what I want to clarify. I want to give you a few ideas of why it is important that you do. The before that I mean is, that you have the agreement, you discuss the terms of the agreement with your seller. A broker may be involved but you have an understanding of the kind of deal you want to do, what the purchase price is, what the property is and then you are going to receive a draft of what is normally called a purchase and sales agreement though it is really an option agreement and at that point in time you should have your lawyer review that document. It is going to be prepared by a broker, if there is a broker involved. It may be prepared by the sellers’ lawyer, but there are some items that you should be aware of and you have to make sure yourself with the help of a lawyer that they are included in your contract and I will give you an idea.

The way contracts are drafted and the contents of the contract in Puerto Rico is different, markedly different than to many of the states in the United States, Canada and some other areas. We are more similar to Spain. Louisiana could be an exception but the idea is a contract that you are applying for financing, lets say you need to get financing done to have that contract, that actual closing happen. There is a specific clause that has to be included in that agreement or the agreement is null and void. If the closing is good but it is not correctly drafted you may not receive the adequate notice of which are your rights in the event that you don’t have that finance approved or even if you have it approved what are your duties in order to push the closing forward and that has to be included in the contract. You also have the right if a broker is involved to an inspection of the property performed by someone who is licensed to do that inspection. But you could also plead that right even if a broker is not involved but the difference is: is it included? Is it not included? Does it make it null and ineffective? Or does it make it a valid contract even though it is not in there? There are a few complexities but once you get through them with the help of your lawyer you will be ok.

Again my name is Santiago Lampón. I am a lawyer and notary in Puerto Rico. If you have any questions, send me an email to the address that appears on the screen or give me a phone call or you can write your questions in this page. I hope you have a great day and I am looking forward to seeing you again here in Puerto Rico Legal Video Blog.

Categories: puerto rico

Before a closing in Puerto Rico – What do you need to look at?

April 10, 2017 Leave a comment

Good morning!
And I am back with more information to be useful to you!

I hope you had a great weekend and that this week is very productive! Here is some data about closings in Puerto Rico that you need to look at.

Enjoy!

ML,

Santiago Lampón

Before a closing in Puerto Rico – What do you need to look at? – Transcript

Hello my name is Santiago Lampón I am a lawyer and notary in Puerto Rico and welcome to this episode of Puerto Rico Legal Video Blog. I am going to give you a list, its going to be a complete list, I am going to be giving you what you should be discussing with your lawyer or what you should be looking at, when you are doing a closing for a real estate property in Puerto Rico.

So pay attention and by the way some of these subjects I have already covered on this blog, so you may want to watch some of the other videos I have on this. When you are going to purchase a property in Puerto Rico, obviously, you are going to take a look at the title. That may seem obvious but you want to make sure you discuss it. Is the title OK? Are there any encumbrances? Are they any liens? Are there any restrictions? I’ll give you an example; if you are purchasing a property in a residential area: What are the restrictions that apply to that area? That’s all covered in the title. Yes you have some residential properties with some restrictions and no they are not necessarily what you call legal restrictions. It could be that when the area was created many years ago, somebody signed a contract limiting the use of the property or the use of the area.

One of the items that people on this blog watch a lot and ask questions about, a lot, are taxes. Meaning property taxes. Property taxes are a big issue in Puerto Rico. Are they assessed? Is the property correctly assessed? Not only assessed, not only appraised but has it been correctly appraised. When was the last appraisal done? Did the heirs (if the heirs are present) change the name of the person who appears as the owner of the property at the property tax authority which in Puerto Rico is: CRIM, that’s how you know it. CRIM.

Mortgages. It is common that properties have mortgages, half paid begin cancelled. Will they be cancelled when you are doing the closing? How are they going to be cancelled? That’s one of the items. Another thing you are going to look at maybe is insurance, title insurance, property insurance. This is not necessarily a legal subject but I will give you an example. Some people purchase the properly from someone. Not an entity, someone, an individual. Then they said I am going to rent it, I am going to lease it because I can make money out of it. Then when they go for the insurance they go for personal insurance because personal insurance is cheaper, its less money and they rent the property because this is a residential area.

You know what. If you some of your guests have it claimed maybe the insurance will not cover, because you should have taken another type of insurance, commercial insurance. Just discuss it with your lawyer or discuss it with your insurance agent. These are some of the items. They are actually more things that need to be covered. That would be another chapter and another episode. Again my name is Santiago Lampón; I am a layer and a notary in Puerto Rico. If you have any questions you can send them by email and my email address will appear on the screen or you can give me a phone call or you can post them on this page and I can get to them as fast as I can. I hope you have a great day.

Categories: puerto rico

Quick Survey – Please?

November 19, 2010 Leave a comment

I need some input from you.  Could you please help me?

My purpose in writing this blog is helping you, the reader, understand better the Laws of Puerto Rico and how the Puerto Rico Legal Sytem works.  In pursuing this purpose, I am working on a project for which I need a name.  Accordingly, I would like your input on what would be an appropriate name for this project.

I m working on developing an internet publication to further expand on legal issues affecting Puerto Rico.  This publication will go beyond Vieques–without abandoning Vieques Law–and will enter into the realms of politics, the judicial system and other areas of interest, but all somehow or somewhat connected to the Law.

I have some names suggested to me, but I would like to know your opinion.  What I ask is that you write to me and let me know which name you prefer.  If you wish, you may add why you made that selection.

For those who want to amplify their participacion in this survey, you are invited to suggest names other than the ones I state below.

Here are the proposed names:

PUERTO RICO LAW POST

PUERTO RICO LEGAL SOLUTIONS BLOG

PUERTO RICO LEGAL BLOG

Other names could very well be:

PUERTO RICO LEGAL POST

PUERTO RICO LAW MONITOR

PUERTO RICO LAW REPORT

That is it.  I am looking forward to your replyes.

Thank you very much for your help.

Very truly yours,

Santiago F. Lampón

Categories: News, puerto rico

Vieques, Culebra and Gastón

September 6, 2010 Leave a comment

El Nuevo Día online (www.ENDI.com) published an article on the remnants of Gastón arriving in Puerto Rico tomorrow, September 7, 2010.

On the other hand, on http://www.StormPulse.com the same remnants are labeled as “High-Potential Disturbance.”

Stay alert, but also stay calm.

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