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Fundamentals of a Real Estate Closing in Puerto Rico

May 22, 2017 Leave a comment

Hello !

I hope you had a fantastic weekend.

I leave you here this video with very useful information.

I hope you have an amazing and productive week!

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Categories: Uncategorized

Wills in Puerto Rico – Why they work?

May 17, 2017 Leave a comment

Good morning!

I hope you are having a fantastic week.

Here  I am giving you the transcript of my latest video, so it is clearer to you or  to a friend, so everyone who needs it can have this information.

Expect more videos and useful information very soon!

Truly yours,

Santiago Lampón

Wills in Puerto Rico – Why they work? – Transcript 

 

Hello my name is Santiago Lampón. I am real estate lawyer and notary in Puerto Rico and welcome to Puerto Rico legal blog. I am going to discuss in this episode wills in Puerto Rico. I have other videos about wills not made or not created in Puerto Rico. But I want you to see the other side of the coin through this video that I am going to share in this few minutes.

 

Wills in Puerto Rico are very formal. When I say very formal they have to be the most formal and also formidable wills on the whole planet. I may be exaggerating it, the whole Spanish system meaning Spain and the one that was developed across Latin America is very similar to Puerto Rico but I am not exaggerating when I say it is formidable. You have to be very specific, it has to be drafted with certain wording, it has to follow certain pattern. There are certain requirements to make sure that the person who is signing the will is in fact the person that the notary is saying is the person signing it. It’s almost like fraud proof, it is iron clad drafting and execution because the formalities not only include what is inside the will it also includes how the will is prepared.

 

My point about this is if you are going to do a will in Puerto Rico, very good. I actually like it. Because as a notary, I and other notaries have to be very thorough about what is asked and what is said and how it is stated in the will. This of course applies, once the will is executed usually you file it, you have to file it, there is a registry for wills, you complete the process but it is not until years later that somebody is going to take a close look at what the notary did and what the party signed and how the deed, because it is a deed, it is a very formal deed. Look for my video about the forms of deeds in Puerto Rico and you will understand, how the deed was executed, how it was prepared and I like it because even though it is very formal it calls for a very specific product. It makes it very clear cut of what should be there and it is there. But there is one thing I want to make clear. It is very important, that the person wanting to do the will goes into very direct and very frequent and specific communication with the notary handling it for him or for her. Don’t assume anything. Make sure that you discuss it in detail with the notary and make sure that you read it with sufficient time and that you understand the process, otherwise you are going to be wondering and wondering, and it is going to be too worry some for you.

 

If you have any questions about this or any other subjects or other videos, send me an email or give me a phone call. Again my name is Santiago Lampón, a real estate lawyer and notary in Puerto Rico. I hope you have a great day.

Categories: Uncategorized

Wills in Puerto Rico – Why they work?

May 12, 2017 Leave a comment

Good morning!

I hope you are having a wonderful week. I have new videos coming up and this is one of them.

This is about wills in Puerto Rico, so you are more familiar with them!

I hope you enjoy!

Truly yours,

Santiago Lampón

Categories: Uncategorized

Filing a Deed at the Puerto Rico Property Registry

May 3, 2017 Leave a comment

Good morning!

I am glad you are following this episodes. This is a VERY important one. So take a look and if you have any questions or need any help do not hesitate to email me, give me a call or post the question on this page.

Continue to do great!

Very truly yours,

Santiago Lampón

Filing a Deed at the PR Property Registry – Transcript

Hello my name is Santiago Lampón, I am a lawyer and a notary in Puerto Rico and welcome to Puerto Rico Legal Blog. In this episode I am going to show you only one document but it is a very basic and important document that I want you to ask from your notary every time you perform a real estate transaction.

The number 1 and number 2 item that people ask me about is how do I find my title, how do I find my deed after I do a closing. I am doing a series of episodes that are associated with the format or the form of a deed in Puerto Rico. If you go through the blog and you search the word deed, you are going to find the episodes, which I deal with that subject. Because a deed is the document that collects all the information, it’s the document that actually represents a real estate transaction in Puerto Rico. If you want to do a purchase and sale you need a deed. If you are going to do a donation you need a deed. If you are going to do a mortgage or cancel the mortgage you need a deed. The deed is the most important form of any other forms in Puerto Rico. For example wills have to be done through a deed. The most useful and generally used form of a will in Puerto Rico.

Now once the deed is done with regards to real estate properties, that deed has to be filed under property registry. Assuming the property is registered at the property registry. We have covered before that some properties are not at the properly registry that’s why I do videos on untitled properties. That’s another subject. Let’s stick to deeds. Once the deed is filed at the property registry the property registry issues a formal and very specific document that in Spanish, if you look at time you have minutes, sixty seconds. The word minute, which is also a document used in corporate law but at the end the letter “e” is substituted by the letter “a” and you have a “minuta”. In this screen I have a “minuta” which shows and what it represents and means is, something that happened at a given time. So let’s look at a document. Because after you are done with the closing ask for your “minuta” from your notary.

Now the “minuta” has a title of the property registry where it belongs to, you know where it is being registered and it also shows you the name of the registrar, the address and the phone number. So at the beginning you already have some very important information. Where you deed was registered, who is the registrar, the address and the phone number. Now, the book is organized by diaries. The document is in Spanish so I am going to translate as best as I can. “Entrada” means entry. Which is just a numerical sequence and “asiento” is chair but it actually translating to English, is “where it sits”. Since they have so many transactions coming in everyday they have to subdivide the numbers. So you have the diary, which in this case was 260,the entry number and the seating number. Those are the three numbers you need to find on the deed while it is pending recording. This one was presented on 4/3/2014 which means the 4th of
March 2014 (its in Spanish, if it were it English it would be 4th of march 2014) at military time, I don’t know why, 1:45 in the afternoon which is 13:45 for the year 2014. The person who present it, the name is called Coralis Rivera Alvarado she works for me. We handle our fillings ourselves. We want to make sure they are done on time. Then the person interested is the person who actually wants this deed to be filed at the property registry and whatever the deed represents registered. It is a public deed. This one was a mortgage cancellation and as I covered in another episode you have to file them at the property registry. It was deed number “blank” (again not disclosing private information) of the 28th of February of 2014. So it shows you when the deed was executed and it shows you when the deed was filed. So this was executed on the 28th of February of 2014 and it was filed on the 4th of March, 4 days later of 2014.

Now it says the notary in Santiago Lampón Gonzalez, yours truly. It has the address and it has the rights that were paid in conjunction or any other documents that were filed in conjunction with the deed. This is a “minuta de presentacion.” A minute of filing at the property registry and it is the document that I recommend that you obtain from your notary after closing is done. Down here has the seal of the property registry. It shows that your deed was actually filed. Like I said before in this case if the cancellation of mortgage is not filed at the property registry it doesn’t serve its purpose.

Again my name is Santiago Lampón. I am a lawyer and notary in Puerto Rico. I hope you have found this episode useful. Remember you can email me your quotations or post them right here on this page and I will look forward to be in communication with you. I hope you have a great day.

Categories: Uncategorized

Releasing a mortgage (LIEN) in Puerto Rico

May 2, 2017 Leave a comment

Hello!

I hope you are doing great! This video is excellent and can help you very much. Let me know if you need any help or have any questions.

Truly yours,

Santiago Lampon

Releasing a mortgage (LIEN) in Puerto Rico

Hello and welcome to this episode of Puerto Rico Legal Blog. My name is Santiago Lampon and I am lawyer and notary in Puerto Rico.

In this episode I am going to show you, I am going to cover a subject that sometimes baffles people who own property outside of Puerto Rico and do not know what exactly to do with their promissory notes once a mortgage has been paid. Mortgage by definition is something that is tied up to a property. You have the note (which is a promissory note) you promise to pay someone. Once that note is paid for, then you get that note back from the bank or the lender if it is a private loan. The important thing is that at the property registry, if it is a mortgage note, the mortgage is the guarantee of the note. It is not the note. It is not the debt. The mortgage is a recording done at the property registry to tie up your land, the title with the land, with the promissory note, so that you are unable to sell the land without paying the note. So once you pay it out and you get your note back you have to cancel that note at the notary’s office so that the notary can record the cancellation of the note and cancel the mortgage at the property registry.

They are two separate things. So you do the promissory note, you pay it out. The lender has to hold the note and when you pay the lender, the lender gives you the note and you say fine, I got the note. Believe me I have seen this many times. This has happened many times. That’s why I’m doing this video. They take the note and they shove it. Some people leave it in the I envelope and put it somewhere and then years later when they want to sell the property the notary says “where is the promissory note?” ” I don’t remember, I don’t remember the note.” And you find it, and what do I do with it and that’s what I’m going to show you. What do with that note?

Now I have here in this screen what is called a deed for the cancellation of a mortgage note. Now remember the promissory note has to have a mortgage associated with it. As I have covered in other videos the notaries practicing in Puerto Rico is very formal and it can only be done by lawyers. So you have here what was my deed number 21, it’s actually a sample. I took out the names and for example I put John Doe so I don’t disclose the name of the client. I also don’t disclose what the property is or anything like that but this was a deed, my deed number 21 and each deed for each year is sequential in number. This was done on the 25th of January of 2012. The person who had the note because the person paid out the mortgage, came to me, I identified the person and the person delivered to me the mortgage note so that I can have it cancelled and then I performed a certain action required on the law so that the note is duly cancelled and the note is attached to this deed.

Now what I do is, I prepare a certified copy of the deed as shown in this little note in the corner and I took that certified copy and send it to the property registry. The registrar looks at the deed and says this has been cancelled, goes to the official records, cancels the mortgage and then the property is free and clear of any liens.

Now it is very important in this regards that if you have a note you take it to a notary, the notary performs the requirements under applicable law, cancels the note and sends the notice to the registry so that your mortgage is cancelled. Otherwise you are going to have problems when you are going to sell the property.

If you have any questions you can send me an email or post it on this page. Again my name is Santiago Lampon. I am a lawyer and a notary in Puerto Rico. I hope you have enjoyed this episode and I hope you have a great day.

Categories: Uncategorized

State Insurance Fund – A Potential Liability Part 2

April 24, 2017 Leave a comment

Hello!

I hope you had an incredible weekend.

As I promised, here is part 2 on State Insurance Fund, so you can have more information on this subject. I hope you have a great week.

Yours,

Santiago Lampón

State Insurance Fund – A Potential Liability Part 2

Hello my name is Santiago Lampón, I am lawyer and notary in Puerto Rico and welcome to Puerto Rico Legal Video Blog. This is part 2 of a 2-part series regarding workmen comp in the real estate environment. What this means is that you are the owner of a given property here in Puerto Rico and you hire an outside firm or builder or company to do some kind of work on your property. I used as an example in the previous video a builder but it refers to anything.

You need to watch the first video because otherwise what I am going to give you now is going to be incomplete. Now let’s say you have someone coming in to your property to perform work and that someone has the workmen comp state certificate. By the way it is FONDO del seguro del estado, It is going to appear in the screen before. The short is the FSE.

Let’s say you have the FSE coverage, the workmen comp state coverage and your builder (which is the example that I have been using) has the coverage as well. The next question is, is the kind of work that you are performing in your property included in that workmen comp. In other words, did you tell the FSE, that what that guy is going to do, is report it to them, so that they can charge you the adequate premium for that work.

Let say you are building a pool and the guy walks in to build the pool. But you report or for whatever reason the category selected is: “Oh, is going to do windows” and an employee has an accident you are not covered. He is not covered either but you are not covered. See the thing is that what we are looking at protecting here is you as a property owner. The FSE is going to look at whether the guy, his boss, has workmen comp. If he does, fine. Now they are going to look at you as a property own if you have workmen comp, if you do, fine, if you don’t you are in problems.

Make sure you look at this for whatever services are going to be rendered inside your property since you are a real estate property owner, which is why you are watching this video. My name is Santiago Lampón, a lawyer and a notary in Puerto Rico and I thank you for watching. Please send me any question you might have by email or post them on this page. Have a great day.

Categories: Uncategorized

State Insurance Fund – A Potential Liabiity (Part 1 of 2)

April 19, 2017 Leave a comment

Hello!

I hope you are having a fantastic week. I leave you with useful information when dealing with workmen compensation.

There is a second part for this video. I will post it very soon.

Truly yours,

Santiago Lampón

State Insurance Fund – A Potential Liability (Part 1 of 2)

Hello, my name is Santiago Lampón. I am a lawyer and a notary in Puerto Rico ad welcome to this episode of Puerto Rico Legal Video blog. If you have any questions about the information that I am going to discuss just send me an email and the address will appear on the screen or you can post a message on here.

I am going to cover workmen compensation in Puerto Rico. I want you before I get into it, I want you to take the subject what you know about workmen comp and throw it out of the way, completely and let’s start from scratch about how it works here in Puerto Rico. I brought with me a drawing board not because it is too complicated but because I wanted to make sure I communicated in a way that it is understandable. So, let’s use the drawing board. I am going to communicate this from the perspective of someone who owns a property in Puerto Rico and is going to have to work performed in that property. The first individual I am going to include here is the property owner. I am just going to say prop owner. That’s the first layer of ownership. Below the property owner you have a builder. One arrow down you see a builder. Of course, the builder will go to the employee of the builder. You have the property owner, the builder and the employee of the builder. This is the guy, this is the individual that we are going to protect him or her but we are also protecting against. So, you are the owner and you have workmen compensation because your insurance agent told you are converable with compensation.

You bring in the builder, the builder is going to build the pool, redo the roof, whatever. The builder brings in employees and one of those employees has an accident. Fell from a stair, step on nail, whatever. Your first thought probably would be he is the employee of the builder, that’s the builder’s problem. Number 2, I have insurance. Now those things normally true, but we are in Puerto Rico, in Puerto Rico we have a state mandated workmen compensation fund. Now I have a general understanding when dealing with the government or the government people. I am the underdog and that’s life. Not how I really feel or think but that’s what I look at. Why am I the underdog? That simple puts me in the position of being a little bit more prepared.

What is the solution? If you are a property owner you must make sure of two things, number 1, that you have the state workmen compensation package. They are right, there is a workmen compensation insurance run, owned, controlled, by the state. Number 2, that your builder, contractor, builder, a repair man, whosoever is going to come to your property to work or come work for you has workmen compensation self-worker. If you do, and this builder doesn’t, that employee can sue you directly. As a matter of fact, the government, workmen compensation fund is going to sue you to recover for what they must pay to that employee for medical care, etc., because it is a good package. The workmen comp program works very well for the employee. It is there to protect the employee. The employee, not the employer, not the owner or whatever. So, you must make sure that anybody that comes to your property to perform work under contract with you that they have workmen compensation and you want them to prove it. Its not enough: “yeah, yeah I have it.” Where is your workmen comp certificate? Show it.

Now there is another piece of information that you need to know but I a going to cover that in the next video in this subject. So again, my name is Santiago Lampón, I am a lawyer and a notary in Puerto Rico. I deal mostly with real estate issues, that’s why I’m referring to workmen comp in the real estate environment. If you have any questions you can send me an email or post them on this page and I want to wish that you have a great day.

Categories: Uncategorized
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