Puerto Rico Property Taxes

May 31, 2017 Leave a comment

Good morning!

How is your week going? I hope everything is great!

Puerto Rico Property Taxes, here you have more information on this wild subject, I hope it clears information for you and helps you!

Truly yours,

Santiago Lampón

Puerto Rico Property Taxes – Transcript 

Hello and welcome to Puerto Rico legal blog. My name is Santiago Lampón, a real estate lawyer and notary in Puerto Rico. Puerto Rico Property Taxes. When people hear property taxes they run away, they get scared. I understand it. Sometimes I do myself because of the way Puerto Rico property taxes work or should I say do not work. I am going to clear some of the misunderstandings in the few short minutes with you.

Number one: The records for Puerto Rico property taxes are separate, are independent from title. So you have the Puerto Rico property registry for titles and the Puerto Rico property authority or agency for property taxes. They are separate records. They are now trying to talk to each other but it is not working perfectly yet. So the number one thing that you have to understand when dealing with Puerto Rico property taxes is that what you file, or someone files on your behalf for closing at the Puerto Rico property registry they didn’t necessarily make it into the property tax agency. Or if it made it maybe it was not handled properly. There are times and they are a lot of times when they records at the property tax authority are perfect. Why? In recent years with new programs and systems that they have been establishing, is getting a lot better. But still there are some things that need to be fixed. The other thing you need to understand is that in Puerto Rico unfortunately the property tax authority or agency is not necessarily as proactive in getting things done as you are probably used to where you come from.

Take for example the state of Florida. In the state in Florida the property tax is “chuf”. The property changes values “chuf”. They are maybe a little bit slow in coming down but it is more fluent with market changes. In Puerto Rico it isn’t like that. In Puerto Rico we are using market values for many, many years. You still, I like the way it is done in the United States, people really pay attention to the property taxes, that the information is correct, that the information is properly recorded, that your name is there, that all accounts are up to date and that is the way it should be done. That is the way I encourage my clients to do it, that is the way we handle it when we handle closings. So if you have issues with property taxes in Puerto Rico I understand, you must be concerned. I would be too. I just want to give you a little bit of hope and understanding that it is manageable. Again thank you for watching this video. Again my name is Santiago Lampón; I am a real estate lawyer and notary in Puerto Rico. If you have any questions, send me an email, give me a phone call and I hope you have a great day.

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Puerto Rico Property Taxes

May 29, 2017 Leave a comment

Good morning!

I hope you have a tremendous week!

I wanted to share this new video with you, with more information on Puerto Rico Property taxes. Watch it and let me know if you have any questions or if you need any help.

Truly yours,

Santiago Lampón

Fundamentals of a Real Estate Closing in Puerto Rico

May 24, 2017 Leave a comment

Good morning!

Here is the transcript for my newest video so you can have it!

I hope you enjoy it and find it very useful and clears up the fundamentals in Real Estate Closing.

Continue to have an amazing week!

Very truly yours,

Santiago Lampón

 

Fundamentals of a Real Estate Closing in Puerto Rico- Transcript 

 

Hello my name is Santiago Lampón and I am a notary and a lawyer in Puerto Rico. I work in real estate. I’m going to discuss briefly as best as I can in a short few minutes the fundamentals of a real estate closing in Puerto Rico. Now, Puerto Rico, a lot of people don’t know or are not aware that Puerto Rico was for over 500 years; Puerto Rico has been a colony. I am going to say under control or influence of other countries. Everything started with Spain. So Puerto Rico legal traditions come from Spain. As you probably know, Spanish is our main language, our number one language.

 

The reason I state this is because the practice of real estate in Puerto Rico is highly influenced if not totally based on Spanish law. So when we practice real estate in Puerto Rico we have a different point of view or different approach on how real estate transactions are done. When you compare it to how it is done in the United States, how they are done in Canada, how they are done in other places etc. For example: Latin American. So it is fundamentally important that you understand that difference. Why? Because it opens the door to understanding that you are going to have to familiarize yourself with something new. Of Course that is part of my job, familiarize you with that which is new for you, which is not new for me.

 

The other thing, which is also fundamental, is that you understand that even though the system is different the results are exactly the same, recordable, marketable, clean, clear title. What I like about our system is that it works really, really, it works. Let me tell you one of the things I do. All of the documents that we prepare for our real estate closings when the person is coming from the United States or Canada or elsewhere, we do them in their language, we do them in English. Because even though it is Spanish, our main language is Spanish, the system tolerates and welcomes documents in English. So why not prepare them in English. You see? The other thing is that though we have formats for documents which are significantly difficult to what you may be used to across the United States and Canada again, when you look at the document and you study it and we take you through the document and we show you the different sections, you start going ah. When you are done you really understand the transaction. Then you become very happy. Again my name is Santiago Lampón, I am a real estate lawyer and notary in Puerto Rico. Send me an email, give me a phone call, if you have any questions and I hope you have a great day.

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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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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.

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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

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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.

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