Management over the Puerto Rico Property Registry (“the Registry”) falls under the Puerto Rico Department of Justice. While the notary practice is overseen by the Puerto Rico Supreme Court, the actual recording of real estate transactions is a key responsibility of the Puerto Rico Attorney General’s office.
The Registry has been undergoing a major overhaul for years. The process has been slow, and I have to say that my information led me to understand that it was as a result of carefulness on the part of those responsible for its creation. I am glad to report that my understanding was correct.
The system has now come to fruition and it is up and running; and I have to say that “so far so good.”
In reality, I am quite pleased with the system. As a practising notary, my experience and that of my team has been good and has surpassed expectations.
One key complaint about the Registry has been the length of time it took to review and approve or reject a transaction after it had been filed. This has been a very serious issue. As an example, the first property I ever purchased (personally) had been “pending” at the Registry for 17 years.
With the new system, the Registry has 90 days to either record or reject a transaction once filed. Since the system initiated, the Registry is handling all our transactions within the 90-days timeframe.
Another clear advantage is found when dealing with property tax numbers. The new system allows for the input of the property tax number, which means that we can search for property Registry records using the tax number.
In my opinion, someone got it right and we will see in the coming years if the Registry can turn the page and be acknowledged as one of the best systems in the World. I am not making that statement lightly. The personnel in charge of the system have that goal, and anyone who knows me will promptly acknowledge that I am in full agreement with thinking big.
Very truly yours,
Santiago F. Lampón