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.