This crucial aspect for any real estate transaction in Puerto Rico is one that should precede all courses of action before step one is even taken.

Posted by & filed under Real Estate Transactions.

The best way I know how to organize a closing is by stages. Nevertheless, the most important aspect of this is to establish the stage in coordination with the client and all those involved in the closing BEFORE step one is even taken.

I have come to learn that a critical tool in achieving a smooth and complete closing is the use of checklists.

All closings are not necessarily equal, but they also not need to be too different one from the other. The legal process is basically the same, while acknowledging that each closings tends to enjoy its own set of particulars.

One beneficial aspect of using a checklist is the ability to assign tasks to the different individuals responsible for the transaction and the much needed follow-up as progress is made. The broker, the lender, the title insurance company, the lawyer, and even the client have different responsibilities which may in fact activate during different stages. Checklists and the proper and early assignment of tasks provides everyone with sufficient prediction on the due date of any given task, while also providing everyone with fair and sufficient opportunity to understand who is responsible for what and perform accordingly.

In this regard, individuals who are not accustomed to performing a real estate transaction in Puerto Rico should request that the steps needed to close on any given deal and the projected timetable to perform these tasks be described from the start.

Very truly yours,

Santiago F. Lampón
Lawyer and Notary Public