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Hello and welcome to Puerto Rico Legal Blog Podcast.

My name is Santiago Lampón.  I am a real estate lawyer and notary in Puerto Rico; and I publish this podcast with the idea of providing to you some simple-understandable information, about performing, realizing or being a part of real estate transaction in Puerto Rico.

I want to cover some critical aspect about real estate transactions with regards to the removal of a lean or the clearing of a mortgage in Puerto Rico.

One aspect that is critical for anybody who is doing a transaction in Puerto Rico to understand, in the fact that nowadays in the United States, across United States a lot of digital sign or digital of signature of deeds, of notes, of transaction aren’t being done. Nowadays everything is electronic.  And in Puerto Rico we have authorization under the law to perform digital signature of document.

But there is one particular document you don’t want to do or get by with digital signature, and that would be the promissory note.

In Puerto Rico, to cancel a mortgage you need the original promissory note. You cannot do away with a simple copy or certified copy or digital copy of a promissory note in order to remove a mortgage from the (Property) registry.  You need the original promissory note.

Here is a note, or I better say, a warning to all those companies, entities, banks, investors who are dealing with notes, you want to make sure you safeguard the original, and when you are done–meaning your borrower paid the mortgage in full–you need to return this original to the borrower, and you should do it by certified mail return receipt request; or if you are going to use UPS of FedEx, make sure you keep record that it was in fact delivered.

On the side of the borrower, once you are done paying a mortgage–a note which is encumbered, which is protected or guaranteed by a mortgage in Puerto Rico, you want to make sure that you receive your note back, and once you get that note you need to take it to a notary in Puerto Rico for the notary to perform certain formal of actions which will resort in the cancellation or removal of the mortgage.

This is very important, so please take notice of it and if you have any questions let me know.

My name is Santiago Lampon, a real estate lawyer and notary in Puerto Rico.

My email and the 787-273-676 phone number.

Have a great day!