Hello, my name is Santiago Lampón. I am lawyer and notary in Puerto Rico and welcome to Puerto Rico Legal Video Blog. In this episode, I am going to cover the Declaration of Heirs under Puerto Rico Law. If you compare how we handle the declaration of heirs under Puerto Rico Law, the best comparison… Read more »
Posts Tagged: Santiago Lampon
Video – Puerto Rico Forced Heir Laws
Hello, welcome to Puerto Rico Legal Video Blog. My name is Santiago Lampón and I am lawyer and notary in Puerto Rico. In this post, I am going to go over Puerto Rico Forced Heirs Law. “HEIRS” as in H-E-I-R-S. OK? I sometimes do that my pronunciation it come across the right way. Under Puerto… Read more »
Does it make sense? – A workable standard for anyone involved in a real estate transaction
“Does it make sense to me?” is a standard I use on just about everything in my daily life, including: when I speak to and listen to my son; what my neighbor tells me about a situation; what I observe while driving my car; the prices or the items on a store; while walking at… Read more »
Organizing a Real Estate Transaction in Puerto Rico
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… Read more »
FUNDS RETAINED FROM THE SELLER – THE USE OF ESCROW ACCOUNTS AFTER A CLOSING
There are a few categories of real estate transactions in which certain potential liabilities could occur or “appear” after the closing. In this regard, I want to shed some light on how to handle these situations through the use of an escrow account, communicate why sometimes funds need to be withheld from the seller, and… Read more »
Using an LLC for your Real Estate Purchase in Puerto Rico
Purchasing a property through an LLC has benefits and also a few implications. The purpose of this post is not to discourage anyone from using an LLC, but rather to provide information on some of its implications. First and perhaps foremost, the Puerto Rico Power Authority (“PREPA”) will want to charge your electricity at commercial… Read more »
Puerto Rico 2016 – A current state of affairs
Yesterday, I was listening to a radio show on my way home and the subject was the financial issues being faced by the Government of Puerto Rico. Of course, any subject enjoys a gama of points of view and plenty of people willing to share their opinion with the rest of us. I am doing… Read more »
PUERTO RICO PROPERTY TAXES – A NEW YEAR REQUIRES A “HEADS UP” FOR YOU
June marks the commencement of a new year for government purposes. Since property taxes in Puerto Rico are managed by a government agency, June marks a new year for them as well. When property taxes are due, payments are divided in two 6 months’ tax periods, with June marking the start of the first… Read more »
A NEW SYSTEM FOR THE PUERTO RICO REGISTRY
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… Read more »
How Act 20 and 22 Can Effect You
With Puerto Rico’s Act 20 and 22, growth and opportunity for businesses and investors is on the rise. Though the island’s economy has experienced some setbacks in the recent history, new provisions, such as Act 20 and 22, have begun to return Puerto Rico into a thriving area for commerce. Continue reading to see how… Read more »