Nice to know you are watching and reading this. Today I am providing you some information on why and how it is useful to talk to a lawyer BEFORE purchasing property in Puerto Rico specifically.
I hope this is useful to you and share it with more and more people that could use the information.
Hope you have a fantastic day and week!
Why talk to a Lawyer before purchasing property in Puerto Rico – Transcript
Hello my name is Santiago Lampón. I am a lawyer and a notary here in Puerto Rico and I welcome you to this episode of Puerto Rico Legal Video Blog. I am going to cover why you should engage or contact a real estate lawyer before performing your real estate transaction in Puerto Rico.
That before is what I want to clarify. I want to give you a few ideas of why it is important that you do. The before that I mean is, that you have the agreement, you discuss the terms of the agreement with your seller. A broker may be involved but you have an understanding of the kind of deal you want to do, what the purchase price is, what the property is and then you are going to receive a draft of what is normally called a purchase and sales agreement though it is really an option agreement and at that point in time you should have your lawyer review that document. It is going to be prepared by a broker, if there is a broker involved. It may be prepared by the sellers’ lawyer, but there are some items that you should be aware of and you have to make sure yourself with the help of a lawyer that they are included in your contract and I will give you an idea.
The way contracts are drafted and the contents of the contract in Puerto Rico is different, markedly different than to many of the states in the United States, Canada and some other areas. We are more similar to Spain. Louisiana could be an exception but the idea is a contract that you are applying for financing, lets say you need to get financing done to have that contract, that actual closing happen. There is a specific clause that has to be included in that agreement or the agreement is null and void. If the closing is good but it is not correctly drafted you may not receive the adequate notice of which are your rights in the event that you don’t have that finance approved or even if you have it approved what are your duties in order to push the closing forward and that has to be included in the contract. You also have the right if a broker is involved to an inspection of the property performed by someone who is licensed to do that inspection. But you could also plead that right even if a broker is not involved but the difference is: is it included? Is it not included? Does it make it null and ineffective? Or does it make it a valid contract even though it is not in there? There are a few complexities but once you get through them with the help of your lawyer you will be ok.
Again my name is Santiago Lampón. I am a lawyer and notary in Puerto Rico. If you have any questions, send me an email to the address that appears on the screen or give me a phone call or you can write your questions in this page. I hope you have a great day and I am looking forward to seeing you again here in Puerto Rico Legal Video Blog.