I recently had the wonderful experience of meeting and helping key executives of one of the biggest and most successful title clearing companies in the United States. They have a series of clients that have entered the Puerto Rico market, which has put them in the unexpected but also interesting position of having to become trained in how the title clearing process works in Puerto Rico.
Now, title clearing for us has two variables. On the one hand, it is the task of making sure that a title is in perfect condition to be properly and securely transferred to a new owner. This also means that the registration of the title is such that the property can be successfully used to as a guarantee for a loan. The other face of this coin is the clearing of the title after a loan has been paid of completely. Nowadays, some refer to this as the “lien release” process.
In Puerto Rico, we use other expressions or names to refer to these two actions.
When dealing with a title that is not clear, we refer to the “clearing” of the title as “cleaning” it, creating “título limpio.” When we discuss releasing a property form a lien, we refer to it as “freeing” the property, which is the translation from the Spanish “liberando,” or “setting free.”
In sum, it’s easy for the basics of title clearing in Puerto Rico to become lost in translation, since different people use different words for them. Nevertheless, ultimately, the end result we can deliver to you is the same—we may just need to use some dictionaries along the way.
To learn more about title clearing or get your legal questions answered, contact Lampón & Associates today.