Real Estate Attorneys Close The Real Estate Transaction.
Real Estate Attorneys Close the Real Estate Transactions
Who Closes Our Transaction
In Puerto Rico, Attorneys are the ones that will be preparing and closing your transaction. Whether you are financing your transaction through a bank or paying cash for the real estate property in Puerto Rico, you will have an attorney close and notarize your documents. If with a bank you will usually close at the bank. If you are paying cash, then you will usually close at the attorney's office.
What Are the Attorney’s Responsibilities
The real estate attorneys in Puerto Rico are responsible for making sure that everything that has to do with your title work, registry and CRIM are done correctly. This includes making sure that the title work is clear from all liens, judgements, and encumbrances. They are also responsible for making sure that all the documents reflect you as the new owner with CRIM and that they make sure there is no debt from CRIM on the property when you buy it. After the closing is done, there are a couple steps to complete with the Registry of Puerto Rico. The Land Registry is responsible for making sure your home is properly recorded and in your name with the current information.
Having the Right Attorney
Having the right Real Estate Attorney in Puerto Rico is very important. There are some attorneys that are better than others. If you are financing a home through a bank, odds are you will be ok. The banks have certain things that need to be done in order to close that will protect you and the bank themselves. But if you are buying a home with cash or without a bank involved, you will need to make sure you have an experienced attorney that is not just experienced in Real Estate but also closing Real Estate transaction is Puerto Rico. There are attorneys that are Real Estate attorneys but do not close transactions and have no idea how to put a closing statement together or do the other items that need to be done after closing.
Because things are not as digitalized as you would think they should be, there are a few steps that the attorneys need to do after closing. Sadly, most attorneys get paid at closing and do not finish the job. In most cases, the job gets cleaned up by the current attorney working on the file and because of this, it causes delays in closing.
After Closing
So, when you look for an attorney, there are some things to do to make sure you have the right one. If you are financing your home, the lender for them most part will have most of your stuff done correctly because they have to in order to close your loan. But you still want to make sure that after closing that everything is reflected correctly with CRIM and the Land Registry. You also want an attorney that will answer their phone and answer your questions completely. Also make sure they are sticking to their deadlines as well. So, when looking for an attorney, get recommendations from other people that have had great experiences, or you can save a lot of time and we can recommend you a couple great attorneys that get the job done right.
I am sure you have other questions regarding this topic, please do not hesitate to reach out to us so we can help you!!
