Q: My fiance purchased land in puerto rico a year ago and doesn't want it anymore. I will be taking over the payments
My fiance purchased land in puerto rico a year ago and doesn't want it anymore. I will be taking over the payments how do we go about transferring my name as the owner? Are there fees etc?
Hello and thank you for using Justia. The first thing that needs to be done is to qualify you for the transfer of the mortgage account. If the holder of the note accepts the transfer and/or the substitution of the debtor then a new Deed will need to be executed in your name and then submitted to the Property Registry Department. You will also need to change the CRIM (Property Tax) account.
There are expenses related to the change. These can be calculated using the following calculator system (http://www.fianzanotarialpr.org/calnota/)
The legal fees for registry is $ 150.00 and for the CRIM exchange is $ 350.00.
If you need additional information please feel free to contact me directly.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.