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?
A: 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.
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