Description

• A 2011 law protects owners of their principal residence in Puerto Rico from the risk of liens, judgments or foreclosures for debts.

Exceptions to Home Insurance

• Mortgage default
• State and federal tax liabilities
• Payments to contractors for property repairs
• Bankruptcies
• Mortgage loans guaranteed by governmental entities such as FHA, SBA, and others.

Is the protection indefinite?

• Yes: The protection lasts as long as the owner lives in the residence.
• If the owner dies, the widowed spouse maintains the protection.
• The owner's children also benefit until they are adults.
• Protection continues if one spouse leaves the family, in favor of the one who remains in the residence.

Requirements

• Copy of the property deed.
• CRIM sheet with the cadastre number of the property.

Process

• Title Study: We verify the property at the Land Registry to ensure that it is in the owners' name and free of liens or encumbrances.
• Preparation of the deed: We draft the deed for your signature.
• Signature: all owners must appear (except that if widowed, the death certificate of the spouse must be attached).
• Registration: We file the deed at the Land Registry to formalize the protection.

Costs

• They vary on a case-by-case basis and are charged at a flat rate, not on an hourly basis.
• Customers know the total cost in advance.

Online Procedures

• Being an online law firm, we work all the preparation through email.
• At the end, the deed must be signed in person.

Conclusion

• At Abogado Notario Online, we take care of the entire process of the Home Insurance deed.