Dear [Name], I am writing this letter to inform you of the cancellation of the Deed of Trust that was executed on [date] between [Lender's Name] and [Borrower's Name] concerning the property located at [property address] in Puerto Rico. The Deed of Trust, also known as a Mortgage, is a legal instrument that establishes a lien on real property as security for the repayment of a loan. In our case, [Borrower's Name] obtained a loan from [Lender's Name], and the property in question was used as collateral for the loan. It is my pleasure to inform you that the loan has been paid off in full and all associated obligations have been met. Hence, we request the cancellation of the Deed of Trust, releasing the lien on the property. We have attached all the necessary documentation to facilitate the cancellation process promptly. These include the original Deed of Trust, the notarized mortgage release, and any other relevant papers. We kindly request you to review these documents and process the cancellation accordingly. We understand that the cancellation process may require certain administrative procedures and fees. Furthermore, we are more than willing to cooperate to ensure a smooth and timely cancellation process. If there are any additional documents or information required, kindly inform us, and we will provide them promptly. I would also like to request a formal acknowledgment of the cancellation of the Deed of Trust. This document would serve as proof that the lien has been released, protecting both parties' interests. Once the cancellation is complete, we kindly ask you to provide us with a copy of the recorded release, as it will be an essential document for our records. Thank you for your attention to this matter. We appreciate your prompt action in processing the cancellation of the Deed of Trust. If you have any questions or require any further information, feel free to contact us at [phone number] or [email address]. Sincerely, [Your Name] [Your Title/Position] [Company Name]
Puerto Rico Sample Letter regarding Cancellation of Deed of Trust
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In PR, only a notary attorney (unique position for PR attorney) who originally recorded the document(s) will have the originals and can provide copies to interested parties at an additional fee. The attorney typically charges anywhere from $25.00 to $50.00.
Attention all property owners in Puerto Rico! Don't forget that your property tax bills are due at the end of this month, January 2023. As a reminder, property taxes in Puerto Rico are paid twice a year, with the first installment due at the end of June and the second at the end of January.
Notary Law is very important because unlike many places in the U.S., Puerto Rico uses notary attorneys to execute all deeds that transfer property. All public documents, affidavit, and sworn statements must be drafted by and signed by a notary attorney.
Having the right Real Estate lawyer in Puerto Rico will help you maneuver the regulations and requirements with greater ease and will allow you to move into your island home faster.
By visiting the Land Registry, you can verify who owns it and if the property has any charges or encumbrances.
