Local law bestows upon notaries the public function of attesting and authenticating transactions and other acts and business. In our jurisdiction, among other things, the notary public drafts contracts, deeds and other documents. They are entrusted with the duty of corroborating the manner, time, place and date of the execution of such documents. All of the attorneys at Nolla, Palou & Casellas, LLC are registered notaries in Puerto Rico.
Local law defines the Notary Public as follows:
The notary is a legal professional who practices a public function, authorized to attest and authenticate pursuant to the laws the juridical business and other acts and extrajudicial events executed before him, without prejudice of what is provided in the special laws. His function is to receive and interpret the will of the parties giving it a legal format, draft the notarial documents and deeds for such purpose and confer authority to them. The notary’s public faith is complete with regard to the facts carried out and corroborated by him in the exercise of his functions, and also with regard to the manner, place, date and time of the execution. Act No. 75 of July, 2, 1987, 4 LPRA sec. 2002.
In Puerto Rico, the involvement of a notary public in the drafting, execution and recordation of such documents, carries a higher legal presumption of correctness than documents executed by and between between private parties without the intervention of a notary.
Following are some examples of our notarial practice:
- Several Types of Agreements/ Deeds
The notaries at Nolla, Palou & Casellas, LLC draft documents for the disposition or exchange, lease, and/or the development of real property. The notarial function assures that all of the parties have an opportunity of receiving advice on the transaction. This way, the buyer always can be sure that the transaction was carried out in accordance with the Law, and taking into account the, easements and other burdens that have been described in the deed, since the Notary must verify the title and the state of any liens, etc. according to the Property Registry.
The notaries at Nolla, Palou & Casellas, LLC assist the parties in the constitution of mortgages to guarantee the fulfillment or payment of some obligation, and with the cancellation of mortgage notes as well.
In the first place, the notary coordinates the search for documents, of the information on the condition of the property in the Property Registry, analyzes the result of the title study, and verifies the capacity of the parties, as well as documents necessary to demonstrate the authorization necessary for the constitution of a guarantee. Secondly, the notary verifies that the financial conditions offered, indeed, have been put to writing. Thirdly, the notary warns consumers as to the meaning of what they are signing and of the obligations that they assume.
- Prenuptial Agreements
Our legal system in Puerto Rico allows future spouses to establish legally binding agreement on how they will govern their economic relations if they enter into such an agreement prior to their wedding. A notary from Nolla, Palou & Casellas, LLC may advise them on the possibilities, depending on their particular situation.
In Puerto Rico, absent a prenuptial agreement, the marriage is governed by the basic principles of law of a partnership of assets. In essence, this economic regime arranges that all the equity and debts belong in equal parts between the spouses. Nevertheless, the law allows that this regime be modified, and frequently the future spouses decide on the regime of total separation of assets, by virtue of which, all the equity and debts that are acquired during the marriage exclusively turn out to be from spouse that acquired it, and can administer it or sell it without the participation of the other spouse. This change of single regime can be obtained by means of the granting, before the celebration of the marriage, of a writing of a prenuptial agreement before a notary.
- Powers of Attorney
A power of attorney granted in public deed authorizes the attorney-in-fact to act in representation of another person, within the scope of faculties granted. A power of attorney is essential, for example, for the transfer of title of real property. Moreover, if such is the case the grant must be specific as to the faculties bestowed and the grantee must be aware of all the possible consequences.
- The Recordation of Facts and Events
The notary can certify and attest to facts that are known to him/her, or events that occur in their presence. The notary can perpetuate the facts or events in a document that is known a un Acta Notarial (“Notarized deed”).