All mortgage transactions have been halted since March 14 in response to the Covid-19 emergency lock-down.
Given the measures that were adopted to address the emergency decreed in Puerto Rico as a consequence of the pandemic due to the spread of the coronavirus, COVID-19, the Supreme Court of Puerto Rico today issued a Resolution to guarantee the availability of those services offered by the notary public. Puerto Rican who are indispensable during the course of this emergency.
According to the Resolution, among these essential services are:
- the authorization of wills powers,
- advance medical treatment guidelines,
- the legitimation of documents related to the transfer of minors out of jurisdiction and
- those that affect the well-being of the requesting party (for example, food, income, home and health services).
The autorization of Mortgages was excluded.
This situation has left thousands of people unable to purchase or refinance.
The situation has also left real estate brokers, appraisers, surveyors and mortgage professionals without an income.