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17:35 May 21, 2019 |
Spanish to English translations [PRO] Law/Patents - Real Estate / Puerto Rico | |||||||
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| Selected response from: Charles Davis Spain Local time: 06:44 | ||||||
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3 +2 | provision for enforcement costs |
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3 | All-in advance for the legal costs of a possible foreclosure sale |
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Discussion entries: 3 | |
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provision for enforcement costs Explanation: I'm not a mortgage expert and there may be a better form of words, but this expresses the idea as I understand it. It seems to mean an extra element of the mortgage payments intended to provide a credit (crédito) available to the lender to cover the costs it incurs in the event of default, that is, the costs of enforcement (ejecución, hence ejecutivo). So the lender is assured in advance of being able to recoup its costs (including legal fees) in that eventuality. I base this on the following two Puerto Rican documents: "las cantidades estipuladas por las partes en el contrato de hipoteca en concepto de intereses (legales o moratorios), y las costas, gastos y honorarios de abogado (crédito ejecutivo) están exentos en el cómputo de la cuantía base para el pago de sellos de rentas internas." https://www.ramajudicial.pr/junta/preguntas/sep06/DERECHONOT... "[...] contrajo originalmente con un banco de la localidad un préstamo por la suma principal de $750,000.00, intereses al 6.625 anual y otros créditos hipotecarios para cubrir $75.000.00 de intereses en exceso de los garantizados hipotecariamente por ley, más otra suma igual en calidad de crédito ejecutivo para costas, gastos y honorarios de abogado en caso de reclamación judicial en cobro de lo prestado." https://vlex.com.pr/vid/lexta20101029-04-u-s-685003873 |
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1 day 5 mins confidence:
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