P.R. Laws tit. 30, § 2257
Priority may be reserved for a contract being negotiated, which may affect a recorded right, at the request by a notary public to the Registrar, provided there is notarized proof of the consent of the owners of the registered right.
Application for a priority reservation shall be addressed to the Registrar in a document signed, sealed and flourished by the applying notary, in which shall appear:
First:— The name and address of the applying notary.
Second:— The name of the titleholder of record, subject to the contract being negotiated.
Third:— The designation of the parties in the contract being negotiated.
Fourth:— An adequate description of the right and of the real property involved and their identification in the Registry.
Fifth:— The nature, scope and conditions of the real right to be recorded.
The requirements an application to reserve a priority must contain shall be strictly complied with, and when presented, may not be corrected. If the Registrar finds the application properly made, he shall make a note to such effect in the margin of the presentation entry and on the folio for the property. If, on the contrary, he should find an error or omission in the application, he shall flatly reject it, making a note to that effect in the margin of the presentation entry, leaving the interested party with only one recourse, that of filing an appeal of the Registrar’s decision, in accordance with the provisions of this subtitle.
History —Mortgage Law, 1979, § 54.