On January 25, 2018 the National Notary Department in the agreement 2018-003-006 ordered by unanimous vote of the members of the Superior Notarial Council, the modification to issue an affidavit for buying assets or properties for over $10,000.00 before a Notary.

This modification is mandatory as of February 15th, 2018, being that the requirement to file this affidavit, in which it must state the source of the funds of the transaction, will only apply for those agreements in which the sum is ten thousand dollars legal tender of the United States of America or over.

The affidavit that must be rendered by the purchasers must specify the amount, form and means of payment of the business or agreement that is being executed.

The affidavit must be rendered in public deed, if the payment is made in cash or by transaction of any kind, and its amount is ten thousand dollars or over. Is important to include in the affidavit those payments made at the time of the act or agreement, such as those agreed to be made in the future.

If the act or agreement is rendered in public deed, the Notary may include the affidavit in said deed, but, if the act or agreement is not rendered in a public deed, the affidavit may be granted in a separate deed provided by the purchaser.

The collection of fees for these affidavits will continue to be obligatory and the collection must be included in the invoice that the Notary must issue for all deeds granted.

Recently, the National Notary Department through communication DNN-CSN-084-2018 confirmed the acts and agreements in which the Notaries must comply with the requirement of the affidavit. As we mentioned before, are all the real estate and assets purchase and sale agreements in which the amount is equivalent or greater than ten thousand dollars, with the following two exceptions: When notaries formalize operations of the institutions established in article 14 of law 7786: SUGEF, SUGEVAL, SUPEN and SUGESE, and when by the nature of the agreement, the appearance of the person making the payment is not required. It would be the case, for example, of the constitutions and cancellations of liens such as mortgages, in which traditionally only one of the parties appears.

At Lexincorp, we offer advice on this subject. In case of any concerns or comment about it, do not hesitate to contact our partner, Mr. Alonso Vargas, at avargas@lexincorp.com or at infocr@lexincorp.com.

Vargas, Alonso