Difference between a hipoteca and privilege

montreal_guy

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Feb 12, 2007
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I'm in the process of selling my condo, and I will finance the buyer. Should I get a hipoteca or a privilege? What are the advantages and disadvantages of each?
 

Fabio J. Guzman

DR1 Expert
Jan 1, 2002
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If you are the seller, a "privilegio" is best. There are no taxes to be paid. The Registrar must record the "privilegio" automatically when he sees that there is an unpaid balance on the deed of sale.
 

SosuaJoe

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Feb 24, 2005
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Fabio -- can a 'privilegio' be foreclosed upon with the same procedure as a hypoteca in case of non-payment?