Description

• A sale and purchase is a transaction in which one person sells and another buys.
• When dealing with "real" property (house, building, apartment, farm), it is mandatory to prepare a deed.

Deed

• Legal size document, prepared by a notary attorney.
• Both parties, seller and buyer, must sign.
• It includes all clauses required by law.

*Key Steps

Title Study

• Verification of ownership at the Land Registry.
• Document prepared by the Land Registry or a title searcher.
• Identification of encumbrances, e.g., mortgages, which must be cancelled prior to sale, if desired.
• Only registered persons may transfer a property.
• If an owner is deceased, the transfer of inheritance must have been completed.

Treasury Department

• Form Informative: The notary must submit it to the Treasury Department after the deed.
• Non-Resident Withholding: 15% of the purchase price if the seller is not a resident of Puerto Rico.

Property Registry

• It is recommended that all real estate transfers be registered.
• Tariffs to the government: calculated based on the value of the transaction.

CRIM (Centro de Recaudación de Ingresos Municipales - Municipal Revenue Collection Center)

• Account Statement: We verify the CRIM prior to the transaction.
• Change of Ownership: Must be made after the purchase and sale.
• Principal Residence Waiver: Only if qualified.

Homestead

• Additional protection available if the buyer lives in the property as a primary residence. For more information, you can visit this other link: Home Insurance.

Costs

• Prices: Vary according to the amount of the transaction and the steps to be taken by the lawyer. We charge a flat fee, not an hourly rate. Clients know the total cost in advance.
• Seller: Normally covers the legal fees for the deed, unless otherwise agreed by the parties.
• Buyer: Covers the costs of registration in the Property Registry and the change of ownership in the CRIM, among other costs.

Online Procedures

• We work all the preparation through e-mail.
• Customers outside Puerto Rico avoid travel and lodging expenses.
• At the end, the deed must be signed in person by both parties.
• Representation: If any of the parties cannot be present in Puerto Rico, it is possible to prepare a Power of Attorney.

Conclusion

• The purchase and sale of a real estate property can be complex and tedious. At Abogado Notario Online we take care of everything the process.