Sales Deed

What is a sale and purchase?

It is a transaction where one person sells and another buys. If it is a real estate property (house, apartment, farm), it is mandatory to formalize it through a deed.

Deed: The Legal Document

• Preparation: Prepared by a notary attorney in legal size.
• Signature: It must be signed by both the buyer and the seller.
• Clauses: Contains all terms required by law.

Key Steps

1. Title Study

   • Verify who is the registered owner in the Property Registry. For this, it is a requirement to have the title deed of the property, or, in the alternative, the following registry data: 1) "finca" number (term used by the Property Registry); 2) Tomo; and, 3) Folio.
   • Identify encumbrances (mortgages, liens, etc.) that must be resolved prior to the sale.
   • Only registered owners can transfer property. If the owner is deceased, the inheritance must be completed first.

2. Treasury Department

   • Form Informative: The notary submits it after the deed.
   • Non-Resident Withholding: If the seller does not reside in Puerto Rico, 15% of the sales price is withheld.

3. Property Registry

   • Agency in charge of ownership.
   • The notary records the transfer of ownership to guarantee its validity.
   • Fees are calculated according to the value of the transaction.

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

   • Property tax agency.
   • Statement of Account: Verified prior to purchase and sale.
   • Change of Ownership: Mandatory after sale.
   • Exemption: Possible only for principal residence if the requirements are met.

5. Homestead

   • Additional protection for buyers who will use the property as their primary residence. For more information, you can go to this other link.

Legal Costs

• Fixed fee: Transparent and transaction-based, not hourly.
• Seller: Usually pays the legal fees for the deed, unless otherwise agreed by the parties.
• Buyer: Typically covers the costs of registration at the Property Registry, change of ownership at the CRIM and other related costs.

Online Procedures

• Online Service: We manage everything by e-mail for the convenience of our customers.
• Customers outside Puerto Rico: Save time and money on travel.
• Representation: If you cannot be present, we can prepare a Power of Attorney.

Conclusion

✅ Buying and selling property can be complicated. At Abogado Notario Online, we handle the entire process for you to enjoy a hassle-free experience.

➡️ To evaluate your case, fill out the Evaluation Form below.