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
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Title Study
- Verify who is the registered owner in the Land 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 Land 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.
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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.
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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.
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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.
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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 Land 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.
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