Description

• A gift is the transfer of property without the exchange of money.
• It must be done through a deed if it is a real estate property (house, building, apartment, farm).

Deed

• Legal size document, prepared by a notary attorney.
• Both parties, donor and recipient, must sign.
• It includes all clauses required by law.
• If the transaction involves an exchange of money, it would be a sale and purchase, not a donation.

*Key Steps

Title Study

• Verification of ownership at the Land Registry.
• Document prepared by a title searcher or Land Registrar.
• Identification of encumbrances, such as mortgages, which must be cancelled prior to the gift, if interested.
• Only persons registered in the Registry may transfer ownership.
• If an owner is deceased, the transfer of inheritance must have been completed.

Treasury Department

• After the deed, it is mandatory that the lawyer presents a Form of Donations to verify that no contributions are due.
• The lawyer will also submit a "Form Informative on Transfer of Real Estate".

Property Registry

• Estimated value of the property must be reported to the attorney.
• Payment of fees based on the market value of the property.
• The lawyer files the deed of gift with the Land Registry.

CRIM

• File the Change of Ownership form at the CRIM (Municipal Revenue Collection Center).
• If the recipient will live in the property as his or her principal residence, the Tax Exemption Application is also filed.

Homestead

• If the property will be the purchaser's primary residence, Home Insurance protection can be added.

Costs

• Prices: Vary according to the sale price and the steps to be taken by the lawyer. We charge on a flat fee basis, not by the hour. Clients know the total cost in advance.

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, a Power of Attorney can be prepared .

Conclusion

• Ease in the Process: The transfer of a real estate property can be complex, but at Abogado Notario Online we make it as comfortable and easy as possible.
• Questions: For an evaluation, please fill out the form below or, if necessary, the contact form.