This is a guide for Sellers and Buyers when selling or buying real estate. It is a great tool to educate you about the selling or buying process and also includes information on the real estate closing. State specific information about certain issues is included with the package.
Puerto Rico LegalLife Multistate Guide and Handbook for Selling or Buying Real Estate
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How to sell a house by owner Determine the fair market value. ... List your property and find a buyer. ... Negotiate and secure an offer. ... Create a Real Estate Purchase Agreement and secure finances. ... Transfer the property title.
Notary Law is very important because unlike many places in the U.S., Puerto Rico uses notary attorneys to execute all deeds that transfer property. All public documents, affidavit, and sworn statements must be drafted by and signed by a notary attorney.
To sell your home in Puerto Rico you will need a real estate attorney to help you draft all the documents needed to close. Then it is extremely important that your attorney continues the process to register the transaction with the Registry of Property in Puerto Rico.
In summary, owning property in Puerto Rico comes with the responsibility of paying property taxes twice a year to CRIM and notifying them of any changes that may increase the property's value.
Hiring a Real Estate Agent You'll have to navigate Puerto Rico's complex regulations governing the sale and purchase of property. All real estate transactions must be approved by Puerto Rico's Property Registry, and selling property can result in several fees and copious amounts of paperwork.