Puerto Rico Grant Deed

State:
Multi-State
Control #:
US-03215BG
Format:
Word; 
Rich Text
Instant download

Description

A deed is an instrument by which an owner (the grantor) transfers an interest in land to a new owner (the grantee). No consideration is required to make the deed effective. The deed is necessary to transfer title to land even if it is a gift. It has no effect, and title does not pass until the deed has been delivered. The recording of the deed is not required to make the deed effective to pass title between the buyer and the seller. However, recording is necessary so that the public will know that the buyer is the present owner. Recording constitutes "notice to the world" of the transfer in title.


The grantor is the person selling the property. The grantee is the person buying the property. A grant deed is a deed containing an implied warranty that there are no encumbrances on the property not described in the deed and that the person transferring the property actually owns the title. It must describe the property by legal description of boundaries and/or parcel numbers, be signed by all people transferring the property, and be acknowledged before a notary public. It is in contrast to a quit claim deed, which only conveys the interest that the transferor actually owns, if any, without a warranty of ownership.


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FAQ

How Does a Tax Lien Sale Work? Twenty-nine states, plus Washington, DC, the Virgin Islands, and Puerto Rico, allow tax lien sales.

Law 68: Promotes acquisition and investment into the housing market on the island LEARN MORE. Law 187: Exempts buyers from paying property taxes for five years as well as certain closing costs for the purchase of the new residence as a primary residence, second home or investment property.

In PR, only a notary attorney (unique position for PR attorney) who originally recorded the document(s) will have the originals and can provide copies to interested parties at an additional fee. The attorney typically charges anywhere from $25.00 to $50.00.

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.

As of November 28, 2020, inheritances are distributed in two parts. 50% is of free disposition and the other half (legitimate) is divided equally among the forced heirs, which are the children and now include the widow or widower.

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.

CRIM is the agency responsible for determining and collecting property taxes. The agency bills twice a year; the first bill is in July (first semester) and the second in January (second semester). It is important that you review the bills CRIM sends out every six months.

If you are a resident of of Puerto Rico, you will need to declare your capital gain tax responsibility when you file your end of year taxes. No taxes will be withheld at the closing. If you are a non-resident of Puerto Rico selling a property in Puerto Rico, that 15% capital gains tax will be withheld at closing.

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Puerto Rico Grant Deed