Buying a house in Puerto Rico

Last activity 30 September 2024 by Paraiso Realty PR

80 Views

2 replies

Post new topic

vixallendeNew member25 August 2024 12:16:36

Hi, I am buying a house in Puerto Rico and am confused about the process.

Initially I tried working with realtors and was disappointed. Although I already had pre-approvals and everything in order, I found the realtors were unresponsive and unreliable. So I decided to go direct to seller.

The property was inherited and the sellers have all the documents in order, they are legally able to sell it. I'm not worried about that (I consulted a lawyer friend on the island). However the process is so different here than the mainland. When I bought my house in the states, I had a buyers lawyer who worked with the sellers lawyer. Got an inspection and an appraisal.

Do I need to get an inspection?

Do I need to hire my own lawyer to review the documents on my behalf, or is it safe to work directly with the sellers lawyer for the deed and closing? (The sellers lawyer has already been paid to do the deed and closing.)

How do I figure out if the house is in a flood zone?

Is there anything else I might need to do, due diligence wise?

Thank you for any insight. I'm so confused :-/

mtdatizMember25 August 2024 20:07:39

Hi, thank you for your interest in purchasing a residence in Puerto Rico! While the process of buying a property here shares similarities with that of the mainland U.S., there are key differences that can impact your experience as a buyer. Factors such as local regulations, title verification, and even cultural nuances can influence your journey to owning a home on the island.

To ensure a smooth and successful transaction, it’s essential to work with a licensed real estate agent who is not only knowledgeable about these differences but also committed to adhering to the best practices in the industry. This includes providing accurate information, guiding you through the legal and financial processes, and tailoring their support to meet your specific needs and preferences.

***

Moderated by Bhavna 2 months ago
Reason : Advertising your services is not allowed on the forum
We invite you to read the forum code of conduct

Paraiso Realty PRNew member30 September 2024 21:03:34

Since you are doing this alone without a real estate broker, I suggest hiring a lawyer and having an inspection done, all before signing the Option Agreement. A Notary (licensed lawyer in PR) will handle the cloisng. Hopefully the probate is finished, as that may take a number of months before the property is ready for closing. As a licensed broker in PR, I'm sorry to hear you had a bad experience dealing with our industry. It does not have to be this hard. I fear you may have a few land mines ahead of you, thus the reason I suggest the lawyer and inspector. If you get a survey for the property, your civil engineer might be able to answer the Flood Zone answer....or there are maps online that can show you rough outlines of the zones. Good luck!

Articles to help you in your expat project in Puerto Rico

Renting in Puerto Rico
Visiting the island many times over the years and getting to know the towns and different areas before making a ...
Purchasing property in Puerto Rico
Six yeas ago we purchased our home in Naguabo Puerto Rico (PR) in the barrio of El Duce. Some of the lessons we ...
Why realtors may not call you back
There are many reasons and probably more that I can list, but I will try to cover the most common ones. Remember, ...
5 misconceptions about Puerto Rico
Playa del Condado, Puerto Rico
A land of opportunity and freedom.
The day we decided to move we were a little worry about how expensive it would be. Now we know how affordable it ...
Paying Taxes in Puerto Rico
Paying Taxes in Puerto Rico
About Work VISA
I am writing this guide to assist people understand how a work VISA is done.
Social Security Number for Expats
Ok, have a social security number is your first step to receive your salary and start you financial live on the ...