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Looking for some insight on home buying process in PR

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acosta507

Hi everyone, I mentioned in another post my husband and I are in the process of buying a home in PR. We are actually just waiting on a closing date now. The realtor involved says we’re waiting on the title search to come back but its  been possibly a little over a month now waiting for the title search. Do title searches take this long to come back in PR (weeks)? 🤔I understand PR is an island and things might move a little slower than on the mainland but this seems long and no one really has an update for us….help anyone lol just trying to get an idea how long this all takes.

LegendaryLaney

Sounds like you chose the wrong realitor😅...they should have a lawyer associated with them who can typically pull it in a week max...i own a couple properties here and can put you in touch with 2 real estate lawyers who I would never do another deal without.  Shoot me a text @ 603.969.7998 and I will give you their contact info (rather than posting it here, as its not my place to be posting their info)

acosta507

LegendaryLaney, thanks so much for your reply. I think you’re right, I hate to say it but yes this realtor kind of sucks😒we have our lawyer now that seems to be pushing things along this week. I’m going to give everyone til Monday night before I begin hounding people again for answers since it’s Labor Day weekend. Is Labor Day even celebrated in PR? 🤔I will keep your contact info just in case. I appreciate it, thanks so much!!!

Prairie R

Yes title searches and corrections can take a few weeks. In our case, the seller had a small $12 discrepancy on the title. That small discrepancy added weeks to the paperwork, because the original attorney had died. So our attorney had to go into the Property of Registry archives to pull original paperwork. The notarios and title companies are overwhelmed with work, due to the market being so hot. We have a wonderful attorney and Realtor who give us all the details. Everyone works on Island Time, then add some discrepancies and it will delay the process more than us mainlanders are used to.  One day we will live on “Island Time” too. 🤞🏽🏝. HANG IN THERE…your dream is just a few weeks away.

jillmedina

We’ve done multiple title searches thru our attorney and they only took a few days.

LegendaryLaney

no problem...and happy to share our birthing/hospital story with you and our pediatrician as well (who has been amazing and is available via text pretty much 24/7 for any little thing that pops up along the way)...my twitter name is also LegendaryLaney...can feel free to hit me up there if you prefer

10YRStoRincon

The title search takes just a few days.  I'm actually going through the process right now.  What can cause a delay is if there are issues found (for example....liens against the property, other names that are heirs to the property, etc) all that has to be resolved before the bank can close and that can delay your closing.   Hopefully the title is clear and they just need some "encouragement" from you to speed up the process.  Sometimes things can be unbelievably slow in PR.

As far as holidays, they are closed labor day.  PR is part of the US, so they observe all US holidays in addition to their PR holidays.

Good luck with everything.  I'm sure it will all turn out well.

acosta507

Thanks everyone for all the info and well wishes! I’m also 7 months pregnant 😵‍💫😵‍💫 so all this adds extra stress but I know there’s light at the end of the tunnel ☺️

Hernandez Perez Realty

Estudios de Título=(Title search Investigation) if done properly can take one or two weeks if all is clear. Some time property have what they call here Gravámenes=(Liens) other than a Mortgage and depending on it can take some time to correct the issue. Normally if all is clear a property closing can be in as little as 30 days but if there is a problem it can take up to a year. The rule of thumb in Puerto Rico is 90-120 days, but since the era of Covid a year++ of waiting for a mortgage closing is sadly a reality. I have a colleague that has been waiting for a property mortgage closing 15 months and counting.

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