Negotiating In Puerto Rico vs The States.
The Negotiation Process
Negotiation Process Varies
Once you have found the home you like, it’s time to start the negotiation process and get the home under contract. The negotiation process is different depending on which agent we are dealing with. We have some agents that are very organized and have a process in which you fill out a form, e mail it in and they follow their process of presenting it to the seller. Other agents prefer to do it via phone call, text, WhatsApp and believe it or not, a fax… I had a heck of a time trying to figure that out. Either way, we must ask up front what their process is and time expectations so we understand how the transaction may go. Once we have all agreed to the terms, the listing agent will now create the contract.
Contracts Are Not Standardized
In most cases the purchase contract is not created until all terms are negotiated and agreed. The Real Estate contracts in Puerto Rico are not standardized. Everyone has their own contract. Some are very thorough while others are very vague. You and I will need to review each contract and make sure it has everything that it needs to protect you. The contract will likely be in Spanish, but Puerto Rico Real Estate law requires, not only the purchase contract, but all documents required to purchase the transaction to be translated into your native language. Some attorneys will try to get away with not providing this, but its law and they have to.
Another suggestion is that if you want to make sure that everything is addressed, especially if you are going to pay cash, is to hire your own attorney to give you a 2nd opinion regarding the contract. To be fair, that attorney will probably nit pick the heck out of it to make sure they earn their money. Sometimes to the point where its ridiculous, but what you want is them to focus on making sure that you are covered when it comes to your Earnest Money being protected, you get your home with a clear title and all the CRIM, HOA, etc. fees are paid by the seller up to the day you close on your home. Our team will help you with this as well.
Information Required
You will need to provide some personal information, such as, Full Legal Name, Date of Birth, Current Address, Marital Status, and copy of your Driver's license. Depending on how you plan of buying the home, you may need to provide more information to create the purchase contract. If you are purchasing the home in an LLC, then you need to provide the LLC name, it needs to be registered in Puerto Rico, and you need to provide The Articles of Corporation.
Once we do get the purchase contract, I will review the contract to make sure it addresses everything. Then I will forward it to you for your review to address any concerns and answer any questions you may have. Once the Contract is signed by both parties, you will then need to provide the Earnest Money to proceed.
If you have any other questions regarding the Negotiations or Purchase Contract, please contact us and we will help you with any questions you have.
