Closing Day and Beyond: What Sellers Should Expect When Selling Property in Puerto Rico

Closing Day and Beyond: What Sellers Should Expect When Selling Property in Puerto Rico

Selling your property in Puerto Rico is an exciting milestone, but it also comes with important responsibilities, especially on closing day and in the days that follow. To help you navigate this crucial phase of the transaction, we’ve outlined what you can expect on closing day and the essential tasks you need to complete afterward.

Closing Day Expectations

1. Meeting with the Buyer and Closing Agent

• Who Will Be There: You will typically meet with the buyer, their agent, your agent, and a closing agent or notary.
• Location: The closing can take place at a title company, attorney’s office, or another agreed-upon location.
• What to Bring: Bring a valid photo ID, keys to the property, garage door openers, and any other relevant items (e.g., HOA documents).

2. Reviewing and Signing Documents

• Deed Transfer: The deed will be signed to officially transfer ownership from you to the buyer.
• Closing Statement: Review the closing statement, which details the financial breakdown of the transaction, including your proceeds after fees and expenses.

3. Financial Transactions

• Payment: Ensure that all financial transactions are completed, including paying off any remaining mortgage balance and receiving your net proceeds.
• Escrow Funds: If applicable, confirm the transfer of escrow funds held by a third party.

Post-Closing Steps

1. Confirming Property Registration

• Title Registration: The buyer’s attorney or notary will handle recording the deed with the Puerto Rican Property Registry to officially document the transfer of ownership.

2. Canceling Utilities and Services

• Utilities: Cancel or transfer utility services such as electricity, water, gas, internet, and cable.
• Subscriptions: Update or cancel any subscriptions or services tied to the property address.

3. Notifying Relevant Parties

• Change of Address: Inform the postal service of your new address to forward mail.
• Financial Institutions: Notify banks, credit card companies, and other financial institutions of your change of address.

4. Handling Taxes and Financials

• Tax Implications: Consult with a tax professional to understand any capital gains taxes or other tax liabilities resulting from the sale.
• Final Bills: Ensure all property taxes and homeowner association fees are paid up to the closing date.

5. Moving Out

• Final Move: Complete your move-out process, ensuring the property is clean and ready for the new owners.
• Hand Over Keys: Provide the buyer with all keys, access codes, and necessary information about the property.

Conclusion

Understanding what to expect on closing day and the steps to take afterward is crucial for a smooth and successful property sale in Puerto Rico. By being well-prepared and following these guidelines, you can ensure a seamless transition and fulfill all your responsibilities as a seller. Happy selling!

References:

• Puerto Rico Property Registry
• CRIM Puerto Rico

For more detailed information and expert advice on selling real estate in Puerto Rico, visit our blog and explore our comprehensive resources.

This article provides a detailed guide for sellers, helping them understand the critical aspects of closing day and the necessary steps to take afterward to ensure a smooth transaction and successful property sale.

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