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Got Questions? We Got Answers!
Did you know that Puerto-Rico is a US Territory, and that you can enjoy a dream lifestyle in a lush tropical paradise without ever leaving American soil? Yes, and you can! Browse through the FAQs below to discover the answers to some of the most frequently asked questions about homeownership in Puerto Rico. And if the question you may have is not answered below, please fee free to fill out the form and we will do our best to provide an answer as soon as possible.
Frequently Asked Questions.
Yes, Puerto Rico is a US territory therefore you can buy property in PR. The process is different so make sure you hire an agent that understands the differences and can help you navigate the process to limit some of the frustrations you may encounter
You do not need a real estate agent to buy property in PR. But, I woudl highly encourage you to use a REALTOR to help you.. The process in Puerto Rico is different and you also are buying in an area where Spanish is the 1st language. If you do not cross your t's or dot your i's, you may be in a situation that will be very costly.
Puerto Rico is part of the US, therefore the currency is the US Dollar.
Yes, You have your traditional Mortgage loans that are availalbe to you: Conventional, FHA, VA, RD, etc.. But there are minor differences in some of the guidelines that can make a difference in your qualifications that would normally not affect you in the US. Use a Local Lender that is very knowledgable!
Probably not. Most of the US based banks and Mortgage companies will not do loans in Puerto Rico. Ask your local lender to see if they do loans in PR. Most likely you will need to use a local bank or mortgage company that is on the island to help you.
The Lender fees in PR are comparable to the ones in the US.
Besides your Lender fees, you will have 3rd party fees that are different compared to the US. Here is what your typical 3rd party fees you will have when buying a property in Puert Rico
In Puerto Rico, all closings are handled by Attornys\Notaries. They can chage a Maximum notary fee of 1% of the property value for the first $500,000 plus .5% of the amount in excess of $500,000
Registration and Filing Fees:
Several fees must be paid to different offices such as the Municipal Revenues Collection Center (CRIM), Treasury Department and Registry of Property. These fees are minimal and are not expected to exceed 0.5% of property value.
Internal Revenue Stamps:
Internal Revenue Stamps are puchased to be canceled on the original of deed of purchase and sale and first certified copy of deed to be filed in the Registry of Property. The notary keeps the original while the certified copy is filed at the Registry. Before applying for registration, filing vouchers for the Registry of Property must be bought first. Internal revenue stamps and vouchers are acquired electronically by lawyers/ notaries.
Although not mandatory, it is highly advisable for foreign buyers to hire an attorney or lawyer. Attorney´s fees may vary depending on location and the complexity of the transaction. Most lawyers charge a percentage of the selling price, about 0.5% to 1%, while some lawyers charge a fixed fee or on an hourly basis. Each party pays for their own lawyer.
Puerto Rico has an MLS but it is not utilized like it is in the states. You will have to look at many platforms to search for homes such as, Point2homes, Zillow, Clasificados, Realtor.com and many other platforms. We have made it easy for you to search for the majority of the in one place. Go to our HOME SEARCH page.. We gathered the most utilized platforms in one place.. Click Here to seach
No you do not.. You can and should only use one agent. I would make sure that agent is full time, very knowledgable about the island and most of all , give you the customer service you expect. Here at Puerto Rico Real Estate, we pride ourselves and constantly try to improve everyday to provide that service you expect and deserve.
I HIGHLY recommend you use a Real Estate Attorney anytime you buy a property in Puerto Rico. With the Lack of standardized MLS Contract and with everybody doing their own thing, the few hours in attorney fees you pay to have someone contractually bound to look after your best interests is priceless. We at Puerto Rico Real Estate, will not go into any transaction without a reputable Real Estate attorney involved
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Your satisfaction guides our every step. Thanks for choosing PRRE. View all.
Closing was smooth, I learned a lot in the process that lead to this closing. You were fantastic, I'm glad you were there for me, making this process less stressful than it could have been if I had done it by myself. Definitely recommend this team.
The experience was very good, they are super professional and they work awesome "behind the scenes". I think there should be more teams like this one, which are hard to find nowadays. I had been trying to sell my land for years and couldn't. I worked with other agents and teams and they did not market as much or received as many offers. Luckily I found them on Clasificados and hit the jackpot with the right team. Thanks! I look forward to working with you again in the future.
I really appreciate your team helping throughout this process. It was a challenge with the lender but you and your team help coordinate everything and kept this together. Your communication was great and I never had to hunt you down, you and your team always kept me in the loop and I always felt you had my back. Thank you so much for all your help with my new home!!
I am very pleased with the service provided by your Team. They are customer oriented and came back with information in a timely manner. No follow up was required. I truly appreciate your honesty, transparency and willingness to understand and support. I can honestly say it was a pleasure working with you and your Team. Kudos!!
We are so excited to be closing and of course have been so lucky to work with you!
You guys did awesome, communication was great, quick responds, very communicative. Awesome job. Thank you!!
Excellent! There were some delays that where out of our hands in which you guys did a great job helping us navigating through the process. I thank you very much for everything and how it was handled. Even to show us the house via VideoCall and give me a fair opportunity on the house. I was looking for a long time for houses and the other brokers gave me appointments with 20 other people, Definitely this was the house that we liked and the door that was opened to us . Thanks Wilfried and the team, it was a pleasure working with you.
Thank You so very much I really appreciate all that you've done for me. You are great people to work with couldn't ask for better
I would totally recommend. It was a long process, but they were there every step of the way helping and in constant communication. Thanks to the team for all the help and patience. I cant recommend enough.
So So Helpful, excellent comunication! Wilfired and his two girls where exccellent. Great Team to work, very pleased with the service and how smooth the process went. Me boing in the states and my husband in PR, they helped a lot. From 1 to 10, I would give them a 12!