CLOSING COSTS IN PUERTO RICO PROPERTY PURCHASE
The costs involved in the various steps of purchasing the property include;
- $60- $100 for obtaining the title study report
- Appraisals $250 to $500
- Home Inspection $400 +/-
A notary differs from public notaries that you find in the states, as all notaries in Puerto Rico are also practicing lawyers.
Finding a notary ('notario' in Spanish) is fairly easy as there are numerous notaries in each municipality-and since all notaries are lawyers, you can be sure of the validity of their services.
the notary fee is 1% of the property value for properties worth up to $500,000 plus 0.5% of any excess over $500,000. This fee can be negotiated.
The following chart shows average transaction costs that include all costs of buying and then re-selling a property - lawyers' fees, notaries' fees, registration fees, taxes, agents' fees, etc.
Internal Revenue Stamps
Internal Revenue Stamps are purchased to be canceled on the original deed of purchase, 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. Stamps and vouchers are acquired electronically by lawyers/ notaries.
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 the property value.
All costs stated on this page are estimates. This article should not be regarded as offering a complete explanation of taxation and legal matters in Puerto Rico. No person, entity or corporation should rely on this article in whole or in part and readers are advised to obtain comprehensive advice in relation to their personal circumstances from a qualified professional person or firm of advisors prior to taking any action.