#real estate in puerto rico
Property tax in Puerto Rico amounts to approximately 1.5 % of the property value. This amount is typically a prepaid and placed in escrow within the closing costs which consist of several components such as fees payable to government entities, registration fees, appraisal, loan document processing fee, if the property is to be funded through a loan.
The costs involved in the various steps of purchasing and registering the property include $100 for obtaining the property title report, $50 for the property tax certificate, $300 for the corporate resolution, $100 for filing the deed at the Registry of Property, $20 for filing the notice of sale with the Treasury Department, $20 for filing the notice of change of ownership with the CRIM.
In addition to the above charges, 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 cost involved in the procurement of the internal revenue stamps for the original copy is $55 (plus 0.1% of the property value) and for the certified copy is $27.50 (plus 0.05% of property value). The cost of procuring filling vouchers is $10.5 (plus 0.4% of property value).
Other Important Issues
The internal revenue stamps and the Registry of Property filling vouchers are acquired by the lawyers/notaries electronically.
Property in Puerto Rico when purchased by married couples is considered a joint venture with right of survivorship. This means that if one spouse dies, the surviving spouse automatically inherits the property.
For more information, feel free to contact:
Warren Rodr guez, CRS, GRI, BS