Puerto Rico Real Estate Laws

Therefore, any of the contractor`s service providers can file a lawsuit in a local or state court and request seizure (embargo) on the owner`s properties and file it for registration in the appropriate sections of the Puerto Rico Land Registry. However, the input rank depends on the repository (i.e. it does not take precedence over other registered privileges). O`Neill and Borges LLC is a full-service company founded in San Juan in 1962. Her lawyers hold the highest standards of excellence and she has a long history of involvement in major corporate transactions. The real estate team includes 15 lawyers, some of whom are rated by Chambers Global and Latin America. The team oversees a range of topics, including leasing, buying and selling, trade finance, horizontal real estate regimes, hospitality, and land use and development. The firm encourages cooperation to ensure comprehensive and thorough legal advice. Tax, environmental and creditor lawyers regularly assist the team. Clients represent major sectors of Puerto Rico`s economy, including major business organizations and Fortune 500 companies. The company recently represented the buyer of an ultra-luxurious resort in an exclusive gated community for a price of over $160 million (the transaction included the issuance of shares and assumption of debt) and the seller of a hotel and casino for consideration of over $60 million. There are many reasons to sell a house or apartment in Puerto Rico. For some, a relative like your mother or father/grandfather or grandmother has passed away and now the property is empty and you have to sell the property in Puerto Rico.

For others, many had to leave the island to work after Hurricane Maria. Many left and tried to rent or sell their homes in Puerto Rico for a long time. Our real estate lawyers help people sell their properties on the island by representing them throughout the process. We even have agents in our company who can share their knowledge about selling a property in Puerto Rico. For those of you looking to sell your home, our offices help clients manage the entire process, from finding a broker in Puerto Rico to reviewing purchase agreements and closing. Once the succession procedure is completed, the assets must be placed in the name of the heir. This is done by collaborating with the Island Property Registry. The Property Registry is an agency that determines who can be placed on the title of a property. Once all heirs are informed of the title, they can unanimously decide to sell the property. If not all heirs agree, an heir or interested party may apply to a court to divide the estate or inheritance.

Buying real estate in Puerto Rico has never been better. Take advantage of Bill 68 and 187 today: Many people call our offices to sell a house or apartment in Puerto Rico because their mother, father, aunt, uncle, brother or sister died in Puerto Rico and left them the property as an inheritance. The first step in many of these cases is to check if you need to go to the estate (the process of going to court to see who is an heir and receives the property, and how to distribute the estate). If there is no written will in Puerto Rico or a foreign will that meets the requirements for Puerto Rico probate, we often need to file a declaration of heir / “Declaratoria de Herederos” for a court to explain who are the rightful heirs of an estate. Many special laws and planning instruments (e.g. overlapping planning districts defined by special laws) also apply to the designation and use of individual parcels. Generally, site permits are required for uses that are not permitted by zoning, as well as for projects with regional or supra-regional impacts. Real estate in Puerto Rico is subject to property taxes payable to the Municipal Revenue Collection Center (“CRIM” after the Spanish acronym) primarily for the benefit of municipalities. Property taxes are calculated based on property values for the 1957-1958 taxation year. Since fiscal year 1957-1958, no revaluation of real property has been carried out and construction after that exercise has been valued on the basis of the value of the property during the fiscal year 1957-1958. This tax is levied by CRIM agents and does not have to be reimbursed by the taxpayer. I assume that your argument implies that said property (whether real estate or not) belonged to your late father during his lifetime; and that the sale was somehow illegal.

Without additional information, it is difficult to answer your question. If the property you are talking about is real estate, you could. Read More » Puerto Rico does not have a sales tax system, but a sales and use tax (SUT) system. Payment of rent for the rental of real estate for commercial purposes may be exempt from payment by SUT if the tenant proves to the landlord that he satisfies the requirement to maintain a tax terminal under the Puerto Rico Tax Code of 2011, as amended from time to time (“PR Tax Act”), in cases where he is required to have such a terminal. The payment of rent for the rental of real estate that the tenant pays to the landlord of his principal residence or student residence is also exempt from the TEU. contracts (guarantees, insurance and liability), taxes, incentives, financing, leasing and notaries (formalities); and the scope of property rights affecting a particular asset (i.e. restrictive construction and use agreements). Buyer may be liable under CRCLA or any other applicable federal law that imposes strict liability. U.S. federal laws apply in Puerto Rico unless expressly excluded by Congress or found locally unenforceable under the Federal Relationship Act. The buyer could also be liable under Puerto Rico`s laws and regulations if the transaction involves the acquisition of underground storage tanks (USTs), as current regulations generally provide for strict liability for owners and operators of USTs.

Puerto Rico`s real estate law is very different from other places in the United States.