Q: I have a house in Puerto Rico ther for sale and have buyer interest to purchase it. Do I have to go for any closing?
Or can everything been done over the internet. Such as providing documents that the house is mine. Signing the house over to the buyer? If so how do I get my money. Does the bank wire me the money?
A:
Hello and thank you for using JUSTIA. Under local Puerto Rico law, all real estate transactions must be done by public document and presented in the Registry of Property, thus it must be done by a Notary Public. Both parties must be present personally at the closing for the singing of the document.
What you can do is prepare a Power of Attorney authorizing a third party to represent you at the closing act and sign the public document for you. This Power of Attorney has to be "Protocolizado" in Puerto Rico and usually has a cost of $ 350.00 for said legal process. This process is for requesting the Supreme Court to give full faith and crédit to the Power of Attorney prepared and issued outside of Puerto Rico.
All real estate transactions generate closing costs. The law stipulates that the seller pays the legal costs of the public document and the buyer pays the costs of presenting the document in the Property of Registry. It can be stipulated in the sales contract by the parties that the buyer or seller pays both costs. However, if nothing is stipulated is the sales contract then the costs are paid as stated in the law.
Thus the answer to your question is yes you have to be present for the closing act unless a Power of Attorney is presented.
In addition you will pay a capital gains tax of 15% minimal depending on if you are considered a resident of Puerto Rico or not.
A: You can designate someone via a Power of Attorney with the advice of a lawyer based in PR. As to the bank, they could wire the money or send a check, depending on their policies, or the designated representative can just mail it to you.
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