Chicago, IL asked in Real Estate Law for Puerto Rico

Q: For someone to purchase land in Puerto Rico , must a property survey take place before the closing ?

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1 Lawyer Answer
Rafael  Pagan-Colon
Rafael Pagan-Colon
Answered
  • San Juan, PR
  • Licensed in Puerto Rico

A: The answer to your question depends on several factors. For example, if the buyer requires to take out a mortgage to purchase the property, the financing institution will require a recent property survey to have a clearer understanding of the property's value. Even if the buyer has the wherewithal to purchase the property without needing to finance said purchase, the buyer will want to make sure that the purchase price requested falls within the property's market value, as perceived by a licensed appraiser. The older the date on which the property was last purchased, the greater the need to appraise the property.

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