Q: My father and his sister own a small piece of land/ home in Puerto Rico they want to sell before they pass away
The property currently is completely up to date, no taxes owed and the paperwork to the land was finalized and corrected through the courts in Dec 2021. My question is, someone wants to purchase the home/land in cash and we are not sure what to do. My dad's family in PR is saying that the person interested in buying the land will pay for the transfer of paper work ect. I want to make sure that we are following all the applicable laws regarding selling home/land in PR. I would appreciate any information.
A:
Having a buyer with the cash to purchase the property is common. Nevertheless, your question fails to mention the proposed purchase price. First, I would advise your father and aunt to have the property appraised by a professional appraiser in Puerto Rico. The appraiser's report will give them a better idea of their real estate property's true market value; and they will find themselves in a better position to assess the proposed purchase price.
If more than one candidate buyer were involved, I'd recommend retaining the services of a realtor, to filter serious buyers from the rest of the public. Regardless of the presence or absence of the realtor, your father and aunt should retain the services of a notary in Puerto Rico to guide them through the process and procurement of required documentation and to prepare the sales deed.
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