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The first step to enter into a real estate transaction in Puerto Rico is to understand the process of buying real property in this jurisdiction. It is important to be represented by a licensed real estate professional to guide you in every step of the process.

US citizens may purchase property individually or by setting up a legal entity such as a limited liability company or a corporation.

Once you have identified the property you are interested in, our first step will be to submit a written offer on your behalf. Typically the offer is a one page document outlining the price and any specific conditions the purchaser may have. Once seller receives and once offer is accepted between both seller and purchaser, a formal Purchase and Sale Contract is issued for review and signature.

A standard Purchase and Sale Contract or Option Contract if you are obtaining bank financing, will include the complete terms agreed upon by both parties, as well as the agreed upon closing date.

With your signature of the Purchase and Sale Contract or Option Contract, you will be asked to provide a good faith deposit. The typical rule of thumb is 10% of purchase price and will secure the contract until closing. Escrow agents in Puerto Rico are in most cases the seller's agent, and are required by law to have a non interest bearing escrow account, for such purposes.

In Puerto Rico, public deeds for the purchase and sale of real property must be prepared by a Notary and executed by the parties before the Notary. A Notaire or Notary (not to be confused with a Notary Public as referred to on the US mainland) is an attorney at law licensed by the government of Puerto Rico specializing in real estate matters and who possesses the power to clear title and register the deed among other things. Puerto Rico Notarial Law imposes the obligation on the Notary to authorize only valid and recordable titles.

A typical transaction time may vary , but if extra time is needed due to process, the Notaire will issue a time extension, in order to satisfy all requirements necessary to close.

With more than 175 brokers in Puerto Rico and the support of 160,000 brokers worldwide, BRIDGEPORT has the most complete real estate team. Our aggressive marketing plan, integration of technology and our promotional outreach has managed to exceed our customers' expectations.

Come learn how you too can sell your property faster and receive a professional, high-quality service. Please fill out the form below to receive a FREE orientation on how we can help you with the sale or rental of your property.

BRIDGEPORT 

BRIDGEPORT is a company native to Puerto Rico. We provide real estate services in the purchase, sale or rental of residential and commercial properties such as house, apartment, building, multi-family, land, commercial property, shopping center, resort to localities in the northern, northeastern, northwest and metropolitan areas of the island. All of our Real Estate agents are affiliated with the Association of Realtors of Puerto Rico and the National Association of Realtors, they are prepared to structure solid transactions with successful results, under a strict code of ethics, since we faithfully believe that buying and selling a property is about people. We create collaborations with mortgage bankers, appraisers and lawyers, combining the knowledge available to our clients to promote their property.