Buy your property in Puerto Rico
These are the 10 steps to buying a property in Puerto Rico: the requirements, from getting your finances in order and pre-qualification to closing and getting the keys.
10 steps to your new home
Buy your property in Puerto Rico
These are the 10 steps to buying a property in Puerto Rico: the requirements, from getting your finances in order and pre-qualification to closing and getting the keys.
Know your credit, your debts, and how much you have for a down payment. Knowing your numbers from the start avoids surprises later.
House or condo? How many bedrooms? In which town? Make your list of needs vs. wants.
The bank, credit union, or mortgage lender tells you how much they'll lend you. With basic documents it can take less than 24 hours.
With your number in hand, start searching on FindItPR.com or work with a licensed real estate broker.
Once you have your property, go back to the bank to confirm the real monthly payment, the money due at closing, and the loan type.
Property ready, numbers ready? Time to make your offer! You can include contingencies to protect yourself:
- Inspection contingency: if the inspection reveals problems, you can negotiate repairs or walk away from the deal.
- Appraisal contingency: if the property appraises for less than agreed, you can back out and recover your deposit.
- Mortgage contingency: if the bank doesn't approve your loan, you can exit without penalty.
If the seller accepts the offer, the purchase agreement is signed. This document "reserves" the property while all the loan paperwork is completed.
At this point you'll likely need to pay a deposit of between 1% and 3% of the property price (for example, between $2,000 and $6,000 on a $200,000 property). That money is later applied toward closing.
The bank verifies your credit, orders the appraisal, studies the title, and checks that the property is free of legal issues.
With the loan approved, the bank, broker, notary attorney, and seller coordinate the date and the final amounts to pay.
You arrive with the agreed payment, sign the deed before a notary, and receive the keys. You're now a homeowner!
