If the prospect of buying property in the beautiful island nation of Puerto Rico interests you, either for vacation or retirement purposes, then you probably already know that there’s a lot to love about real estate in Puerto Rico. To start, there is the temperate climes and ease of access. Plenty of airlines make direct flights… Read more »
Does it make sense? – A workable standard for anyone involved in a real estate transaction
“Does it make sense to me?” is a standard I use on just about everything in my daily life, including: when I speak to and listen to my son; what my neighbor tells me about a situation; what I observe while driving my car; the prices or the items on a store; while walking at… Read more »
How Does Title Clearing Work in Puerto Rico?
Many people that look to buy property don’t even know that they need title clearing services, much less what these essential professionals provide. However, if you discover that the previous owners had debt that resulted in a lien against the property, and that you may now be on the hook to pay if you want to close the… Read more »
Organizing a Real Estate Transaction in Puerto Rico
The best way I know how to organize a closing is by stages. Nevertheless, the most important aspect of this is to establish the stage in coordination with the client and all those involved in the closing BEFORE step one is even taken. I have come to learn that a critical tool in achieving a… Read more »
FUNDS RETAINED FROM THE SELLER – THE USE OF ESCROW ACCOUNTS AFTER A CLOSING
There are a few categories of real estate transactions in which certain potential liabilities could occur or “appear” after the closing. In this regard, I want to shed some light on how to handle these situations through the use of an escrow account, communicate why sometimes funds need to be withheld from the seller, and… Read more »
Common Challenges to Obtaining a Mortgage in Puerto Rico
Buying a home in Puerto Rico is a unique experience, to say the least. Every facet of the transaction brings with it some small wrinkle or curveball that you may not see coming. Don’t get me wrong, you’re still jumping through the same hoops and meeting the same requirements if you were to buy a… Read more »
How Does Probate Work in Puerto Rico?
Inheritance law can be a little bit of a tricky subject almost no matter where you are in the world. That would be fair to say of Puerto Rico as well. When it comes to bequeathing property, particularly as a foreigner living in Puerto Rico who is receiving or leaving behind real estate, there are… Read more »
Using an LLC for your Real Estate Purchase in Puerto Rico
Purchasing a property through an LLC has benefits and also a few implications. The purpose of this post is not to discourage anyone from using an LLC, but rather to provide information on some of its implications. First and perhaps foremost, the Puerto Rico Power Authority (“PREPA”) will want to charge your electricity at commercial… Read more »
Puerto Rico 2016 – A current state of affairs
Yesterday, I was listening to a radio show on my way home and the subject was the financial issues being faced by the Government of Puerto Rico. Of course, any subject enjoys a gama of points of view and plenty of people willing to share their opinion with the rest of us. I am doing… Read more »
New Overtime Rule
Most people have heard the saying “a fair day’s pay for a hard day’s work”. My father used to lament the loss of this standard in the American job market. With the cost of living on the rise, a prevalent “keeping up with the Joneses” attitude, and a widening gap between upper and lower classes,… Read more »