How to buy real property in Puerto Rico
Puerto Rico law does not prohibit or restrict a foreign person from purchasing real estate in Puerto Rico. Under Puerto Rico law, the title is referred to as fee simple and can be by a purchase and sale, gift, inheritance, exchange or by adverse possession just as the United States does. Fee simple entitles the owner to sell, transfer, mortgage, encumber, lease and/or use the property, subject to zoning regulations and recorded easements, covenants and other liens and encumbrances. Fee simple title can be acquired by a private contract between the transferor and transferee. However, if the parties wish for the transfer of title to affect third parties, the title must be transferred by a public deed executed before a notary public in PR. A certified copy of this deed is then recorded at the Registry of Property of Puerto Rico (the “Registry.”) Parties to a real estate transaction must pay stamps and recording costs upon the execution of a deed which is to be filed in the Registry,