Buying Property in PUERTO RICO—More to Look Out for 2019

Following up last week’s video about the 14 things we learned buying a house in Puerto Rico, this week I cover 7 pitfalls to look out for that I learned from others who bought property on the island. It’s definitely a buyer beware environment.

Here are the points covered:

1. You need to understand Puerto Rico’s inheritance laws before purchasing property.

2. Notary fees are required by law, upon loan origination and when debt is retired, and these fees can really add up.

3. One title search is not enough.

4. Consider putting your deposit into an escrow account with your attorney.

5. Home inspections can be very superficial.

6. Beware the homeowners association issues.

7. You can buy homeowner insurance in Puerto Rico, but don’t expect them to actually pay out on insurance claims.

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If you’re thinking about purchasing property in Puerto Rico and want insights into your specific situation, please reach out here: https://tinyurl.com/ydss222h

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