Step 1: Submitting an Irresistible Offer
Once you've identified your desired property, we'll handle the first crucial step for you. We'll prepare a concise one-page, non-binding offer on your behalf. This document outlines the price you're willing to pay and any specific conditions you have. It's your chance to show the seller how serious and committed you are.
Step 2: Finalizing the Deal with a Contract
When the seller accepts your offer, it's time to formalize the agreement. You will then be provided with an Option Contract. This contract includes all the terms agreed upon by both parties and sets a closing date. To solidify your commitment, you'll be asked to provide a good faith deposit, typically 5% to 10% of the purchase price- but this is negotiable.
Step 3: Taking Care of Due Diligence
During the due diligence period, which usually lasts between 30 to 60 days, the attorneys will conduct a thorough title search. Additionally, the seller will provide updated statements on HOA fees, maintenance fees, and property taxes.
Step 4: Notary and Closing
In Puerto Rico, the real estate process differs from the U.S. mainland. A qualified professional called a Notary, who must be an attorney, plays a vital role in preparing the necessary documents. They ensure everything is legally binding and executed properly. They also have the power to clear the property title and register the deed.
Step 5: Registering the Transaction
After the closing, the attorney will handle the registration of the transaction with the Property Registry. This step determines the official status of your purchase. While the processing time can vary, we'll do our best to expedite the process. If needed, a time extension can be issued to ensure a successful closing.
Step 6: Understanding Costs and Fees
Regarding financial matters, both parties have the flexibility to negotiate the notary closing fees. Seller usually pays, but you can choose to pay them entirely or split the costs. The buyer is responsible for title insurance, title search expenses, and deed stamps. Additional costs may include appraisal and inspection fees. Rest assured, we'll provide you with detailed information on all fees and costs upfront.
With this straightforward guide, you're ready to embark on the journey of securing your dream property. Our dedicated team is here to assist you every step of the way, ensuring a smooth and enjoyable experience. Let's open the door to your new life and transform your aspirations into a captivating reality.
To learn more about the buying process, download our Puerto Rico Buyer's Guide here: https://rem.ax/PRBuyersGuide
RE/MAX Island Homes E-377
Member of REALTOR® CIPS RSPS ePRO® MRP RENE PSA ABR®
Contact Information: https://rem.ax/JocelynUcedoRealtor
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