Question 1

What is CRIM and how does it affect my sale?

Accepted Answer

CRIM (Centro de Recaudación de Ingresos Municipales) is the municipal tax collection agency in Puerto Rico. Before selling your property, you must obtain a CRIM tax clearance certificate (Certificación de Deuda). Any outstanding property taxes (contribuciones) must be settled before or at closing. Your broker can help you navigate this process, negotiate payment plans if needed, and ensure there are no surprises at closing.

Question 2

How do I sell an inherited property (Herencia)?

Accepted Answer

Selling an inherited property in Puerto Rico requires completing the succession process (Declaratoria de Herederos) through the court or a notary public. You'll need: the death certificate, proof of relationship, a property appraisal, and payment of inheritance taxes if applicable. Once the property is legally transferred to the heirs, it can be listed for sale. If there are multiple heirs, all must agree to sell. This process typically takes 3-6 months, so it's best to start early.

Question 3

What are the seller's closing costs in Puerto Rico?

Accepted Answer

Seller closing costs in Puerto Rico typically range from 5-8% of the sale price and include: Real estate broker commission (typically 5-6%), CRIM tax clearance fees, notary fees (shared with buyer), Internal Revenue stamps (sellos de rentas internas), capital gains tax (if applicable — 15% for residents, 25% for non-residents), and any outstanding HOA fees. Your broker will provide a detailed net sheet so you know exactly what to expect.

Question 4

How long does it take to sell a property in Puerto Rico?

Accepted Answer

The timeline varies by location and price point. In high-demand areas like Dorado, Condado, and Guaynabo, well-priced properties typically sell within 30-60 days. The closing process takes an additional 30-45 days. Luxury properties ($1M+) may take 90-180 days. Proper pricing, professional photography, and strategic marketing can significantly reduce time on market.

Question 5

How does Act 60 affect my property's value?

Accepted Answer

Act 60 (formerly Acts 20/22) has significantly increased demand for Puerto Rico properties, especially in luxury markets. Mainland buyers relocating for tax benefits are willing to pay premium prices for move-in-ready homes in desirable areas. This has driven up property values in communities like Dorado Beach, Condado, and parts of Guaynabo by 15-25% over the past two years. If you own in these areas, your property may be worth more than you think.

Question 6

What documents do I need to sell my property?

Accepted Answer

To sell property in Puerto Rico, you'll need: Certified copy of the deed (escritura), CRIM tax clearance certificate, property survey (mensura), utility bills (LUMA, AAA), HOA documents (if applicable), photo ID, Social Security number, mortgage payoff statement (if applicable), and any permits for improvements. Your broker will guide you through gathering all required documentation.