Property for Sale in Puerto Rico, Caribbean
There are no restrictions on foreigners buying property in Puerto Rico. To enter into a real estate transaction, it is important to hire a real estate agent as knowledge in Spanish is very much needed.
Puerto Rico may not be one of the most esteemed spots in the Caribbean like Bermuda and the Bahamas, but Puerto Rican property prices are still higher than the average in the region.
Buying real estate in Puerto Rico is not much different than buying real estate in most of US states. Many of the procedures are similar because Puerto Rico is a Commonwealth of the United States.
When an agreement has been reached, a deposit of 5% of the purchase price is usually paid by the buyer. The deposit is non-refundable if the buyer decides to back out of the transaction. In case the seller backs out, the seller will pay the buyer twice the amount of the deposit or earnest money provided.
