What happens in some cases, usually within people who don’t have much education, is that the owner of a property promises the property to a member of his/her family, a lover or a closed-friend but never writes a testament thinking that his/her word is enough. When the owner of the property dies, the person that was promised the property to, either moves into the property believing legal ownership of it or try to sell it under the same assumption. If the direct descendants of the deceased have no knowledge of the passing of their relative, they will not take action and the other person will continue to “own” the property illegally but unknowingly to him/her.
I am sorry but your info needs to be updated. On November 28, 2020, the new Civil Code of Puerto Rico went into effect. The new Civil Code grants the surviving spouse a preferential right to ownership of the property upon the estate's division and the community property.
Diane, excellent video! At the end what happened with your homeowners insurance? Did they pay for hurricane Maria damages? It wouldn’t be better then not to buy HOI if that is they wouldn’t pay for damages? If I do a cash purchase It wouldn’t require to buy HOI by the bank. It’s scary but you buy insurance for protection.
Hi Diane, we live in az and are trying to buy a condo in Luquillo. In our contract we asked for the P&L / Balance sheet but the building admin will not release to the seller. Stating it’s private info. They will only provide a dec page for walls in. Is this a red flag in your opinion? The unit is in a 23 floor building so we are wanting to know their financials. Just curious if you know our rights as a buyer for this info. Ty
Hey Diane thanks for the PR postings. I found them extremely helpful. I'm really hoping you would help answer my question or hopefully advise. I just put in an offer on a short sale while i was Vacationing in Puerto Rico. I have been looking for years but never had the luck of being a final bidder. I may have stepped on my own toes. I signed a contract without an attorney and and gave the realtor a deposit to put into escrow. I told the realtor today that i needed to get an attorney to assist me and she was so against it because it is a short sale. She's insisting that it is an as is deal between the two banks and that i would be wasting my money in huring an attorney. What is your opinion on this? How do i go about finding the building finances?
Thanks so much for the reply. I reached out to the loan officer at 1st bank, if that what they are called, he said the bank supplies the attorney. Not to spend additional monies on that? I find this entire ordeal stressful. But thanks again I will call tomorrow.
Sounds like a total nightmare. If you can't afford to buy a home in the Ritz Carlton neighborhood then it's not worth the nightmare living amongst the natives.
@@dorkladytravels that's good news. I'm planning to move after the c 19 is over. You brought up a good point don't buy a condo or townhome in case people stop paying hoa or taking care of property. I'm hoping it will be safe to live there during the economic collapse.
Hello Diane. We're here on holiday and we've seen many properties that appear to be abandoned. How does one aquire a property that may have been dumped after Maria?
Don't bother....after alot of red tape you start rehabbing, then juniors cousin whose uncle was the brother of the great grandfather who owned the property in 1920 suddenly appears claiming the property. Or, you are waiting for window panes that are taking 4 months to arrive, but a squatter with 2 children get a hold of it, and you can kiss your property goodbye for a few years
I intend to move to Puerto Rico from NYC for approximately 6 - 12 months. I retired from a NYC agency 1 year ago and now I have time to relocate. My main reason is to take my mom to live in her town where she was born. I travel to different parts of the island every 4 months and stay in different hotels or airbnb and I must say I know it will be a huge adjustment for me. The last time I traveled there with my mom was November 2019 and we stayed in Isla Verde and I was extremely upset due to the television and internet was inoperable for hours. I totally agree with you and I need to change my ways before arriving because if not I will be very upset. Thanks for sharing
The inheritance law has been updated- spouses are now forced heirs also
I grew up in the tropics…no way I would buy a condo.. I am afraid if my neighbors aren’t clean I would have to feed their roaches
😂
awesome, awesome video, thank you so, so much!!!
Most comprehensive overview of real estate in Puerto Rico in over 20 years.
What happens in some cases, usually within people who don’t have much education, is that the owner of a property promises the property to a member of his/her family, a lover or a closed-friend but never writes a testament thinking that his/her word is enough. When the owner of the property dies, the person that was promised the property to, either moves into the property believing legal ownership of it or try to sell it under the same assumption. If the direct descendants of the deceased have no knowledge of the passing of their relative, they will not take action and the other person will continue to “own” the property illegally but unknowingly to him/her.
I am sorry but your info needs to be updated. On November 28, 2020, the new Civil Code of Puerto Rico went into effect. The new Civil Code grants the surviving spouse a preferential right to ownership of the property upon the estate's division and the community property.
Thank you for your advice. I was looking into property in PR but now I am safe to say no way!
Wife and I are looking at possibilities of moving to PR. These videos are great information.
Great info. It really was an eye opener!
Good thing i viewed this im buying property in PR within a few months.
How was your experience Samantha?
Outstanding job!
Diane, excellent video! At the end what happened with your homeowners insurance? Did they pay for hurricane Maria damages? It wouldn’t be better then not to buy HOI if that is they wouldn’t pay for damages? If I do a cash purchase It wouldn’t require to buy HOI by the bank. It’s scary but you buy insurance for protection.
am looking at buying now thank you for info
CRIM = Tax property
Would you recommend Isla Verde or Condado for us. I want to be close to the airport and public transportation as I will be alone with a 90 year old
Why wouldn't you name names? companies SHOULD suffer from their poor reputation.
They should
Diane,after listening to your advices, it seems better to rent. Is rental easier or more adequate for a new resident?
Hi Diane, we live in az and are trying to buy a condo in Luquillo. In our contract we asked for the P&L / Balance sheet but the building admin will not release to the seller. Stating it’s private info. They will only provide a dec page for walls in. Is this a red flag in your opinion? The unit is in a 23 floor building so we are wanting to know their financials. Just curious if you know our rights as a buyer for this info. Ty
actually, with the downturn in the economy, I was advised to wait until at least the end of the year
This did not prove to be advise.
Hey Diane thanks for the PR postings. I found them extremely helpful. I'm really hoping you would help answer my question or hopefully advise. I just put in an offer on a short sale while i was Vacationing in Puerto Rico. I have been looking for years but never had the luck of being a final bidder. I may have stepped on my own toes. I signed a contract without an attorney and and gave the realtor a deposit to put into escrow. I told the realtor today that i needed to get an attorney to assist me and she was so against it because it is a short sale. She's insisting that it is an as is deal between the two banks and that i would be wasting my money in huring an attorney. What is your opinion on this? How do i go about finding the building finances?
Thanks so much for the reply. I reached out to the loan officer at 1st bank, if that what they are called, he said the bank supplies the attorney. Not to spend additional monies on that? I find this entire ordeal stressful. But thanks again I will call tomorrow.
Sounds like a total nightmare. If you can't afford to buy a home in the Ritz Carlton neighborhood then it's not worth the nightmare living amongst the natives.
@@dorkladytravels that's good news. I'm planning to move after the c 19 is over. You brought up a good point don't buy a condo or townhome in case people stop paying hoa or taking care of property. I'm hoping it will be safe to live there during the economic collapse.
Hello Diane. We're here on holiday and we've seen many properties that appear to be abandoned. How does one aquire a property that may have been dumped after Maria?
Don't bother....after alot of red tape you start rehabbing, then juniors cousin whose uncle was the brother of the great grandfather who owned the property in 1920 suddenly appears claiming the property.
Or, you are waiting for window panes that are taking 4 months to arrive, but a squatter with 2 children get a hold of it, and you can kiss your property goodbye for a few years
Everithing said is true!
You have any names of some good attorneys /realtors
I intend to move to Puerto Rico from NYC for approximately 6 - 12 months. I retired from a NYC agency 1 year ago and now I have time to relocate. My main reason is to take my mom to live in her town where she was born. I travel to different parts of the island every 4 months and stay in different hotels or airbnb and I must say I know it will be a huge adjustment for me. The last time I traveled there with my mom was November 2019 and we stayed in Isla Verde and I was extremely upset due to the television and internet was inoperable for hours. I totally agree with you and I need to change my ways before arriving because if not I will be very upset. Thanks for sharing
What town u moving to?
Then Why even move to Puerto Rico ? sounds too much like the United States .
Total unrelated random comment. U should do ghost homes stories wherever U live.
😫😫😫😫🤥🤥🤥omg..
😘😘❤❤❤👍👍👍
If insurance is unrealible in Puerto Rico; is there a work around to this?
Everything is unreliable there.