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prima:What should you consider when buying a property for cash?

Lawyer clarifies that the process is just as rigorous as when applying for a mortgage and makes recommendations for successful closings

September 14, 2024 - 5:00 PM

Even if it is not financed, the process of acquiring a property in Puerto Rico must comply with the same regulations, warns Rafel Ferreira Cintrón. (Shutterstock)

The closing of a mortgage does not come without the financial institution having verified a myriad of details about the property, such as who is selling and who is buying. But how do you make sure there are no surprises or defaults when looking to buy a home, commercial property or land for cash, without a bank or credit union involved?

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