Lower Closing Costs Possible – Puerto Rico
On September 2, 2010, a new law was approved reducing the costs of stamps and filing rights for closings in Puerto Rico held on or before June 30, 2011. Also, the same law provides some capital gains tax benefits for certain properties.
There are certain requirements for the law to apply, and also certain limitations, but the law is ultra-inclusive (please do not spell check this!) as to properties which qualify for the benefits.
Though the application of the law is still under review and the requirements being scrutinized, we have already seen noteworthy reductions in the computation of closing costs for transactions in the pipeline.