15 Things To Do After Closing On Your Puerto Rico Property
Congratulations on closing the deal on your new property in Puerto Rico! As you embark on this exciting journey of homeownership, there are several important steps to take to ensure a smooth transition and to protect your investment. Before running off to the beach, here’s a comprehensive guide on what to do after closing:
1. Secure Your Closing Documents: Store all your closing documents, including the deed and closing disclosure, in a safe place. While your Notary will keep the original deed, it’s wise to keep a copy for your records.
2. Beware of Scammers: Since your deed is a public record, be cautious of potential scammers who may try to target you. If you receive suspicious letters regarding your mortgage or insurance, verify with your mortgage company, closing Notary, or Realtor before taking any action.
3. Prepare for Potential Mortgage Transfer: If you purchased with a mortgage, be aware that your mortgage might be sold to a local bank. While this is less likely if you closed with Banco Popular, First Bank, or Oriental Bank, it’s still a possibility with other lenders.
4. Transfer Utilities: Change all utilities (electricity, water, internet, security services, etc.) into your name within 10 days of closing, as per our Paraiso Realty’s Option Agreements. Failure to do so could result in service disconnection by the seller, which can be difficult at times to restore. To change the electric and water utilities, Luma and AAA will need to see a copy of your deed, and the current account number for the property. Fortunately some of this can now be done on-line.
5. Change Locks: For added security, change the locks on your property. Who knows how many keys from the previous are still floating around? The locksmith can also review the locks to see if they are indeed providing the best security possible.
6. Update Smart Technology Accounts: If your property includes smart technology like Siri, Ring doorbells, or smart thermostats, transfer these services into your name for exclusive control. You should be the only one in charge of these services.
7. Replace Batteries: Change batteries in smoke detectors, alarm systems, remote controls, and other devices to start fresh and ensure they’re in working order. Dealing with them all at once is efficient, and saves you frustrations down the road.
8. Change Mailing Address: Update your mailing address for credit card bills, investment funds, etc. Use the US Post Office’s mail forwarding service to help with the transition. Having mail forwarded makes it easier to remember which companies need to be reminded of your new address.
9. Update IDs: Update your driver’s license and voter ID card, which is especially crucial for residents of Vieques and Culebra in dealing with the ferry system.
10. Budget for Home Repairs: Set aside money for potential home repairs, especially important for first-time homeowners. Surprises are easier to swallow when you are financially prepared.
11. Address Inspection Issues: Deal with any unresolved issues from the property inspection before they become bigger problems. Major issues were probably addressed before the closing, but small items like that one outlet that does not work, or loose balustrade are best fixed now before they become bigger problems.
12. Clean and Paint: Before moving in, take the opportunity to deep clean, paint, and carry out any necessary maintenance tasks. Have popcorn ceilings that you want to change? Have tiles that need cleaning and sealing? Want to power wash your patio and deck? Doing so with little in the way is best!
13. Set Up Mortgage Payments: If you have a mortgage, set up your monthly loan payment, marking the due date on your calendar and consider automatic payment options.
14. Prepare for Puerto Rico Property Tax Payments (CRIM): Mark your calendar for January 1 and July 1 for your CRIM property tax payments and obtain a copy of your bill from your local CRIM office. There is a chance your first bill might be sent to the old owners, so be proactive in soliciting your bill. For more info on the CRIM department in Puerto Rico, click here.
15. Contact HOA (Condo Owners Only): If you purchased a condo, Puerto Rico law requires that you contact your HOA within 30 days of closing to provide your contact information. Failure to do so may lead to unpaid HOA fees, which could lead to your utilities being turned off.
16. Meet Your Neighbors: And finally, as a bonus suggestion: go out and meet your neighbors! to. A smile and brief introduction will go a long way in building positive relationships within your new community
By following these steps, you’ll be well-prepared to enjoy your new property in Puerto Rico to the fullest. Congrats and welcome to your new home!
