How to file a Real Estate Transfer Form in the Treasury in Puerto Rico?

La Law No. 75 of July 2, 1987 (corrected) and also known as Puerto Rico Notarial Law (Law No. 75), establishes in part the obligation that notaries have to send to the Department of Finance all Informative Form on Segregation, Grouping or Transfer of Real Estate (simply known as information sheet), corresponding to the deeds granted before them.

Similarly, the Puerto Rico Internal Revenue Code of the year 1994, (corrected this Code), establishes the applicable penalty in the event that said document is omitted to be submitted on the date prescribed by law. When completing this information form, some important aspects must be taken into consideration:

1. This information form must be completed in its entirety and will be filed only from electronically.
2. For each segregation, grouping or transfer of property, An individual information sheet will be prepared.
3. The measure reported in the section for "Room", must be equal to that indicated in the writing, expressed in square meters (M / C) or on ropes (CDAS).
4. In the space provided for “Transaction Price”, should indicate the market value or sale price (as applicable), of the property object of the transaction.
5. Every notary who has the obligation to submit the information form must demand from his client the social Security number, at the individual case and the employer identification number, when it comes to: corporations, cooperatives and societies. Furthermore, it must demand the coding o property registry number object of the transaction.

How to file a Real Estate Transfer Form in the Treasury?

From the Monday February 24 of the year 2020 , Real Estate Information Form must be filed solely and exclusively by electronic means through the system SURI. Therefore, every Notary who has the obligation to submit said form, must be registered and have a user account on SURI.

• Access the account in SURI, a "I'd like" click the link "More options".
• Then select the option “Manage Real Estate Information”. 
• Press “Submit a new information.”
• Follow the system instructions y
• Complete the required information according to the transaction authorized in the Public Deed.
• When submitting the return, the system will issue a confirmation message.

Instructions for the Real Estate Transfer Form

1. The information sheet must be completely completed and it must file electronically.
2. For each segregation, grouping or transfer of property, It is necessary to prepare an information sheet individually.
3. The measurement reported in the “Capacity” section must be equal to that indicated in the deed, being expressed in square meter (M / C) or in strings (CDAS).
4. In the space for “Transaction Price” It is necessary to indicate the market value or sales price (according to how it applies), of the property that is the subject of the transaction.
5. Every notary who is obliged to submit the information form, you must demand from your client: social Security number whether it is an individual, or the employer identification number These are: corporations, cooperatives and societies. Likewise, it must require the coding or cadastral number of the property that is the subject of the transaction.
6. To get the cadastral and account number, the taxpayer can provide the notary with the following:
7. A certification.
8. A payment receipt.
9. A debt notice, etc.

La encoding must match at all times, with the property that is the subject of the transaction. If the coding number is not obtained, it can be requested at the CRIM office.

• La CRIM office will offer cadastral or coding number, within next 7 days following if requested. 
• The taxpayer must Make sure you provide information about all parties involved in the transaction. As well as providing the information of the seller, assignor or causer, in accordance with the provisions of the original writing. In case of judicial sale should also include the sheriff information, who executes the sale in substitution of the owner of the property.
• It is the obligation of notary inform the percent (%) of participation that the seller, assignor or transferor has. If more than one person has an interest in the property, it is necessary to provide the name, social security number or personal identification and the percent (%) of participation in it.
• The notary must file the information form, in the official website of the Department of Finance, under the tab Online services in Virtual Treasury: https://hacienda.pr.gov/sobre-hacienda/hacienda-virtual.

El Department of Finance will issue a electronic confirmation of the filing of the information return, which will be sent by email to the sending notary. Finally, the notary must keep a copy of the form for your records.

Where and when to submit the Transfer Form?

It is the obligation of the notary to file electronically during the first ten (10) days of each month, Department of Finance, all the information forms corresponding to the deeds granted before them, during the previous month.

Any notary who fails to submit this form to the prescribed date, is exposed to being required to pay a penalty that is between $ 500.00 dollars, for each return that has failed to be filed. And it is the buyer's responsibility; investigate either with the seller of the property and/or with the CRIM, on the taxes owed on the property.

What is the Transfer Form for?

The fundamental purpose of the transfer form is to inform the Department of Finance, that a property has changed ownership. But also in the procedure that has been carried out it will be shown that it has been carried out through a buy and sell, indicating the details of the seller, the person who sells and of course the person who makes the purchase.

So in this way, the Department of Finance is in full knowledge of whose name; are the properties that exist in the country, for this reason it is done mandatory to carry out the property transfer process, to avoid being fined.

Tax Responsibility

This activity does not escape having its own tax liability and the real estate transfer form cannot be exempt from obligations that it entails on the tax obligations.

So to know what to do in tax issues, how much a property transfer will take place and to also know everything that it must be done legally, in relation to this procedure.

Where can I fill out the forms?

The notary is the one who must file the information form, this must be done on the website of the Department of Finance, with Online services in Virtual Treasury: https://hacienda.pr.gov/sobre-hacienda/hacienda-virtual.

Fonts

https://hacienda.pr.gov/

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