Buying a condo in Miramar, Santurce should feel exciting, not confusing. If you are budgeting your move to San Juan, the question that often stalls momentum is simple: how much cash will you need to close? You are not alone. Many first-time and relocating buyers struggle to separate myths from real numbers.
In this guide, you will learn what buyer closing costs cover in Puerto Rico, how Miramar condo purchases typically price out, and what can change your bottom line. You will also get practical steps to confirm your figures early and avoid last‑minute surprises. Let’s dive in.
What closing costs include in PR
Buyer closing costs are the one-time fees and taxes you pay to finalize ownership and, if applicable, your mortgage. In Puerto Rico, you will see familiar items from the U.S. mainland along with Puerto Rico–specific stamps, notary, and registry charges. Plan for the following categories.
Loan-related fees
If you finance your condo, your lender will itemize several charges.
- Loan origination or points: Often a flat amount or a percentage of the loan. A common practice in many markets is 0.5% to 1.5% of the loan amount, but you should verify with your lender’s Loan Estimate.
- Appraisal: A licensed appraiser values the property. Typical range is about $300 to $800 depending on unit size and complexity.
- Credit report, underwriting, and processing: Usually small to moderate fees. Some lenders bundle these into origination.
Puerto Rico taxes and stamps
Puerto Rico imposes documentary stamp taxes on certain documents, including deeds and mortgages. Exact structures and rates are set by the Departamento de Hacienda and can change. Some exemptions or credits may apply in specific situations. Your closing notary will confirm the current schedule for your transaction.
Notary and registry fees
Closings in Puerto Rico are handled by a notary (notario). Notary fees cover drafting and executing the public deed and related instruments. Fees can be a few hundred to a few thousand dollars depending on price and complexity. You will also pay registry fees to record the deed and, if applicable, the mortgage with the Registro de la Propiedad.
Title search and title insurance
A title company or notary office examines title and issues policies. Lenders require a lender’s title policy. You can also opt for an owner’s title policy for added protection. Premiums are one-time and vary by price tier and insurer. Confirm local schedules for exact amounts.
Insurance and mortgage insurance
Your lender will require homeowners insurance, often collected for the first year at closing. Flood insurance may be required if the building is in a flood zone. If your down payment is less than 20% on a conventional loan, you may also have private mortgage insurance.
Condo fees and prorations
Expect association-related items, such as estoppel or certificate fees, any capital contribution or transfer fee if applicable, and prorations of dues through the closing date. Review the association’s budget, reserves, and minutes for context on any special assessments.
Other typical items
- Attorneys’ fees if you hire your own counsel
- Escrow deposits for insurance and property taxes
- Certificates, copies, or apostilles if needed for documents
How much to budget
For financed purchases in Puerto Rico, a practical planning range for buyer closing costs is about 2% to 5% of the purchase price, not including your down payment. Cash buyers usually pay less because loan-related fees and mortgage taxes do not apply.
The items that swing totals most are documentary stamp and transfer taxes, notary fees, title insurance premiums, and lender-specific origination or points. Your exact loan program, down payment, and association requirements also matter.
Miramar condo examples
The following scenarios illustrate how costs may stack up for typical Miramar condos. These are examples to help you budget. Confirm exact numbers with a lender, notary, title provider, and the condo association.
Example A: $200,000 condo (20% down)
- Down payment: $40,000 (not part of closing costs)
- Estimated buyer closing costs: about $4,000 to $8,000
- Loan origination or points: $1,000 to $3,000 or roughly 0.5% to 1.5% of the loan
- Appraisal: $350 to $600
- Credit report and processing: $50 to $250
- Title search and title policies: $800 to $2,000
- Notary and registry: $500 to $1,500
- Documentary stamps and transfer taxes: plan $500 to $2,000 until confirmed
- Prepaids and escrows: $500 to $1,500
- Condo estoppel and certificates: $100 to $500
Approximate cash to close, excluding down payment: $4,000 to $8,000.
Example B: $400,000 condo (20% down)
- Down payment: $80,000
- Estimated buyer closing costs: about $8,000 to $16,000
- Loan origination or points: $2,000 to $6,000
- Appraisal: $400 to $700
- Title search and title policies: $1,200 to $3,500
- Notary and registry: $800 to $2,500
- Documentary stamps and transfer taxes: plan $1,000 to $4,000 until confirmed
- Prepaids and escrows: $1,000 to $3,000
- Condo fees and estoppel: $200 to $1,000
Approximate cash to close, excluding down payment: $8,000 to $16,000.
Example C: $800,000 condo (20% down)
- Down payment: $160,000
- Estimated buyer closing costs: about $16,000 to $40,000
- Loan origination or points: $4,000 to $12,000
- Appraisal: $600 to $1,200
- Title search and title policies: $2,500 to $8,000
- Notary and registry: $1,500 to $4,000
- Documentary stamps and transfer taxes: plan $2,000 to $8,000 until confirmed
- Prepaids and escrows: $2,000 to $6,000
- Condo fees and estoppel: $300 to $1,500
Approximate cash to close, excluding down payment: $16,000 to $40,000.
Note: Documentary stamp taxes and notary fees are often the largest variables, especially at higher price points.
What changes your numbers
Several factors can raise or lower your cash to close. Plan for these early.
- Financing type: FHA, VA, conventional, jumbo, and cash all differ. VA has a funding fee. FHA has mortgage insurance premiums. Conventional loans may require PMI with lower down payments.
- Down payment: A lower down payment can add mortgage insurance and higher escrows.
- Seller concessions: You can negotiate seller-paid closing costs. Lender rules limit how much.
- Condo requirements: Transfer fees, estoppel charges, and association reserves can affect up-front costs.
- Loan amount vs price: Many lender fees scale with loan amount.
- Tax incentives: Puerto Rico programs and exemptions can change your net. Confirm eligibility with the appropriate agencies.
How to get accurate figures
The fastest way to dial in your budget is to request written estimates from each party involved. Follow these steps.
Step-by-step plan
- Get pre-approved and request a Loan Estimate from your lender. This outlines origination and expected third-party costs.
- Ask a local notary for an itemized estimate for deed execution and registration. Notaries in Puerto Rico handle closings and can project fees.
- Request a title insurance quote for the lender’s policy and an optional owner’s policy. Include any endorsements.
- Ask the condo association or management for the estoppel fee, transfer fee, and any capital contribution, plus timing to issue documents.
- Confirm current documentary stamp and recording fee schedules with the appropriate government offices, and ask your notary to validate calculations for your deal.
- Obtain homeowners and, if applicable, flood insurance quotes. Share building details for accurate underwriting.
- Add a contingency of 5% to 10% of your estimated closing costs for unexpected prorations or higher fees.
Buyer checklist
- Pre-approval and Loan Estimate from a local lender
- Notary fee estimate for deed and mortgage
- Title insurance premium quote and title search fee
- Condo estoppel, transfer fee, and any capital contribution
- Confirmation of stamp and recording taxes
- Insurance quotes for homeowners and flood if required
- Funds prepared for down payment, closing costs, and contingency
- Review your final Closing Disclosure or settlement statement before signing
Timing and expectations
Your lender should deliver a Loan Estimate shortly after application. For financed purchases that follow U.S. style disclosures, expect a final disclosure a few business days before closing. Associations may need time to prepare documents, so request the estoppel and fee schedule early in your due diligence. If you plan to negotiate seller credits, do this in your offer and confirm lender limits.
Seller-paid items to know
Sellers usually pay the commission and may cover some closing items depending on the contract. In Puerto Rico, who pays specific costs is negotiable. If you want to reduce your cash to close, ask your lender how much seller credit your loan program allows and structure your offer accordingly.
Local guidance for Miramar buyers
Miramar is a condo-friendly pocket within Santurce, which means association processes and documents play a central role in closing. Start early on the estoppel, bylaws, and budget review so your lender has what they need. If you are balancing lifestyle goals with rental potential, align your financing and insurance choices with your intended use before you go under contract.
Buying in a new market is easier with a local partner who understands both the paperwork and the property operations. If you want help comparing lender quotes, coordinating with a notary and title provider, and navigating association timelines, reach out. As a boutique, hands-on practice, we guide you through each step so you can close with confidence and enjoy your new home or income asset.
Ready to plan your Miramar purchase? Connect with Victor Alonso Vega to budget your cash to close, compare options, and take the next step.
FAQs
What are typical buyer closing costs in Puerto Rico?
- For financed purchases, plan about 2% to 5% of the purchase price, excluding your down payment. Cash buyers usually pay less because loan-related fees do not apply.
How do Puerto Rico notary fees work at closing?
- Notaries prepare and execute the public deed and related instruments. Fees vary with price and complexity and are a meaningful line item to confirm early.
Which taxes or stamps apply to Miramar condo purchases?
- Puerto Rico imposes documentary stamp taxes on deeds and mortgages. Exact rates can change, and exemptions may apply. Your notary will confirm the current schedule.
Do I need owner’s title insurance in Puerto Rico?
- A lender’s policy protects the lender. An owner’s policy is optional but adds protection for you. It is a one-time premium paid at closing.
Can the seller pay some of my closing costs in San Juan?
- Yes. Seller credits are negotiable, and lender rules set limits by loan program. Confirm the maximum allowed with your lender before you write your offer.
What condo-specific fees should I expect in Miramar?
- Plan for an estoppel or certificate fee, possible transfer or capital contribution, and prorations of dues. Review association documents for any special assessments.
When will I see my final numbers before closing?
- Your lender provides a Loan Estimate early and a final disclosure a few business days before signing. The notary and title provider will update figures as documents finalize.
