About El Dorado Realty
Meet The Team
Managing Broker and Co-Founder
As Managing Broker, Jhansel leads the real estate practice at EDR. A born and raised Puerto Rican, Jhansel graduated Cum Laude with a Bachelor’s of Psychology from The University of Puerto Rico and went on to earn his Juris Doctorate degree from The Inter American University School of Law. Upon graduation, Jhansel entered private practice and has ligation experience with Commercial, Real Estate and Family Law. His background enables him to interpret and advise EDR clients in an exceptional way. Additionally, Jhansel is a Puerto Rican licensed Notary and Real Estate Broker.
Agent, Chief Relations Officer and Co-Founder
As CRO, Sara specializes in client relations and ensures every family has a smooth transition with the move to Puerto Rico. A Miami, Florida native, Sara earned her Bachelor’s of English with a minor in Law from Purdue University. After graduation, Sara started her career with Apex Energy Solutions in Chicago, IL and became a Senior Partner during her 5-year tenure at the company. When out of the office, Sara enjoys exploring the island of Puerto Rico.
Why Choose a Buyers Agent?
At EDR our focus is to represent prospective Buyers in finding their dream home, but we do a little more than that: 1.) Our number one priority is you and representing your best interests! As buyers agents we are not tied up and will never push any listing on you, instead we focus on finding the best opportunity for you and your family with your requirements in mind. 2.) We will help you sort through ALL the listings! Since there is no heavily used mainstream MLS service in Puerto Rico, there are several different websites that are needed to sift through to find all the properties available. 3.) Puerto Rico is all about connections! Oftentimes there are listings that have not yet made it online. As buyers agents we work closely with our colleagues and personal connections to keep a good finger on the pulse of the market. You can be rest assured you are working with a local expert! 4.) We take care of coordinating showings with multiple brokers and agents. If you are working exclusively with a listing agent, it is more likely that they will only show you their own listings. Although we love all of our listings, we enjoy working with all of our fellow brokers and agents and believe it’s important to show our clients the full spectrum of the market. 5.) We help you determine an offer strategy. Buying real estate is different here (hyperlink to next section below) in Puerto Rico than on the mainland. We will be your number one negotiator, advise you on what to offer, advise you on financing and even help you find a lender. After all, you wouldn’t go to court without a lawyer!
6.) We are responsive. Our goal is to provide you with the best possible service, so whether it is a phone call, text or email we will always be readily available to you. 7.) It won’t cost you a dime! As buyers agents we receive our commission through the sale or lease price. When working with another agent, we split the percentage already determined by the seller in the listing contract.
Why is buying Real Estate different in Puerto Rico?
1.) You need a Notary Public to intervene in the transaction. The Notary Public in Puerto Rico is always an attorney. This gives the real estate transaction a formality and assurance that the transaction has been done according to law. 2.) The Notary Public that is involved in the transaction is an impartial party to the transaction, which means that it doesn’t matter who is paying for his services, the notary cannot favor any of the parties involved. 3.) There is a Property Registry in Puerto Rico. It is the Notary Public’s responsibility to file (present) the deed in the Registry in order for it to be qualified and approved by the Registrar. When that happens the title (deed) gets recorded. 4.) You might still want an extra warranty. A Title Insurance Policy can be issued at closing or after the closing. In Puerto Rico this requirement is not mandatory for any closing. The rationale behind it is that there are protections and warranties that Puerto Rico’s Civil Code and Notary Law that compel the Public Notary to include in the Deed. However, even if these weren’t included in the Deed, you can still enforce them. 5.) The CRIM is the agency that is in charge of the property tax accountability for all municipalities in Puerto Rico. The value a property was given when appraised by the CRIM, will be the amount of property tax that has to be paid. This value varies by property and it depends solely on the CRIM appraisal of the property and is not necessarily, in most cases, correlated to the value of the transaction. 6.) Property Tax – Exemption of the first 15K: The CRIM confers an exemption on payment of property tax to the first 15K dollars exclusively on your main residence. Meaning it does not apply to second homes. If the CRIM appraisal of the property is below 15K, you may not pay property tax at all. It is a case by case situation. 7.) Execution of the Deed of Sale: Buyer and Seller have to appear in front of the Notary to execute the Deed. The notary will call and coordinate with the parties and their agents the execution of such Deed. 24-48 hours before closing date, a draft of the Deed of Sale and a Closing Disclosure Statement will be provided for the parties review. 8.) Power of Attorneys: The PoA in Puerto Rico receives the same treatment of a Deed, similar to that of a Sales and Purchase Deed or a Will. This means that after executing a PoA, the Notary has to present it for recordation at the Power and Wills Registry. This can be an inconvenient delay to the transaction, as it takes around 7-15 days to get recorded.