Titled vs “Untitled” (Un-Registered Title)
Title, a piece of paper that can be registered with the Property Registry allowing you and others the ability to lien or mortgage the property, IS NOT available on all property in Vieques. Up to 30% of the property currently available has no title rights. “UNTITLED” does have POSESSIONARY RIGHTS . . . and that is what people sell – their RIGHTS to the land (excluding title), plus any improvements that are on the land. You get a DEED/Compraventa or private contract basically . . . which allows you the ability to claim the property in the eyes of the Municipality/Government and to apply for utilities and building permits. IS IT RISKY? Raw land carries the greatest risk, so it is important to clear the sale with the government if advised, clear/clean the property, fence, and build something ASAP. Buying an “untitled” property with a building and with utilities is really not risky. Utilities alone are recognition/verification of ownership and the right to be there. The government sells/issues titles. Different agencies/various regulations and requirements . . . etc. How much is a Title? It varies and is often negotiable. There is a precedent that was set in 1999/2000 where titles were valued at 10-20% of the appraised LAND value. This changes and is based on case by case.
Monte Santo and Isabel and Morropo have some “untitled” uso-fructo land parcelas which CAN be titled with a +/-6 months process, a check list to complete, and a few thousand dollars. In Santa Maria/Bravos de Boston, as well. Villa Borinquen titles are available at the CODEVI office in town. Monte Carmelo MAY have titles available over the next few years . Until then, cash gets you a great property and prior to the prices taking a huge leap when titles come in, there is often OWNER Financing available!!!
So yes, some risk . . . with great reward. A bigger bang for the buck, so to speak . . . but not always without a little “hassle factor” . . .
People are also now SUING FOR TITLE. With the services of a lawyer and a lot of patience this is being accomplished . . . approximately $10,0000+ and up to a year in the legal system . . .
Older article but still somewhat applicable: