P.R. Laws tit. 28, § 31h
The selling price of the property to be alienated and the leasing price shall be as follows:
(a) In case the properties expropriated or acquired by the titleholder through a deed of purchase, for some public project, or when it is decided not to carry out the public work, the selling price to the previous owner, successor or assign shall be the same as that for which the titleholder acquired it. In case the public work has been carried out in whole or in part, the selling price of the property shall be the fair market value on the date that the transaction is made as determined by the titleholder through an appraisal made to such effects, by the Department of the Treasury. If there are improvements or structures on the lands, their price shall be their fair market value on the date that the sale is made, as determined by the titleholder through an appraisal made to such effects by the Department of the Treasury.
(b) In the cases where it is a remnant which does not conform to the Planning Board Regulations, or is a parcel with no access to a public road to be sold to owners of abutting parcels, the acquisition price shall be eighty percent (80%) of the fair market value on the date of the sale, as determined by the titleholder through an appraisal to such effect.
(c) The expenses for publication of edicts, survey and appraisal, execution, issuance of copies and registration of the title deed in the registry, as well as the necessary expenses to bring about the sale of the properties, shall be on the account of the purchaser. The titleholder shall produce a writ to certify the expenses incurred.
The titleholder shall execute the necessary documents for carrying out the transactions and compensations authorized.
(d) The selling price shall be paid by a certified check at the act to grant the title deed.
(e) In case the titleholder decides to lease, the rate of rental shall be eight percent (8%) of the fair market value of the property on the date of the execution of the lease contract. The term for the lease shall not be greater than ten (10) years, renewable at the discretion of the titleholder for a term not greater than ten (10) years, provided it is of benefit for the public interest. In those cases in which the lease contract has an effectiveness of more than three (3) years, said contract shall provide for a mandatory revision every three (3) years of the appraisal value to adjust the rate of rental.
History —Dec. 10, 1975, No. 12, p. 964, § 9; July 2, 1987, No. 82, p. 291, § 6; Aug. 18, 1989, No. 76, p. 336, § 3.