10731

For purposes of this chapter, the following terms and phrases shall have the meaning stated hereinbelow:(a) Newly-built property.— Means any newly-built residential real property located in Puerto Rico, suitable for family living, that has not been previously occupied and that is acquired from a developer, or in the absence thereof, from a contractor, when the latter has received such property as payment for resale and not for his/her own private use. In order for a real property to be considered a newly-built property, the seller of such real property shall certify to the acquirer, in writing and through a sworn statement, on or before the acquisition date that the real property is newly-built and has not been previously occupied.(b) Eligible lessor.— Means any qualified institutional investor or the authorized representative thereof that leases the newly-built property whether long- or short-term.(c) Code.— Means §§ 30011 et seq. of this title, known as the 'Internal Revenue Code for a New Puerto Rico'.(d) Qualified institutional investor.— Means any juridical person that is a resident of Puerto Rico, or any natural or juridical person that is not a resident of Puerto Rico that

r a New Puerto Rico'.(d) Qualified institutional investor.— Means any juridical person that is a resident of Puerto Rico, or any natural or juridical person that is not a resident of Puerto Rico that either invests in a single act or in separate acts that occur within the term of acquisition and clearly comply with the provisions of this chapter, at least one million dollars ($1,000,000), or that acquires at least five (5) newly-built housing units.(e) Developer.— Means any natural or juridical person who holds a developer license issued by the Department of Consumer Affairs, that is engaged in the construction business as an entrepreneur or mainly responsible for the promotion, design, sale, development, and construction of single or multistory housing projects and developments; provided, solely for purposes of this chapter, that the term 'developer' shall also include any financial institution or other natural or juridical person that by virtue of a judicial proceeding, settlement, agreement of dation in payment, or similar transaction becomes the successor in interest of a developer.(f) Sale.— Means a contract between two parties, seller and buyer, executed through public deed

agreement of dation in payment, or similar transaction becomes the successor in interest of a developer.(f) Sale.— Means a contract between two parties, seller and buyer, executed through public deed before a notary public admitted to practice law in Puerto Rico and whereby the title and ownership of real property is transferred for a certain price. History —Nov. 21, 2011, No. 226, § 2, retroactive to Nov. 1, 2011.