P.R. Laws tit. 17, § 508
The Construction Officer may, after carrying out the necessary surveys on the subject, require of the [developer] or constructor that at time of the execution of the final deed of sale of the dwelling the post a bond or insurance for a sum not greater than ten percent (10%) of the selling price of said dwelling. The Construction Officer may reduce said percentage taking into account the cost of the premium, the availability of the insurance in the Puerto Rican market and the best commercial practice compatible with the greatest protection for the buyer. Said bond or insurance shall be in force for a minimum term of two (2) years from the date of the execution of the final deed of sale of the dwelling. The bond or insurance shall be to guarantee the expenses for repair and correction of defects in the construction, and it may be in cash, pignorative, hypothecary or solidary, to be written by a guaranty or bond company or corporation authorized to do business in Puerto Rico. In the cases where the bond is in cash, it shall be given before the Secretary of the Treasury and shall be kept in a special account; in the other cases the bond or insurance document shall be delivered to the Construction Officer.
History —June 13, 1967, No. 130, p. 406, § 8; June 9, 1976, No. 160, p. 502, § 4, eff. 60 days after June 9, 1976.