Steps to Acquire Real Estate in Colombia

hace 3 años0
LegalGlobal

Acquiring real estate in Colombia involves several legal and administrative steps. Next, I will mention the general steps you must follow:

  • Search and selection: Identify the type of property you wish to acquire, whether it is a house, apartment, land, commercial property, etc. Make an exhaustive search and select the options that fit your needs and budget.
  • Verification of the property: Ask the seller for the legal documentation that supports the property, such as the certificate of title and freedom, the certificate of payment of property taxes, and other documents that vary according to the type of property. Verify that the property has no liens or legal limitations that may affect the purchase.
  • Purchase agreement: Negotiate with the seller the terms of the purchase, including the price, form of payment and terms. You can make use of a lawyer or real estate agent to advise you in this process and draft a purchase agreement that establishes the agreements.
  • Signing of the contract: Once the conditions have been agreed upon, the purchase contract is signed. It is advisable that this is done before a notary to guarantee its legality. In this step, generally, a down payment is made or the financing conditions are established.
  • Registration of the property: After signing the contract, it is necessary to register the property in your name at the corresponding Public Instruments Registry Office. This will give you legal security over the property and make you the legal owner.
  • Payment of taxes and expenses: You must pay the corresponding taxes, such as the real estate transfer tax (ITBI), and the expenses associated with the deed and registration of the property. You must also consider notary and legal fees.
  • Settlement and title deed: Once the payments have been made and the above procedures have been completed, the next step is deeding the property. At this stage, the deed of sale is signed before a notary and the final payment is made to the seller.
  • Delivery of the property: After the deed is signed, the physical delivery of the property takes place. Be sure to inspect the property and verify that it is in the agreed conditions before accepting the delivery.

It is important to note that these steps are general and may vary depending on each particular case. Therefore, it is advisable to have the support of a lawyer or real estate agent to guide and advise you throughout the process of acquiring a real estate property in Colombia.

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