How to buy Real Estate in Colombia

At Colombia Legal & Accounting SAS

Our experienced real estate attorneys help individuals, families and businesses with all real estate sale, purchase and rent issues. In Colombia it is important for Buyers and Sellers to use licensed attorneys to perform the following tasks:

Review residential and commercial real estate transactions.

Negotiate the terms of agreement.

Draft and review contracts to purchase and sell.

Review related documents, for example, title history, rental contracts, grounds keeper agreements, Home Owner’s Association rules, etc.

Research liens on property; and Present documents to the Notary for the closing.

Our attorneys also assist property owners with more complicated matters such as:

  • Addressing zoning problems
  • Property tax appeals
  • Zoning Permissions
  • Creation of property management corporations

Owners and renters alike should work with a local law firm to draft and/or review residential and commercial lease agreements. At COLOMBIA LEGAL & ACOUNTING S.A.S we can guide you through these situations as you rent, purchase or sell real estate in Colombia.

While general real estate concepts are similar to those in many other countries, including the U.S., there are some very important differences in Colombian law. As a result, it is critical that you retain an experienced lawyer who knows the law, and the process on how to rent, purchase or sell real estate in Colombia, and who can explain these differences and how they may affect you.

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The basic steps on How to buy  Real Estate in Colombia are:

1. Open a personal Financial Account in Colombia - we can recommend the best places to establish your account and make the introductions for you.

2. Negotiate the property price and determine who will pay which closing costs and how taxes will be addressed - we suggest using a reputable Real Estate professional, such as Paradise Realty, to        negotiate on your behalf in order to ensure the best price if you are dealing with a Colombian resident.

3. Contract one of our real estate attorneys for title and property closing services - We will walk you through every step and ensure that you understand exactly what you are buying and how much      you are paying.

4. Have the real estate attorney draft a purchase contract before you make a down payment to hold property.

5. Attend Property Closing & Make Final Payment - this will occur at a Notary’s Office.

6. Registration of Deed with the Proper Authorities.

The purchase of real estate in Colombia may qualify you for a Colombian Residency Visa under certain circumstances. We can explain the current requirements and assist with these additional steps if you are interested in obtaining a Colombian Residency Visa:

 

As part of purchasing a property with money from another country its very important to have a plan on how to legalize your foreign investment. James Lindzey overseas all foreign investment registrations with the help of our licensed Colombian attorneys, and Colombian accountants. Last but not least this step is very important if you want to comply with Colombian investor visa requirements. The basic outline for legalizing foreign investments are the following.

1. Registration of your Foreign Investment with the Colombian Federal Government at the time of the wire transfer-

2. Confirmation of your Foreign Investment from the Government immediately following the registration of the wire transfer.

3. Processing the necessary documents to obtain a Visa with the ministry of foreign relations in Colombia.

Click on the “Immigration Law” tab for additional information about this process.

If you are purchasing real estate in Colombia, it is important that you understand exactly what services an attorney should provide at and before the property closing. Property closing services should include:

1. Title Investigation by an Attorney - the attorney should investigate the property deed, title history, determine who actually owns the property, whether any liens appear on the title, etc.

2. Drafting of the sales contract for the purchase of property - must include all details you desire, including any requested repairs, furniture, appliances, etc

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Other professional services which we recommend before buying a property in Colombia include:

Obtaining a property survey from a civil engineer

Obtaining a property inspection performed by a civil engineer

Requesting an investigation of the property administration association.
Specifically reviewing proof of the administration’s:

Finances

Property bi-laws

Residential & commercial zoning laws

Insurance coverage

More foreigners living in Colombia choose COLOMBIA LEGAL & ACCOUNTING S.A.S as their law firm to assist in purchasing a property in Colombia for personal and commercial reasons. Also, we are among the most experienced firms when it comes to negotiating property rental contracts, both commercial and residential.

We strongly suggest that you discuss all of the information you receive with your attorney BEFORE signing a contract to purchase real estate in Colombia. At COLOMBIA LEGAL & ACCOUNTING S.A.S we will complete the due diligence necessary to ensure that your real estate transaction goes smoothly, and all of your questions are answered.

CLICK HERE to ask any questions or make an appointment to speak directly with one of our real estate professionals today.

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