Steps to Buy a Property in ColombiaPurchasing real estate in Colombia involves several legal procedures. Below are the key steps:
1. Property Due Diligence Before proceeding with a purchase, your real estate lawyer will:
Verify ownership history and previous transactions.
Ensure there are no liens, encumbrances, or legal disputes over the property.
Confirm the property is free of unpaid taxes or hidden debts.
Review the construction company’s legal standing and permits.
2. Signing the Promise of Sale (Promesa de Compraventa)This is a legally binding agreement that outlines:
The price, payment terms, and property details.
Clauses protecting the buyer against legal risks.
Conditions for contract termination in case of legal discrepancies.
3. Signing the Public Deed (Escritura Pública)Your lawyer will:
Draft and review the public deed before signing.
Ensure all contractual obligations are met.
Authenticate signatures before a Colombian notary.
4. Registering the Property at the Oficina de Registro de Instrumentos PúblicosTo finalize ownership, the public deed must be registered at the Oficina de Registro de Instrumentos Públicos (ORIP). Requirements include:
Original public deed signed by both parties.
Payment of registration fees and taxes.
Proof of payment of property taxes.
Certification of no outstanding debts or legal claims.
Once registered, the buyer officially becomes the legal owner of the property.
Key Legal Aspects to Verify Before Buying a PropertySeller’s identity and legal standing.
Developer’s licenses and permits for new constructions.
Short-term rental permissions (especially in cities like Cartagena and Medellín where some properties have restrictions).
Pet regulations and internal building rules.
Pending maintenance fees and other financial obligations.
Secure Your Investment with Nisimblat Law OfficesWith years of experience in Colombian real estate law, Maikel Nisimblat and Nisimblat Law Offices provide expert legal support, ensuring a safe, transparent, and legally sound property transaction. Whether buying in Bogotá, Cali, Medellín, or Cartagena, trust our team to protect your investment.
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Make your real estate investment in Colombia secure and hassle-free with Nisimblat Law Offices!