These are the steps that we recommend for the client safety. Remember that if you are a non-resident, the money must be brought to Colombia in a special way and that buying a property may give you the possibility of having a visa, depending on the value of the property.
This is not legal advice, only general information.
The title analysis includes reviewing a variety of documents from the property, apart of the certificate that contains the information of the sales. These documents include property deeds, the financial documents like taxes, review if the current and past owners have been involved in criminal activities, if the property have mortgages or liens, information about the property’s uses, to know if the property is occupied by a tenant or the owner, etc. A thorough title analysis helps to provide a comprehensive understanding of the property and its legal status.
This is not legal advice, only general information.
About the pre-agreement:
Ideally is to include all the provisions that contain the terms of negotiation. All must be very clear, with specific dates, completely identification of the parties and the properties, specific amount for the payments, include information about the delivery of the property, closing date, what will happen in case of breach, etc. Keep in mind that this agreement will help you to go to court in case of breach.
This is not legal advice, only general information.
Both the buyer and the seller must appear before a notary to convert the private contract, that is, the purchase agreement they may have previously signed, into a public deed, thus transferring a property from the seller’s name to the buyer’s name in exchange for a specified sum of money.
The public deed must be signed by the parties and the notary and subsequently registered at the corresponding public instruments office for the new owner to be officially recognized as the owner of the property.
The deed involves costs such as notarial fees, contributions to the public instruments registration office, withholding tax, the cost of the certificates from the property, and copies of the requested public deed.
This is not legal advice, only general information.