Residents and non-residents of Colombia are able to freely purchase property within Colombia, with minimal restrictions. It is strongly advised that foreigners work with a licensed real estate agent and/or a real estate attorney who is familiar with Colombian real estate laws to help guide them through the process.
Once a property has been found and due diligence has been completed to ascertain that there are no existing liens or debts against the property, it is typical to then make a promise to purchase. Part of the promise to purchase process is to show proof of the certificado de libertad y tradicion, which attests that due diligence has been completed on the property. The promise to purchase will state the property price, the closing date of the transaction, the notary public used and their contact details, the contact details for the buyer and seller, and any special conditions that were agreed to between the buyer and seller.
The next step, the signing of the public deed, can occur from within a few days of the promise to purchase agreement to several months, as there are several things that need to happen before the final deed can be signed. These include paying all property-related taxes, providing proof of payment for all applicable building administration fees, payment of notary fees, and providing copies of the buyer’s and seller’s IDs. This is typically the step where the buyer will send money from Spain to Colombia to fund their purchase.
The final step, the registration of the closing deed, is where the official transfer of deed takes place and the property is registered under the new owner’s name. The fees for the property registration and mortgage are paid at this time.