Expat Exchange
Free MembershipSign In

Colombia Expat Forum

House purchasing process, gotchas?

New Topic Newest First
MWMB2022
  3/29/2022 20:29 EST

Considering purchase of an 11 year old finca outside El Penol, near Guatape. We are working with a realtor on trust but know we don't know what we don't know.

1. Is it usual to have one realtor handle both parties?

2. I've read about the Certificate of Tradition and Liberty and verification that prior taxes are paid. Are there any other obvious gotchas to be aware of?

We plan to pay cash with a funds tranfer from the US which I understand has some bureaucratic steps as well.

Thank you one and all.
Mark and Michelle

DamonKrowe
  3/30/2022 11:55 EST

I don't have any actual experience with the process but I did look into this myself a bit online and found this set of videos from a lawfirm in Medellin. Seemed pretty thorough:

https://www.youtube.com/hashtag/investmentcolombia

Videos titled Purchasing property in Colombia - there are 5 episodes total.

Seems like there are quite a few gotchas to worry about

Colombian Visa ServicesColombian Visa Services
Connect

We have over 10 years of experience helping foreigners obtain visas, invest, and do business in Colombia. Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.

Click connect to have our partner contact you via e-mail and/or phone.

Colombian Visa ServicesColombian Visa Services

We have over 10 years of experience helping foreigners obtain visas, invest, and do business in Colombia. Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.
Connect

Click connect to have our partner contact you via e-mail and/or phone.

Calle2Will
  3/30/2022 14:37 EST

My wife purchased half of a house in MedellĂ­n many years ago along with her sister. When we married she and I of course moved into our own apartment. Now comes the family issues...her youngest sister of four lived in the house along with her father, mother and brother. My wife who has a good job paid all of the utilities and taxes while she lived in the house. The others pocketed their money and then the parents tried to say that they owned the house.

So after my wife moved into our place, my wife had her 19 yr old son move into the house and you can only imagine that the other family members did not like this arrangement. So my wife had the family members call a realtor for an appraisal of the house. My wife also arranged for her own apppraisal and you can guess that my wife's appraisal came out higher than what the family had stated.

So then came the bickering has the family members tried to sell her half at lower than the appraisal value. In the end, the other three sisters now own the house.

My wife then took her half of the money from the sale of the house and purchased an apartment for her son to live in. The previous owners did not pay the apartment dues for over a year, so that had to be settled first and then the parking space was not included in the sale. So my wife held back money from the purchase until this could be resolved.

So lesson learned....never go in with other family members to purchase a home and make sure that parking space is included with the sale of an apartment.

mtbe
  3/30/2022 21:14 EST

A couple of questions:

How long have you been in Colombia?

- I ask this because about 80% of Expats leave Colombia within the first two years...so buying a property becomes a weighty anchor...and makes it more difficult to move. Fincas can take a very long time to sell.

- Most Expats recommend to rent.

- There are elections going on right now, and many are concerned about one particular candidate who is in the lead. These Expats think things can go south pretty quick and several have already said they will be leaving before things go bad.

Have you looked at 30-40 places?

- This will give you a better idea on pricing and location. Make sure you drive by the places you are interested during the night...listen to how loud the neighbors play their music...or if anyone is even outside. How safe do you feel?

Make sure you investigate the "certificate de tradicion" to make sure there are no mortgage issues or embargos against the property...and the person who owns it is actually the one selling it.

The Promesa de Compra venta is the contract that spells out how you will pay, how much, what you want to withhold until they take care of any issues, etc...

Blenheim
  3/31/2022 16:26 EST

Buy a good property area of choice, and before purchase check building permit requirements--Have built one's own home and save at a minimum of 35% in costs if one understands construction aspects-- Architects and contractors typically work together and will inflate labor and material costs at full retail and plus depending--So rule number 1---hire an architect for plans and permit --then pay architect off for services rendered, and do not use architects contractor----Rule number 2---hire ones own primary contractor--and be involved with his subcontractors--and only (yes only) pay as each phase of work is completed --floors--walls--elecrtrical--plumbing-- baths--roofing etc (and plan on firing primary contractor or subs for trying to rip one for more money before work finished in each phase---no big deal as in Colombia is the way of doing business, hire and fire- -- Excellent windows etc can be manufactured locally in areas depending--as well kitchen / bath cabinets etc -----For all construction materials be involved in all purchases for discounts----otherwise one's contractor will buy at discount and bill one at retail---Homes in Colombia on the market are way overpriced particularly now--, and new paint and stucco works wonders on used homes--buyers beware--

nico1198r
  4/1/2022 08:37 EST

Spend the money and get yourself a good lawyer. One that speaks English if your Spanish is limited.

Colombian Visa Services
Colombian Visa Services

Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.
Learn More

Colombian Visa ServicesColombian Visa Services

Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.
Learn More

Living in Colombia GuideLiving in Colombia Guide

Expats in Colombia discuss the pros and cons of living in Colombia. From the Colombian people to driving to taxes and more. As challenging as it can be, expats in Colombia clearly find that there is a lot to love about a country that is a surprising expat hot spot.

Colombia Forum Colombia Forum
Join our Colombia forum to meet other expats and talk about living in Colombia.

Contribute to Colombia Network Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Colombia.

Best Places to Live in Colombia Best Places to Live in Colombia

If you're considering a move to Colombia, here are the 15 Best Places to Live in Colombia in 2023.

Healthcare in ColombiaHealthcare in Colombia

Our guide to healthcare in Colombia covers public and private healthcare in Colombia, hospitals, vaccinations, prescription medications and more.

Cost of Living in ColombiaCost of Living in Colombia

Expats offer insight into the cost of living in Colombia.

Moving to ColombiaMoving to Colombia Guide

With its bustling cities, beautiful beaches and friendly Colombians, Colombia is an increasingly popular destination for expats of all ages. Expats in Colombia offer insightful tips for those moving to Colombia.

Real Estate in ColombiaReal Estate in Colombia

Real estate listings in popular cities and towns in Colombia.

Pros Cons of Living in ColombiaPros & Cons of Living in Colombia

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Colombia.

Retiring in ColombiaRetiring in Colombia

Advice for people retiring in Colombia.

10 Tips for Living in Colombia10 Tips for Living in Colombia

If you've recently arrived in Colombia, here are 10 tips for digital nomads living in Colombia.

Colombian Visa Services
Colombian Visa Services

Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.
Learn More

Colombian Visa ServicesColombian Visa Services

Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.
Learn More

Contribute to Colombia Network Contribute
Help others in Colombia by answering questions about the challenges and adventures of living in Colombia.

Allianz Care
Allianz Care

Copyright 1997-2024 Burlingame Interactive, Inc.

Privacy Policy Legal