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
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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
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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.
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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...
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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--
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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.
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