Purchase of Properties and Rural Properties in Colombia

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• Colombia is a State in which private property is guaranteed.

• Colombian nationals and foreigners have the same faculties and rights regarding the purchase of real estate. Real estate transactions do not contemplate additional tax, legal or financial burdens for foreign investors.

• The use of land in Colombia must comply with urban regulations.

The way to acquire a property or rural property in Colombia, usually begins with the signing of a promise of sale and then is perfected with the respective contract of sale, which generates for the seller the obligation to convey the right of ownership. This contract must be submitted to a Public Deed, before a Notary who will request that the following documents be attached:

• Authentic copy of the property tax of the year in which the deed is to be made, which must be duly paid.

• Paz y Salvo original de Valorización, issued by the Urban Development Institute (IDU).

• Original peace and security of administration in case the property is subject to horizontal property.

• Proof of payment of the national consumption tax when applicable.

 

Once the Public Deed is available, it must be registered with the Registry Office of Public Instruments, in order to register the sale and update the ownership of the property.

The acquisition of the real estate, ends with the formal delivery of the same.

The costs associated with the procedure depend on the value of the property that is intended to be acquired.