Checklist of a Typical Real Estate Purchase in Colombia

Checklist of a Typical Real Estate Purchase in Colombia

Checklist of a Typical Real Estate Purchase in Colombia

Navigating the real estate market in Colombia takes a different approach than many international buyers expect—no MLS, fewer comparables, and more localized steps. After 30 years working with foreign investors, expats, and developers, I’ve crafted this comprehensive checklist for a smooth purchase process. Whether you're looking at homes for sale in Jericó, Coffee Farms for sale, Colombian farms for sale, or countryside estates in Antioquia, this guide ensures you're informed at every stage. Checklist of a Typical Real Estate Purchase in Colombia

✅ Step 1: Define Your Budget & Financing

• Budget clarity: Include purchase price, closing costs (Notary, registration ~ 1%), annual property taxes (1–2%), maintenance fees, and utilities.

• Financing options: Foreigners can obtain Colombian mortgages, but requirements include a local bank account, proof of income/assets, and residency or TP-7 visa status.

✅ Step 2: Transfer Funds Properly

• Escrow accounts: Use regulated escrow services like Alianza or Acciones y Valores to transfer large payments. They document the transaction for transparency and compliance, preventing government freezes or delays.

✅ Step 3: Choose Where and Who

• Market research: Decide among regions like Antioquia, but for expats seeking heritage, culture, and opportunity, Jericó stands out.

• Trusted agent: A licensed local realtor with experience working with expats is invaluable. The agent’s commission is paid by the seller.

✅ Step 4: Legal Eligibility for Foreign Buyers

• Ensure you have:

  • Valid passport or national ID

  • Colombian Tax ID (NIT) from DIAN – essential for contracts and registration

✅ Step 5: Property Selection & Due Diligence

• Site inspection: Evaluate structural integrity, plumbing, electrical systems, and any restoration needed.

• Title & registry check: Verify ownership via the Public Registry, check for liens, back taxes, or restrictions.

• Property measurements: Confirm boundaries and land use through official plans.

✅ Step 6: Make an Offer & Lock It In

• Proposal: Submit an offer via your agent.

• Promesa de Compraventa (Pre-contract): Formalizes intent—outlines price, deposit (usually 10–30%), and terms. A signed deposit binds the agreement.

✅ Step 7: Notary & Public Deed

• Notarial signing: Final sale contract, known as Escritura Pública, is drafted and signed before a notary. The remaining funds are then disbursed.

• The notary verifies all documents and ensures compliance under Colombian law.

✅ Step 8: Register the Property

• Public Registry (Registro de Instrumentos Públicos): Once the Escritura is notarized, you must register the property. This finalizes legal ownership.

• Pay registration tax (~1%). This step also updates Municipal Tax Office records for future billing.

✅ Step 9: Set Up Services & Insurance

• Transfer or open utility accounts in your name: electricity, water, gas, telephone/internet.

• Obtain property insurance to safeguard your investment.

✅ Step 10: Final Details & Move-In

• Receive full title deed. Store securely as proof of ownership.

• Annual property taxes (predial): Budget 1–2% of assessed value.

• Now you can move in, renovate, or start a rental—whether it's a boutique hotel, Airbnb, or Coffee Farm for sale.

🚀 Pro Tips for Expat Investors

1. Spanish fluency is helpful—bilingual legal support ensures you understand everything.

2. Hire a local attorney to perform legal oversight, attend registry visits, and manage compliance.

3. Title insurance isn’t available—but comprehensive legal research eliminates most risks.

4. Understanding estrato classification helps anticipate utility costs and public services.

🏡 Why a Local Partner Matters

At Jericó Colombia Real Estate, we specialize in guiding buyers through this exact checklist. Leveraging outsourced marketing services, we help position the hottest properties in Antioquia—from town homes in Jericó to rural Colombian farms for sale. Our local teams combine legal finesse, negotiation strength, and market knowledge to ensure your purchase aligns with your intentions—whether it's retirement, income rental, or farmland expansion.

🎯 Summary Table

Step	Focus	Why It Matters
1	Budget + finance	Avoid surprises
2	Escrow	Secure fund transfer
3	Market + agent	Access off-market value
4	Legal eligibility	Foundation for formal ownership
5	Due diligence	Prevent costly mistakes
6	Offer & deposit	Lock in negotiation
7	Notary deed	Formalize purchase
8	Registry	Legal ownership recorded
9	Utilities & insurance	Operational readiness
10	Move-in & taxes	Start enjoying your property

With decades of real estate experience guiding foreign buyers, our structured, transparent process helps you confidently navigate every phase of investing in Colombia. If you’re exploring homes for sale in Jericó, seeking expat-oriented opportunities like Coffee Farms for sale, or searching for generational

Colombian farms for sale, let’s connect. Our expertise ensures that your journey into Antioquia real estate is not just smooth—but transformational.

📞 Contact us today at Jericó Colombia Real Estate—your trusted partner in finding, financing, and flourishing with your property in Colombia.