Frequently Asked Questions
These are some of the most asked frequently asked questions regarding buying a property in Medellin. If you do not find the answer here, do not hesitate to get in contact with us.
- Reasons to have a property in Medellin.
- Can a foreigner buy real estate in Medellin?
- Are there any escrow services in Colombia?
- How do I pay for the purchase of my property?
- Do I have to pay a commission for the purchase of my property like in North America?
- Would I qualify for a visa if I bought a property in Colombia?
- Should the purchase of my property be registered with the Colombian government?
- What are the closing costs of a property in Colombia?
- Can I buy insurance for my property in Colombia?
- Are the property and purchase documents available in English?
Reasons to have a property in Medellin.
There are many reasons to have a property in Medellin. Here are a few reasons we think will help you make one of the best decisions of your life.
• Real estate in Medellin is extremely affordable. In this city, you can buy the property of your dreams for pennies on the dollar.
• The costs of maintenance and administration of property in Medellin are very cheap (HOA) are relatively very cheap.
• The taxes compared to what you have to pay in the United States or Canada are ridiculous.
• The costs of living in Medellin are really cheap compared to other cities on this side of the world.
• The infrastructure is wonderful.
• The weather is perfect all year round, winter in this city is rainy. Rain!!!
More reasons to own a property in Medellin here
Can a foreigner buy real estate in Medellin?
this is one of the most frequently asked questions, and the answer is, of course, it even makes the process to get a resident visa way easier. When you buy a property in Medellín you have “express” access to your residence visa in Colombia, I say it is express because there are other requirements to meet. We recommend you talk with a lawyer and we can recommend a couple of lawyers with whom we have already made several transactions that can help you with all the paperwork.
More details regarding if you can buy a property in Medellin here
Are there any escrow services in Colombia?
No, escrow is a service that does not exist in Colombia, what exists in Colombia and replaces this service in some way is called the sales contract (compraventa) where the conditions of the purchase are reflected, it covers everything, the form of payment, the delivery conditions of the property, the day the deed of the property is to be signed and any other conditions of the deal.
More information about escrow services in Colombia.
How do I pay for the purchase of my property?
this is also a very popular frequently asked question The purchase of the property is made by bank transfer, at no time is it recommended to pay in cash. This money used to pay for the property must be brought to the country legally and registered with the bank of the republic, there are several companies that are experts on the subject, and to make such a transfer the buyer must be registered with said companies, the respective paperwork must be approved, it is not something that is done automatically. The Colombian banking system is somewhat secure – remember all those years when this country had that unholy history? Our company has agreements with companies specialized in the subject.
Read more about paying for your property in Colombia
Do I have to pay a commission for the purchase of my property like in North America?
No, the commission for the purchase of the property is paid by the seller of the property and is 3% of the value of the negotiation. So you don’t have to worry about hidden costs when buying a property. Here we are going to explain all the costs related to buying a property in Colombia. Zero surprises.
More about real estate commissions
Would I qualify for a visa if I bought a property in Colombia?
It is one of the easiest ways to qualify for a visa in Colombia. There are established laws to be able to qualify with the purchase of a property in Colombia, such as the amount that you must invest in it to qualify. A foreigner who has acquired a property in Colombia for an amount not less than three hundred and fifty (350) minimum wages may apply. current legal monthly
Information about how to obtain your visa in Colombia with the purchase of a property
Frequently asked questions. Should the purchase of my property be registered with the Colombian government?
Yes, by law all property purchases in Colombia must be registered with the Colombian government, this rule is for locals and foreigners.
About registering your property in Colombia
What are the closing costs of a property in Colombia?
The closing costs of buying a property in Colombia vary depending on the amount of the property, these amounts are shared by law between the buyer and the seller of the property. Both have tax responsibilities for the purchase and sale of properties.
As we already mentioned, the costs vary depending on the amount of the property, but a buyer is paying an average of 1.8% of the value of the property in taxes and registration fees.
More information about the closing cost in Colombia
Can I buy insurance for my property in Colombia?
Of course, there are several companies that provide this service, we can recommend, in our opinion, the best insurance broker that we know in the city and with which we have been insuring our properties for the last 18 years.
More about insurance in Colombia
Are the property and purchase documents available in English?
No, but google Translate now works very well and it helps us translate all that legal mambo yambo, your lawyer and we will also be with you all the way so that you understand all the documents for buying a property in Colombia.
More about documents in English
Properties for sale in Medellin
Condominium for sale in Sabaneta
Prestige Condominium for sale in Sabaneta
Splendid Condominium for sale in Sabaneta
Cottage house in the city
Monte Azul Condominium for sale in Sabaneta
Apartment for sale steps from Provenza – El Poblado
Cottage Lote with amazing view.
Sabatto Apartments for sale in Sabaneta
Apartment for sale in Arcoiris – San Lucas
Apartment for sale in Sabaneta
Luxury home in La Fe – El Retiro
Condomium for sale in Sabaneta
Lisboa Condominium in Sabaneta
Odonata for sale in Sabaneta
Top Luxury home in Las Palmas – Medellín.
Luxury Apartment with a amazing view
Sakura Apartment for sale in Sabaneta
Great apartment for sale close to Mall
Apartment for sale in Salento – El Poblado
Luxury Cottage home
Luxury Apartment in El Poblado
Economic Condominium for sale in Sabaneta