Frequently Asked Questions about buying real estate in Medellin.
Understanding what is related to purchasing a property is essential; here are some frequently asked questions to answer those questions.
Frequently Asked Questions
These are some of the most frequently asked questions about buying a Medellin property. If you do not find the answer here, please get in touch 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 to purchase 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 highly 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 in Medellin are cheap compared to other cities on this side of the world.
• The infrastructure is excellent.
• The weather is perfect all year round. Winter in this city is rainy. Rain!!!
Can a foreigner buy real estate in Medellin?
This is one of the most frequently asked questions, and the answer is that it even makes the process of getting a resident visa 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.
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.
How do I pay for the purchase of my property?
This is also a 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 Republic Bank. Several companies are experts on the subject, and to make such a transfer, the buyer must be registered with said companies, and 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.
Do I have to pay a commission to purchase my property like in North America?
No, the commission for the property purchase 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 will explain all the costs of buying a property in Colombia. Zero surprises.
Would I qualify for a visa if I bought a property in Colombia?
It is one of the most frequently asked questions, and the answer is easy: it`s the easiest way 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, 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 property seller. 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 property’s value in taxes and registration fees.
More information about the closing cost in Colombia
Can I buy insurance for my property in Colombia? this is another frequently asked questions
Of course, several companies provide this service. We can recommend 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 I will also be with you so you understand all the documents for buying a property in Colombia.
More about documents in English
Properties for sale in Medellin
frequently asked questions
If you don’t see the question you have, contact us. We are here to give you all the answers so your purchase is a breeze.