What to consider for closing a successful Real Estate negotiation in Colombia.
If you are a foreign interested in buy a property in Colombia, looking for it as an investments or just for inhabit them, it is relevant to consider a variety of legal cautions regarding to the application of a legal basis in the negotiation and been fully confident about the property, in order to avoid been victim of a fraud, cause unfortunately suffer that kind of deceits usually come about when immigrants came to invest in Real Estate in Colombia without a confident attorney.
The basic things to consider
It is relevant to make an investigation regarding the existence of the property, the location, the neighborhood and the offer of possibilities related to the increase of the market value due to future projects around. This step is fundamental in order to recognize the real market price and avoid closing a business with an excessive price just for being an immigrant.
A legal examination to the abstract of title of the property, know who are the current owners and what’s the reason they are selling it. This is necessary because, due to our criminal law regard money laundering and terrorism funding in Colombia, in case that the Real Estate that we are looking for, had been property of someone engulfed in money laundering, the National Government, through the prosecutors could expropriate the property without paying any kind of compensation. And in this case it is not irrelevant if the new owner is not engulfed in illegal activities and was a good faith buyer.
Another fundamental item to investigate, is in order to determinate if the property had been affected as a guarantee with a mortgage in a bank or through anyone else, cause in this case it’s necessary to introduce the topic in the cash offer on and discount the mortgage price from the property market value absolving any debt before the title delivery.
Finally, to avoid any kind of fraud, the buyer most considers the way to pay the property to the seller, because using cash for closing this kind of business could come to be a danger to the business development.
If your objective is to buy a Real Estate, and close a sure investment in Colombia, in LEGAL CONSULTING ATTORNEYS, you will find a confident ally to assist and bring you the professional legal services you are looking for.