How to buy a home in Colombia if you live abroad?

Attorney-in-fact: If you cannot be in Colombia during this process, you can appoint an attorney-in-fact to represent you. This person must have a power of attorney that must be apostilled in the country of residence in order to be valid in Colombia. This power of attorney allows them to sign documents and complete paperwork on behalf of the buyer.

What is the process for purchasing property?

Property search: You can start searching for a house for sale in Medellín that suits your tastes and needs, beginning with your preferred areas. If you are not in Colombia, we offer you the possibility of viewing the property through videos and virtual tours, so that you can get a clearer picture of the place.

Promise of sale: Once you have found a property that interests you, you can submit an offer to the seller. If the offer is accepted, the promise of sale process begins. This is a contract that formalizes the negotiation of the purchase of the property, including details such as dates, payment amounts, and delivery conditions. This document must be signed and legally authenticated by both parties.

Public deed: Once the agreed-upon money has been delivered on the agreed-upon payment dates and the total value of the property has been paid, the public deeds will be signed before a notary. This legal document confirms that the property is now entirely yours.

What characteristics do buyers look for in real estate?

According to the Ciencuadras portal, 70% of Colombians living abroad purchase an apartment for sale in El Poblado or other areas of the country as an investment opportunity, either to generate income through short-term rentals, leases, or by taking advantage of high appreciation rates. The remaining 30% purchase properties in order to build wealth, secure a family home, or plan for retirement.

Which countries are most popular for property searches?

According to the website, the United States is the country where most Colombians have been interested in buying property in Colombia this year, with 31%, followed by Spain with 12%, Mexico with 10%, and Chile with 5%. Likewise, Bogotá and Medellín are the preferred cities for foreign investment.

Finally, remember that to have a successful purchase, it is essential to have the support of a real estate agency in Medellín. This will allow you to receive comprehensive advice throughout the process, resolve any concerns that may arise in the purchase of your penthouse in Medellín, and manage the general procedures of the title search, promise of sale, public deed, etc. In addition, it is important to consider the notary fees that will be payable for this transaction.

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Written by: Valeria Ospina – Marketing Analyst

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