• I must have clear information about any restrictions or encumbrances that the property has. I need to be available for the advisors to schedule visits.
• The property must be clean and tidy. I should identify humidity, painting, and wiring problems that affect the property’s appearance.
• The property must be free of liens and mortgages at the time of the deed transfer. If you have a current mortgage or lien, at Alberto Álvarez, we have allies who can provide advice on the cancellation process

Actually, the time for the selling process is relative to each property and depends on various factors such as: the conditions of the neighborhood, the state of the property, and whether the fixed sale value corresponds to the appropriate commercial conditions. Statistics indicate that the average selling time is 6 months

I must identify the best financial institution for me, as all banks have different policies and requirements for each profile.

I must also define what my product is, whether it is a mortgage loan or a housing lease, depending on each one and the amount of credit I need. For a mortgage loan, banks lend up to 70% of the property’s value, and for a housing lease, they can lend up to 85%. It is very important to know which one is appropriate for me.

Then, I should check if I have the ability to pay, good payment habits for my financial obligations, and low debt.

After that, I submit the application, and the analysis time takes 5 to 10 business days

After checking the ability to pay, the bank will generate an approval letter for you to use the credit. This letter has a validity period depending on the bank. You should keep in mind that the bank that provides the shortest time is four (4) months, and the bank that provides the longest time in approval is 18 months.

With the approval letter and the defined property, you must start a process called legalization, which involves sending an appraiser to review that the property is indeed a guarantee for the bank and a lawyer who conducts the title search. Then:

We define our home and use the credit; to start:

1. The bank generates a cost breakdown (Here you pay for the appraisal and title search) With the costs paid, the appraiser visits the property and checks that it has been legally constructed and is viable as collateral for the bank that is studying it. This official has an approximate time of five (5) business days to send the appraisal to the bank. Documents such as deeds, certificates of freedom, and property regulations are submitted to the bank for the lawyer to continue their work and conduct a title search, ensuring that the property has no encumbrances. For example, successions, mortgages, or any liens that prevent the sale. The lawyer has between five and ten (5-10) business days to indicate if the property is viable or not for the bank. If the property is approved, notification is given to proceed with the deed. The deed is executed at the notary, and the lawyer who conducts the title search forwards the information and summons the seller, buyer, and sends the deed for signing by the bank. Subsequently, it is entered into the registry (in Colombia, the sale of a property must be registered in the Office of Registry and Public Instruments to be valid). When the deed is entered, some tickets are sent, called registry entry tickets, and with these, the disbursement can already be made. However, there are exceptions that banks give; it is not 100% secure. The disbursement is made with the registry entry tickets, provided that the bank authorizes it. Generally, the regular process is as follows: The deed is entered into the registry, which takes approximately one (1) to one and a half months. It is then sent out of the registry, and with the first copy of the deed, the bank disburses to the seller.
2. The first installment must be paid one (1) month after the disbursement date.”

Yes, as long as the cancellation and lifting of the mortgage are carried out before or at the same time as the public deed of sale.