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July 28, 2022
To purchase an apartment for sale in Medellín, it is common to use the option of buying through a housing lease. This option allows you to make monthly payments for the property, with the possibility of paying it off at the end of the agreed term so that ownership is transferred to your name. In other words, this type of contract works like a rental with a purchase guarantee.
Can I sell my property if I acquired it through a housing lease?
Yes, you can sell your property or assign the contract. You only need authorization from the financial institution. They are the owners of the property until the full payment has been made, and therefore they must ensure that the new lessees have sufficient resources to take on the debt.
What is the process to assign my apartment for sale in El Poblado or any other area of the Aburrá Valley?
You must carry out a contract assignment, which requires:
– Finding a new lessee, that is, a person interested in acquiring the property. – Sending the request to the bank to transfer the contract. – Terminating the current contract.
What should I do to assign the contract?
After completing the initial process (previous steps), it is essential that the interested party has the financial capacity to take over the contract with the bank. It is also important to verify that there is no clause preventing the assignment of the contract.
If the bank approves the transfer request, you have two options:
– Pay the full value of the property to the bank and request the transfer of the deed of the apartment for sale in Medellín to the new owner. In this case, the housing lease no longer applies. – Assign the contract, meaning the interested party will continue making the monthly payments.
Finally, the documents are signed. However, the financial institution may reject the lease assignment if it determines that the new buyer does not have sufficient financial capacity to cover the debt.
What documents are required to assign a housing lease?
– Request for contract assignment – Copy of the identification document of the new interested party
If you are employed: – Employment certificate – The last two (2) pay stubs
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If you are retired: – The last two (2) pension payment statements
If you are self-employed: – Chamber of Commerce certificate or RUT – Income tax return – Bank statements from the last three (3) months
Who must pay the property tax?
This tax is generated by property ownership and must be paid once a year. If the property is under a housing lease, the “lessee” is responsible for making the payments. To assign the contract, property taxes must be up to date.
Who pays the deed registration costs under a housing lease?
If you are assigning the property, the new lessee is responsible for paying these costs once the total value has been paid. The bank does not assume the cost of this process.
This method is a good option to acquire your apartment for sale in Laureles or in any other area of the city, as it may involve paying less interest compared to a traditional mortgage loan.
There are different alternatives to achieve the dream of owning your ideal space, and this may be a good opportunity to make it happen. Research carefully and decide which option best suits your needs.
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