Can I buy property as a foreigner in Colombia? Yes!
Can I own the land as well as the structure? Yes (except in condos and apartments where common areas are co-owned by all residents. Just like in the states).
How do I know if it is a good price? You have to do your homework. Look at many different places. Document price ranges per Sq. meter and get a feel for the range of prices in a particular building or neighborhood. They do not have MLS types of Comps. available. Properties in more upscale neighborhoods will be more expensive per Sq. meter.
Can I get Title Insurance? As a rule, no. It is advised to hire a competent local English speaking Real Estate Attorney to handle all closings and ownership searches. The closing will be conducted at a local Notary office who also has the responsibility to make sure the property is unencumbered from any taxes or outstanding debts (like Condo service fees) and that the registered owner is making the sale.
Can I get financing? Again, as a general rule no! (there are a few companies in the US offering financing on new construction but the interest rates are terribly high).
If I can’t get financing, how do I pay? Usually with a wire transfer to the owners bank account for the full amount of the purchase.
What are the Realtors fees? Generally 3%.
Who pays the realtors fees? Depends on whether the realtor is serving as a buyers or sellers agent. Ask first.
What are the general offer to asking price ranges? Generally, offers are 20-30% below the asking price. Negotiations begin from there.
What will the owner leave behind? Usually you have to negotiate for everything including appliances, window treatments, light fixtures etc. We have heard of owners taking everything including light bulbs, hot water heaters, jacuzzi motors, curtains/drapes and more. Make sure the owner agrees to include an itemized list of the items you want left behind.
I don’t speak Spanish. Are there any bi-lingual realtors in town that could help me? Yes, there are a few.
Will the contracts be in Spanish or in English? In Spanish for the ones that get formally recorded at a local notary. Your attorney should provide you a copy in English. You can confirm the accuracy of the document translation through a local translation service if desired.
