• Promissory sales agreement

This agreement is not a sales agreement itself; it is just a promise that on a given date and before a given notary public, the parties will attend to execute the sales agreement public deed. The promissory sales agreement must contain all terms required for the transaction such as the description of the property and price. It could also include securities.

• Property land certificate (public property folio) issued by the public registry office

By this certificate, parties may acknowledge the legal status of the property in terms of aspects subject to registration such as ownership right, attachments, mortgages or interim measures. It is worth noting that the property certificate is the document that proves the ownership of real properties in Colombia.

• Sales agreement public deed

This agreement can only be executed before a public notary by a public deed. Usually, both parties pay for the notary expenses in equal portions.

• Usually, the mortgage over the property (if any) will be included in the same sales agreement public deed

According to applicable law, the seller guarantees the buyer’s right of ownership and the absence of hidden defects in the property.

The sale is considered legally binding when the public deed that contains the purchase and sales agreement is duly executed before a notary public.

The title is transferred when the sales agreement public deed is registered before the Land Registrar.

The buyer usually pays for the following:

• 100% of the registration expenses
• 100% of the registration tax
• 50% of the notary expenses
• 50% of the stamp tax

The seller usually pays for the following:

• 50% of the notary expenses
• 50% of the stamp tax
• Withholding tax