Real estate is one of the main assets that both an individual and a legal entity can have. That is why, depending on each country, there are clear regulations governing their construction, purchase and sale. If you have doubts about how does real estate law work in Colombia? Visit
we share with you the basics of what you should keep in mind.
What is real estate law?
The construction of residential sites as well as commercial spaces requires specific laws. That is to say, a framework of standards to identify when, how, where and by whom a project can begin construction. This framework of laws is what we know as real estate law.
In Colombia, all matters pertaining to real estate law is found in the civil code and specific laws that contribute to regulate certain aspects. Two of the most important are Law 675 of 2001, which regulates the horizontal property regime, and Law 820 of 2003, which establishes all the legal provisions for the leasing of real estate.
Entities and procedures depend on your needs.
To answer How does real estate law work in Colombia? it is key to take into account your requirements. That is, the function that you are going to perform and that must be in accordance with the regulatory frameworks of the country. There are a wide variety of actions that can be taken by individuals and legal entities in relation to real estate, but For practical purposes, we will outline three key areas: construction, real estate registration and purchase and sale.
Colombian real estate law
the regulations and steps to follow for the construction are very important. Being aware of each one of them is essential to avoid delays in the works. In the first instance it will be necessary to have all the soil studies, type of construction, purpose of the construction and if the surrounding environment is adequate.
As for the formalities, licenses and certifications are the most important and the corresponding authorities to which to turn to are the municipal mayor’s office and the urban curator’s office.
Real estate registration
If you are wondering how does real estate law work in Colombia? From the documents that prove who is the owner of a property, The key here is the deed formalities. In addition, the entities to which to refer during the processes will be the notary’s offices and the offices of registration of public instruments. In addition, there are other different scenarios, such as, for example, having the services of
lawyers specialized in horizontal property
will be relevant if you want to register your apartment in a gated residential unit.
Purchase and sale of real estate
The purchase and sale of real estate may be carried out regardless of whether the commercial relationship is between individuals or legal entities. Likewise, since there are different ways to pay for the properties, depending on your needs, the procedures and entities may vary.
Thus, in order to respond how does real estate law work in Colombia? from this perspective important for the process are the previous appraisal, the promise of sale, the deed of title and the mortgage instruments for the payments. Finally, as for the entities, banks, cooperatives, real estate agencies and again, notaries and public instrument registration offices will be key in the processes.
Legal service, lawyers at your service
It is possible to be overwhelmed by the regulations and the steps that must be taken to comply with them. However, all these processes can be accompanied by real estate lawyers. At Servicio Legal, with expert professionals to accompany you in every phase of the process you are carrying out; even if it involves criminal aspects. If you require our services or have further questions about how does real estate law work in Colombia? do not hesitate to contact us.