Registering Property in Colombia

This topic examines the steps, time, and cost involved in registering property in Colombia.

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Property Value: COP 512,827,919
City: Bogota

	Procedure	Time to complete:	Cost to complete:
1	Obtain certificate about history of the property ("Libertad y tradicion")	1 day	no cost
2	A certificate of good standing ("Existencia y Representacion legal") of the company must be obtained at the Chamber of Commerce	1 day	COP 3,500
3	A study of the titles of the property is done by a lawyer	5 days	COP 1,113,000
4	Obtain tax certificates ("predial" and "valorizacion")	1 day	no cost
5	The notary prepares the public deed	8 days	0.27% of property value + COP 7,120 for the escritura + COP 26,700 for copies of escritura + COP 3,465 to the Superintendency of the Notary + COP 3,465 to the National Fund of the Notary
6	Pay registration fees at the bank counter in the registry	1 day	1% of property value (Registry Tax) + 0.5% of property value (Registration Fee)
7	The public deed must be registered at the Registry Office	3 days	already paid in procedure 6

Procedure 1.: Obtain certificate about history of the property ("Libertad y tradicion")
Time to complete:: 1 day
Cost to complete:: no cost
Name of Agency:: Ventanilla Unica de Registro
Comment:: It is possible to obtain online the certificado de libertad y tradición. This certificate with the ownership history (at least 20 years) of the property (“Certificado de Tradición”) can also be obtained at the corresponding registry office. Fees are set by Decree 2280 of 2008.
For properties with no liens, the certificate obtained and printed out from the internet at the notary's offices can now be submitted to the Land Registry.

Procedure 2.: A certificate of good standing ("Existencia y Representacion legal") of the company must be obtained at the Chamber of Commerce
Time to complete:: 1 day
Cost to complete:: COP 3,500
Name of Agency:: Chamber of Commerce
Comment:: When the parties are companies, a certificate of good standing (“Certificado de Existencia y Representación legal de la Compañia”) of the company must be requested at the Chamber of Commerce. This certificate does not have an expiration date for its validity, but some entities, such banks or authorities, request for certificates issued with less than three months in order to obtain updated information.

Procedure 3.: A study of the titles of the property is done by a lawyer
Time to complete:: 5 days
Cost to complete:: COP 1,113,000
Name of Agency:
Comment:: A lawyer, usually external to the company, will make a study of the past titles of the property and about the history of the owners to carry out the transaction.
The study of the titles is not mandatory, but it takes place almost always for the transactions that follow these assumptions.

The documentation shall include:
The lawyer must be provided with the certificates obtained in Procedures 1 and 2 and with a copy of the company’s shareholders act authorizing its representative to act on their behalf.

Procedure 4.: Obtain tax certificates ("predial" and "valorizacion")
Time to complete:: 1 day
Cost to complete:: no cost
Name of Agency:: Ventanilla Unica de Registro
Comment:: From the VUR website, it is now possible to see and obtain online the "certificado de paz y salvo predial" (stating municipal property taxes have been paid from Urban Development Institute -IDU) and the "certificado de paz y salvo de valorización" (taxes related to increases in the value of the property due to constructions, roads, etc).

For properties with no liens, the certificates obtained and printed out from the internet at the notary's offices can now be submitted to the Land Registry. Notaries have a special login to access these certificates. This certificate has no cost if requested online and can be obtained by submitting the "chip catastral".
The VUR website is: http://www.registratupropiedad.com/

Procedure 5.: The notary prepares the public deed
Time to complete:: 8 days
Cost to complete:: 0.27% of property value + COP 7,120 for the escritura + COP 26,700 for copies of escritura + COP 3,465 to the Superintendency of the Notary + COP 3,465 to the National Fund of the Notary
Name of Agency:
Comment:: The notary public will prepare the final public deed with all the documentation previously obtained by the parties
The participation of a notary in the preparation of the public deed is mandatory by law, and his fees are also established by law (0.27% of property value + other indicated fees).
The standard preliminary deed "minuta" that can be prepared by the parties can obtained for free in the notaries offices or online at http://www.registratupropiedad.com/index.php?option=com_content&view=article&id=71&Itemid=76

The minuta establishes the terms of the sale between parties. It is not mandatory, but it is normally prepared by a lawyer. If parties prepare the minuta, the notary will review it while preparing the public deed. The documentation presented shall include: certificates of good standing (procedure 2), of municipal tax payments (procedure 4), and the Board of directors minutes authorizing the sale and purchase of each property respectively for each limited liability company.

Procedure 6.: Pay registration fees at the bank counter in the registry
Time to complete:: 1 day
Cost to complete:: 1% of property value (Registry Tax) + 0.5% of property value (Registration Fee)
Name of Agency:: Registry Office
Comment:: The “registry tax” or “Impuesto de Registro” can be paid at the registry office in the city of Bogotá and other large cities, where the commercial bank in charge of collection of this tax has installed a branch for this purpose. In smaller cities it will have to be paid prior to registration in a commercial bank. Despite its name, the “Impuesto de Registro” is a tax that goes to finance state-level programs on public health. It is not a fee for a service but a tax.

Procedure 7.: The public deed must be registered at the Registry Office
Time to complete:: 3 days
Cost to complete:: already paid in procedure 6
Name of Agency:: Registry Office
Comment:: After the “registry tax” is paid, the public deed prepared by the notary must be registered at the Registry Office for its validity. After registration, the new public deed is automatically sent (internal procedure) to the Office of the Cadastre to register the change of ownership.