Closing procedure and closing costs in Colombia
Making the closing is the proverbial "signing on the dotted line." Prepare to pay for closing costs.
Closing procedures will vary according to buyer and seller wishes. In some cases, the buyers and sellers (as well as their Real Estate Agents) will all attend the closing. In other cases, each one present separately. The closing will take place at a Notary’s office. In general, though, the closing will be attended by all of the buyers involved and their Real Estate Agent, who has reviewed all of the components of the sale contract and who is the one who will say "sign here" more times than you have ever heard in your life.
To get everything ready before attending the closing, the following documentation has to be delivery at the Notary's office to elaborate the final deed:
Do you think is quite paperwork? Don’t worry. If you have done things properly since the beginning, all those papers come alone in the process.
Besides, you already have a professional bilingual real estate agent by your side. Right? So you just have to worry about arranging of the trip and coming to sign.
Notary office takes 1 to 2 business days preparing the deed. After this time, the document is ready to be signed and you had the time for collecting closing costs.
The notary's office gives both parties about 8 to 10 business days to sign it.
Be sure that your name and I.D is well written before you signing it. Any mistake in the deed will give rise to make a correction so come back to the Notary office and sign again.
At the Notary’s office:
Within a time maximum of 48 hours the Notary's office usually sends off Three copies of the deed. One of this is for the legal Registration at the Government’s Registry Office.
Closing Costs And Related Fees
You have to reserve some extra money for closing costs and related fees. They are about 2% to 2.5% of the agreed upon Sales Price.
Closing costs includes:
√ Register fees (0,5%)
√ Local Taxes and other charges (1%). This includes municipality taxes (Boleta Fiscal).
√ Income Tax (Only for the seller 1%)
This costs are usually split in both parties, or it could be agreed.
The following are the costs that normally each part have to assume:
√ Title enquiry
To the Seller
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