Yes - That’s us giving you the straightforward answer upfront -. However, there are a couple of important notes to be aware of, and this is one of the most important: The #bankingsystem is rather conservative in our #country.
Things such as interest-only loans, adjustable-rate #mortgages and second mortgages don’t exist around here. Furthermore, to qualify for any type of loan, you must have an extensive history of good credit, money in the #bank, and a steady income. If you happen to pass these tests, the bank will require you to make a 30% #down-payment and charge you, sometimes, even more than 10% #interest. So if you’re completely new in town, you might find it quite challenging getting your new #Colombian home through our banks.
There is another thing to be cautious about; some #realestate in Colombia can have hidden issues that might take a toll on you from an #investor standpoint, including #debts or a questionable history of #ownership. It’s always a good course of action to ask the owner or the #realtor in charge of the #property for a #document called Certificado de Tradición y Libertad, which is a public document where the history of a #property is specified, such as the legal data of the title, or the owners through which it has passed. Thus, if the property you’re interested in might have some hidden complications, your #realtor, your #lawyer and even you (if you take the time to read it) will find them represented on paper through these documents. Finally, to check if there are any #hidden #debts involved, the Certificado de Paz y Salvo de valorización will certify the property as debt-free and a deal can be reached for it to be sold.
Now, if you are interested in a property with some type of #legalissue, taking into account the pace of our legal system, we recommend you to leave it alone and keep on looking…
Bottom line, the best way to secure your money is to get help from an MLS realtor who will, not only help you finding the right place, but also drafting a Purchase & Sales Agreement (promesa de compraventa) that lay out the conditions in which the property is going to be sold to you: debt-free and legal issues-free. Otherwise, Penalty Clauses will apply.
PD: Don’t forget your #passport!
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