A study of the titles of the property is done by a lawyer
Agency : Lawyer’s office
A lawyer is hired to conducts a study of the past titles of the property and the history of the owners to carry out the transaction. The study of the titles is not legally required, but it is broadly done for property transactions and commonly by a lawyer. As part of the process, the interested party or the lawyer can obtain online the necessary certificates for the study of the titles (the ones described in procedures 2,3 and 4).
For the study, the following documents are needed:
- Non-lien certificate (“certificado de tradición y libertad”)
- The certificate of good standing of the companies (“Existencia y representación legal”)
- Tax payment certificates (“predial” and “valorizacion”)
- The title of acquisition of the property by the seller;
- Any other document corresponding to inscriptions made in the Real Estate Registry within the past ten years (such as mortgages, attachment, etc.);
- A copy of the minutes of the meeting of the Board of Quota holders or Board of Directors (if applicable) in which the Company’s Legal Representative is authorized to carry out the transaction.
Procedures 2, 3 and 4 are simultaneous with this procedure.
Time and cost: 5 days, COP 1,242,174 (Between 1 and 2 minimum wages)
Obtain ownership history and no-lien certificate (certificado de tradición y libertad) at the Registry Office
Agency: Land Registry (Superintendencia de Notariado y Registro)
The certificate carries information on the legal provisions of the property as well as the current and previous owners. The process is supported by Law 1579 of 2012, and the fee is based on the Resolution 2854 of 2018. Any person can request the issuance of this certificate through the website of the Superintendencia de Notariado y Registro https://snrbotondepago.gov.co/certificado, which contains the legal information of the properties from all over the country.
Time and cost: Less than one day (online), COP 15,400 (COP 15,400 online certificate or COP 16.300 at the Registry office)
A certificate of good standing (“Existencia y Representacion legal”) of the company must be obtained at the Chamber of Commerce
Agency: Bogotá Chamber of Commerce
In order to carry out the transaction when the parties are companies, a certificate of good standing of the company (“Certificado de Existencia y Representación legal de la Compañía”) 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, ask for certificates issued with less than three months to obtain updated information.
Electronic Certificates of Existence and Legal Representation can also be obtained online since 2010. The certificate can be requested, paid and obtained online. Payment can be done by credit card. The certificate provides real-time information about the company (Bogota Chamber of Commerce: http://linea.ccb.org.co/certificadoselectronicos). The value of the Certificate of Existence and Legal Representation is updated once a year according to the increase of the minimum monthly legal wage. The amount to pay is approximately 0.70% of the minimum legal monthly salary.
Time and cost: Less than one day (online), COP 5,796.81 (0.70% of the minimum wage)
Obtain tax certificates (“predial” and “valorizacion”)
Agency: Ventanilla Unica de Registro (or CADE)
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, issued by the Secretaría de Hacienda del Distrito) and the “certificado de paz y salvo de valorización” (taxes related to increases in the value of the property due to constructions, roads, etc. issued by the Instituto de Desarrollo Urbano or IDU).
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.vur.gov.co/
Time and cost: Less than one day (online), no charge
The notary prepares the public deed
Agency: Notary
The notary public will prepare the final public deed with all the documentation previously obtained by the parties. The notary will also check the Board of directors’ minutes authorizing the sale and purchase of each property respectively for each limited liability company.
The participation of a notary in the preparation of the public deed is mandatory by law, and his/her fees are also established by law (0.3% of property value + other indicated fees). Notary fees change on a yearly basis.
The deed or (“minuta”) establishes the terms of the sale between the 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.
Time and cost: 3 days, COP 2,980,614.96
- COP 22.200 on the first COP 165,100
- 0.3% of the contract´s value above COP165,100
- COP 3,700 for each page of the original and the 3 authentic copies of the Public Deed (aprox. 4 pages each)
- COP 23.200 for the National Notary Fund
- COP 23.200 for the Superintendence of Notary and Registry
- COP 6,800 for biometric identification of fingerprint and signature
The notary pays transfer tax and registration fee online
Agency: Registry Office (Oficina de Registro de Instrumentos Públicos)
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 the collection of this tax has installed a branch for this purpose. The payment can also be made online at the website https://www.abcpagos.com/instrumentos_publicos/.
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.
Time and cost: Less than one day (online), COP 14,907,203.68 (1% of property value (Registry Tax) + 0.57% of property value (Registration Fee))
The public deed must be registered at the Registry Office
Agency: Registry Office (Oficina de Registro de Instrumentos Públicos)
After the “registry tax” and the registration fee are 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 Cadaster to register the change of ownership.
Time and cost: 7 days, already paid in Procedure 6
