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I've gone through the buying process 5 times here. In this video, I go over 4 steps to buy real estate in Medellin, Colombia.
In this YouTube video, I discuss the process of buying real estate in Medellin, Colombia. I emphasize on having sufficient funds for a cash purchase, as securing a loan as a foreigner can be challenging due to credit requirements. I advise finding a reputable local attorney through expat groups or referrals. Discovering properties involves working with real estate agents or exploring neighborhoods independently. Negotiating a deal and conducting a thorough title analysis with the attorney's help are crucial steps. The purchase agreement solidifies the transaction, with payment typically following its signing. Money transfer options include using a local bank account or a brokerage firm. Registering the investment with the National Bank is emphasized. Finally, the deed is signed at a notary, leading to property ownership. The process's specifics may vary, but these steps outline a typical property purchase in Colombia.
Highlights
💰 Cash is essential for property purchase due to loan challenges for foreigners.
👥 Finding a trustworthy local attorney is crucial; expat groups and referrals are recommended.
🏢 Exploring neighborhoods independently and vetting real estate agents are ways to find properties.
💬 Negotiation precedes a thorough title analysis, revealing property issues that can be resolved.
📝 The purchase agreement finalizes the deal, often with an initial deposit payment.
💸 Money transfer options include a local bank account or a brokerage firm.
📝 Registering the investment with the National Bank is stressed for security.
🏦 The deed is signed at a notary, accompanied by closing costs.
🧩 Clean title and proper registration with the National Bank are emphasized for a successful purchase.
#expatlife #realestate #colombia
