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Real estate due diligence

Why is it important to performe due diligence when buying real estate in Colombia?

When you’re purchasing real estate in Colombia, it is important for you to perform a due diligence over the desired property in order to confirm that: (i) The seller is the real owner and has the capacity to validly transfer the property. (ii) There are no liens or encumbrances affecting the asset, (iii) There are not historic problems unsolved that could affect the asset, and (iv) The previous owners do not appear with public records of any criminal activity, as you may risk the government seizing the asset. Further, if you are planning to get a loan to finance the purchase, all local lenders will  ask for the result of the due diligence as a condition for disbursement. 


The scope of the due diligence may differ between rural and urban sites, being more complex the purchase of property in rural areas. Rural sites might be affected by mining licenses, environmental protections, etc., that usually do not apply in urban areas. 


We suggest not to commit to make payments (or at least not of large amounts) until you have performed your due diligence at satisfaction. 

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