Juan Bernardo Tascon Ortiz
Phone: +57(4) 3224365
Partner of UH ABOGADOS since January 2016
Tamayo Jaramillo & Associates. 2004-2015
Lawyer from the Universidad Pontificia Bolivariana, specializing in Civil Liability and Insurance from the EAFIT University and Master of Laws from the Universidad Pontificia Bolivariana.
He has more than 15 years of experience as a trial lawyer, especially in matters of civil liability and insurance, popular and group actions, arbitration processes and fiscal and State responsibility. He has also provided various advice on conflict resolution, private contracting and insurance.
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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.