- Obtain a property title certificate (escritura) from the public registry office (Registro de la Propiedad)
- Prepare a sales contract and have it notarized
- Advertise the property through various channels, such as online classifieds or local newspapers
- Show the property to potential buyers
- Negotiate the sale price and terms with the buyer
- Transfer the property title to the buyer and receive payment
- File the sales contract with the public registry office to update the property title
Capital Gains Tax in Colombia
- Property owners in Colombia are subject to capital gains tax when selling a property.
- The tax rate is 10% for residents and 35% for non-residents.
- The tax is calculated on the difference between the purchase price and the sale price.
- There are exemptions and deductions available for certain situations, such as selling a primary residence or investing the proceeds in a new property.
Ease of Selling Property Yourself in Colombia
- Selling a property yourself in Colombia can be more time-consuming and complicated than using a real estate agent, but it can also result in a higher profit margin.
- The process requires knowledge of the legal requirements and the property market.
- Advertising and showing the property to potential buyers can also be challenging.
Property Exchange in Colombia
- Property exchange is not a common practice in Colombia. The most common way to buy or sell a property is through a real estate agent or directly between the buyer and seller.
- However, some people may use property exchange as a way to avoid capital gains tax or to trade up to a more desirable property.
Note: It’s important to consult with a lawyer or a real estate professional to make sure that you are following all the legal requirements and to avoid mistakes. Also, keep in mind that the laws and regulations for real estate transactions can change, so it is always best to check the latest information before making any decisions.