Hola, como le va?
a la orden!
Que le vaya bien!
After just a few weeks in the city, you’ll start to hear these phrases over and over. and over. This is Paisa speak, for “how’s it going, can I help you, and wishing you the best” – respectively. If these phrases sound foreign to you – it might be time to brush up on your Spanish – Check out this article for where to study Spanish in Medellín.
However, when it comes to real estate, there’s a world of terms that are far from the ordinary. They won’t be uttered during a typical taxi ride or friends sharing a tinto. But they are very important for anyone dealing in real estate to understand. Here are 15 spanish terms you should be familiar with if you are going to invest in real estate in Colombia.
#1: PROMESA DE COMPRAVENTA
#2: LAS ARRAS
- Sign the promesa and pay las arras, which are usually between 10-20% and can be negotiated. And,
- Pay the remaining balance for the property on the day that the deeds are transferred into your name (la escrituración)
#3: PARA ESTRENAR
#4 TAPAR LA VISTA
#5 PLAN DE ORDENAMIENTO TERRITORIAL
#6 CONTRATO DE CORRETAJE
#8 PRESTA MÉRITO EJECUTIVO
#9 RETENCIÓN EN LA FUENTE
#11 GANANCIA OCASIONAL
#12 PAZ Y SALVO
- Paz y Salvo – Valorización – nothing is owed to the municipality for road works or other projects pertaining to the property.
- Paz y Salvo – Catastral – property taxes (Pre-Dial, #10) are paid for the year
- Paz y Salvo – Administracion – seller is up to date paying the administration fees (HOA) of the building. Only needed for properties within a residential complex.
#13 PAGO CONTADO
#14 VICIOS OCULTOS
- existed at the time of the sale.
- have a significant effect on the value of the property. (ie: You wouldn’t have bought it or would have bought it for much less)
- were not disclosed by the seller (or builder), and were not visible to the buyer
#15 NEGOCIAR LA TASA
- Bancolombia listed rate: 1 USD – 3,713.54
- “Negotiated” rate: 1 USD – 3,735
Are you thinking of visiting or living in Colombia? Do you have any specific questions about investing in Medellín or surrounding area? Helping foreigners to invest safely and effectively in Colombia has been my passion for almost six years now, and I would love to offer guidance any way I can.