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Frequent Questions
You should continue with the established payment plan, as negotiated. These payments will be made through the designated trustee for the project or into the project’s account (if you have already been notified that the breakeven point has been reached). Eight (8) months before the final installment is due, we will send you a notification detailing the steps you need to follow for the subsidy application, credit request, and the support we will provide throughout the process.
It is a contract signed between the parties where the conditions of the transaction are established..
In the purchase and sale promise or in the area beneficiary letter, the specific area and boundaries of each unit are not determined because the final area will be established
in the Horizontal Property Regulations. However, during the initial negotiation on the business sheet, an approximate area is mentioned, and it is specified that the property is
marketed as a specific unit (existing entity)
Subrogation interest is the money that must be paid when the disbursement that the bank needs to make is delayed due to a default by the buyer (lack of payment capacity or failure to meet essential and required bank requirements). These interest charges are applied to the value of the mortgage loan or home leasing
It is the penalty established in the purchase and sale promise for the breach of either party, and the amount or percentage varies depending on the type of project
This type of housing is defined by law in terms of monthly minimum legal wages. Currently, for homes of priority interest (VIP), the cap is set at 90 minimum monthly legal wages (SMMLV), and for homes of social interest (VIS), it is 150 SMMLV.
The property prices are determined as a projection of the salary for the estimated deed date.
The final value will be the result of multiplying the SMMLV by the housing cap for the year in which the deed is executed. This value may be higher or lower than the initially provided value.
It must be paid because it is a legal requierement and national tax taht applies to financial transactions carried out by different users. When a financial institution disbursers the loan, you will need to pay the builder the amount deducted for this tax. In other words, if the financial institution deducts a percentage, such as 4 per 1,000, the buyer is responsible for paying the remaining balance for the property
It is the payment for the connection fee of the energy and gas service and meter (counter), which is incurred as a one-time charge at the time of service installation and is the
responsibility of the final property owner, as established in Resolution CREG 108 of 1997 and Law 142 of 1994.
It is an amendment to the initial terms of the purchase and sale promise contract and must be signed by the parties involved.
The application must be submitted six (6) months prior to the deed signing date. As for the general documentation required, it includes income and withholding certification,
photocopies of the identification documents for all family members, and the form assigned by the compensation fund. For further information, please consult your
compensation fund.
You can use the subsidy as long as it is still valid at the time of the deed signing. If it is about to expire, you must relinquish it and reapply according to the timelines established by the construction company and the new compensation fund to which youare affilliated.
The amount is set by law. If you earn up to two (2) minimum wages, you receive a subsidy of 30 SMMLV. If you earn between 2 and 4 minimum wages, you receive 20 SMMLV.
Considering this, the amount can change if your income changes.
If the subsidy has already been approved, these conditions cannot change because it is already a vested right and will be respected during its validity.
Note: The subsidy is valid for 3 years. If it is about to expire and you haven’t yet signed the public deed of sale, you can extend it for an additional two (2) years, as long as you
remain affilliated to the same family compensation fund.
b) Under what conditions can it change:
Changes in employment conditions (salary increase) or economic activity.
Change in your marital status (married, single with or without a common-law union) as you should inform the compensation fund of your new status.
If you change jobs, and your new employer has a different compensation fund, you cannot request an extension of the time or the amount.
It is important to clarify that in Colombia, there are only three marital statuses:
1. Married: This status arises from the voluntary legal act of marriage, which can be civil or religious (Catholic).
2. Single without a common-law union: This status indicates that there is no relationship.
3. Single with a common-law union: This status applies when a common-law union has existed for a period of no less than two years.
If you wish to change your reported marital status when initiating the transaction, please note that you can change from ‘married’ to ‘single without a common-law union’ or from ‘single with a common-law union’ to ‘single without a common-law union.’ It is important to provide the judgment issued by a judge or the public deed that demonstrates the cessation of civil effects or divorce and then liquidation of the marital o patrimonial partnership.
You should submit the application eight (8) months before the deed signing. What you need may vary depending on the financial institution you’ve chosen, but generally, it
includes a photocopy of your ID, income verification based on your economic activity, and an application form provided by the institution.
No, the initial feasibility assessment is meant to evaluate your ability to pay the initial installment and to confirm your eligibility for a loan, as long as your conditions remain the same or improve. This means not acquiring new debts as a co-debtor, debt or, or guarantor, having no negative reports in credit bureaus, and meeting your obligations on the specified dates. To secure loan approval, refer to the question: «When do I need to submit my loan application and what do I need?»
No, remember that loan approval by the financial institution is not a guarantee, as the loan needs to be formalized and disbursed. Depending on the institution, they may
re-evaluate each customer’s conditions.
Formalization is a process through which the bank assesses the property’s conditions (title search and appraisal) and the customer’s conditions (debt capacity) to authorize the
use of the mortgage loan.
It’s typically done approximately two (2) months before the deed signing.
The time frame is established in the purchase and sale promise
An assignment is the transfer of business rights to a third party, either in full or in part, and it can be done from 8 months to 45 days before the signing of the public deed, subject to validation and approval by the developer and the trust
If the assignee is within the first degree of consanguinity, affinity or marital status, it does not incur any cost. For all other cases, it does
Yes, you can grant a general or special power of attorney.
For us, the client is of utmost importance, and that is why each case is analyzed individually, with the aim of finding a solution that satisfies the needs of both parties. If necessary, an addendum to the transaction will be signed.
You’re ready to sign when you have paid the down payment in full, writing expenses, have formalized the loan, and have an approved subsidy, if applicable.
The construction company will arrange a date and time for the deed signing with the customer and send the necessary documents to the designated notary. You should appear on the agreed-upon day and time with your identification
Yes, as they need to sign to either affect or not affect the property as a family residence and accept the mortgage if the property is being acquired with a loan.
It is a legal clause established to protect the real estate and any minor children you have or may have in the future. It is done to prevent the property from being seized by any
entity other than the bank from which you obtained the mortgage loan.
By law, every VIS or VIP housing unit must establish family patrimony t is not optional.
Yes, it is possible after the properly registered deed is delivered. If you have minor children, it is done through a family court judge or a family lawyer. If they are adults or you have no children, it can be done through a public deed at the notary. If the property has a mortgage, it must be paid off.
Yes, you must pay the notary and charity registration fees. In this case, it is a fixed-fee act as determined by the Superintendence of Notary and Registration.
It is regulated by Law 258 of 1996. It is a legal mechanism created to protect the family residence, established in favor of the spouse or permanent partner. It serves two important
functions:
1. Protects the property, making it generally immune from seizure.
2. Protects the rights of the non-owner spouse or partner.
To establish the affectation to a family residence, the following requirements must be met:
1. It must be used as a residence.
2. There must be a marriage or a common-law union.
3. The spouse must have full ownership of the property.
4. No other properties can have an affectation as a family residence.
5. It must be registered in the public records office.
The costs are distributed as follows:
Notary Fees: 50% Seller and 50% Buyer. If it’s a credit or leasing sale, the mortgage establishment and copies or additional acts are 100% the buyer’s responsibility.
Registration and Charity Fees: 100% the buyer’s responsibility.
When it is correctly registered in the public records office, and 100% of the property´s values is received to satisfaction. This is unless your credit arrangement is a home leasing, in
which case the copy of the deed is handed over to the banking institution.
If it’s a cash transaction, it can take around 2 months. If it’s a subsidized transaction, it can take up to 5 months, depending on the registration times at the public records office and the disbursement times by the granting entities
Subsidy disbursements are generated when the public deed is already registered, and the public utility meters are installed in the project, with certificates of habitability issued by the compensation funds.
It depends on your finantial institution and can take between 30 to 120 days after signing of the public deed.
It is due one (1) month after the disbursement of your mortgage loan, and the bank will notify you through the means or channels they have established.
It depends on the payment method and the commercial agreement with the financial institution you have chosen.
Yes, you can grant a general or special power of attorney.