HOW SHOULD A PROPERTY DEED PROCESS BE?
The deed is the legal document that establishes who is the owner of a property, their obligations and rights. This is prepared in a notary and serves to formalize the sale of a home or other type of property, a swap, mortgage, mortgage cancellation, among others.
If it is a sale, both buyer and seller must go to a notary and request the deed service.
According to the Notary 37 of the Bogotá circle, the process of a public deed consists of 4 steps:
1. Declarations: this is what the parties want to declare before the notary (the purchase and sale of a property).
2. Transcription: what the parties declared to the notary is put in writing.
3. Reading and acceptance: everyone listens and approves the text before signing it.
4. Signatures: the notary and the parties involved (buyer and seller) sign the document.
This public deed of sale must specify the limits of the property, the cadastral certificate, real estate registration number, certificate of tradition and freedom and the price of the sale.
To carry out this procedure you need the following documents:
• Photocopy and original identity document of the buyer and seller. If the buyer or seller is a legal person, they must present a document that validates their existence and legal representation. If one of the parties cannot attend, the representative must have a valid power of attorney.
• Proof of payment of the property tax for the current year, with the correct data of the property (full address, real estate registration and cadastral certificate).
• Paz y salvo de valorization (Urban Development Institute – IDU).
• Peace of mind from the administration (if the property belongs to a horizontal property regime). Also, a copy of the regulations of the complex or building is suggested.
• The seller is advised to bring a copy of the deed of acquisition and a certificate of tradition and recent freedom.
• If the property is new, the construction company must present other documents.
• If it is affected by housing, it can be cancelled in the deed of sale.
• In case of having unteachable assets and if there are minors, it can only be cancelled with a court ruling.
The cost of this procedure depends on the notarial fees, which are defined each year by the Superintendence of Notaries and Registry. Also, you must take into account the payment of withholding tax at the source and the value of the copy of the deed.
Once the public deed has been made in the notary, it must be registered with the Public Instruments Registry Office of the city or municipality for the property to officially change its owner.