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Colombian economy and purchase of apartment in Medellin

i am presently contemplating of buying an apartment for my in-laws living in medellin however, i am a bit uncertain on how to go about doing this.

can somebody give me a hint whether lawyers etc. are needed for such purchase and if the apartment is valued at around 90 mio pesos what should i calculate as additional costs for lawyers, legalization etc.

is there any ballpark-figure for the increase of valuation of apartments in medellin for the last couple of years (i am presently living in denmark and the value of my present apartment has increased around 500 percent during the last 10 years) wherefore interested to know the average percentage for apartments in medellin.

as i will have to transfer the funds from denmark into colombia to pay for the apartment i am wondering whether there are any additional charges when such money "hits" the colombian banking system.

what about expatriation of funds if the apartment at a later stage is sold - is this possible

i realize the above may be difficult to give a clear answer to but whatever guidance i can receive is highly appreciated.

regards
jens

By jnconsult on Jul 10, 2005, 00:44 in Friendly Talkzone.

aztec says on Jul 10, 2005, 05:32:

purchase of apartment in Medellin You are asking the correct questions. Research now will prevent major problems later.

There are several (poorbuthappy) individuals who have purchased property in Medellin. Others are purchasing or have already purchased in other areas of the Country.

Use the search function on this site using appropriate terms. You may also want to check responses by Hunter, viewpoint and calif en la selva. They may be willing to offer more advice via private contact.

Your objectives can be achieved but you will need to follow prescribed rules for success.

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tomtom33 says on Jul 10, 2005, 06:17:

Use a lawyer You can figure an extra 10% for closing costs. The lawyer can vary.

There should be no additional costs when the money comes into Colombia, if you can get it here. The purchase price must be registered with the Banco de la Republica. They will issue a Formulario No. 11 evidencing your purchase. You can use this form to get the money back out of Colombia in the event of a sale.

Hunter could give you a better idea on valuation. I imagine it can vary considerably depending on type of property and location.

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Hunter says on Jul 10, 2005, 07:55:

jnconsult I suggest a quick bit of research on this site, you will find most if not all your questions answered, any that are no not or new questions, post again here.

Hunter

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