What is a promesa de compraventa?

It is a private contract in which the buyer and the seller promise to sign the public deed of sale later, on agreed terms. It normally sets the price, the payments, the date and the notary for the deed, and the penalties if one side does not comply.

Can I sign the promise of sale from abroad?

It is often done through a power of attorney given to a person you trust in Colombia. Your attorney will tell you how the power must be granted and what it should allow.

Should the technical inspection be done before or after the promise?

Before. Once you have signed and paid, a defect found later gives you much less room to negotiate or to leave.

Promesa de Compraventa in Colombia: Before You Sign

Q: Does the promise of sale make me the owner?

No. In Colombia you become the owner when the public deed is signed at a notary and registered at the public registry office. The promise is the commitment to reach that point.

The short version

The promise of sale is a binding contract. Treat it as the real decision, not as a formality.
Do the technical and legal checks before you sign, not after.
Everything that matters to you must be written: what you buy, in what condition, by when and what happens if it fails.
A licensed attorney in Colombia must review the contract. We cover the technical side.

This guide is general technical information and not legal advice.

What the promise of sale is

In Colombia a property sale is completed with a public deed signed at a notary and registered at the public registry office. Before that, buyer and seller usually sign a promise of sale (promesa de compraventa). It is a private contract where both sides promise to sign the deed later, on the agreed terms.

The promise normally fixes the price, the payment dates, the date and notary for the deed, the delivery of the property and the penalties if one side does not comply. For the contract to be valid it has to meet legal requirements that your attorney will check.

In practice, it is also the moment you pay the first money. That is why the questions come before the signature.

Questions about the property

Does the description in the contract match the property I saw: address, area, parking, storage, land?
Has my attorney reviewed the title and confirmed there are no liens, seizures or disputes?
Does the land use allow what I plan to do with the property?
Was the building, and any extension, built with a permit?
Has an independent engineer inspected the property, and are the findings reflected in the price or in the contract?

See property due diligence and property inspection.

Questions about the price and the payments

What is the total price, in which currency, and what does it include?
When is each payment due, and what must have happened before I pay it?
How will I bring the money into Colombia, and how will it be registered? Ask your attorney and your bank about the foreign exchange rules before you transfer.
Who pays the notary and registration costs and the taxes of the sale?

Questions about the dates

On what date, and at which notary, will the public deed be signed?
When will the property be delivered to me, and in what condition?
If the home is still being built, is the delivery date firm or “estimated”? Is there a grace period? See off-plan property risks.

Questions about what happens if something fails

What penalty applies if the seller does not sign the deed or deliver on time?
What penalty applies to me if I do not complete the purchase?
If the money I pay now is called a deposit or arras, what exactly happens to it if either side withdraws? The legal effect depends on how the clause is written. Ask your attorney to explain it.
If the checks I have not finished find a serious problem, can I leave without penalty?

Questions about the condition of the property

Which fixtures, appliances and furniture are included? Ask for a list.
Which repairs has the seller agreed to make before delivery, and who verifies them?
For a new home: which warranties apply, and how do I report defects?
Are utility bills, property tax and building fees paid up to the delivery date?

Signing from abroad

Many foreign buyers sign through a power of attorney. Give it only to a person you trust, limit it to what is needed for this purchase, and ask your attorney how it must be granted so that it is valid in Colombia.

A practical checklist before you sign

My attorney has reviewed the title and the draft of the contract.
An independent engineer has inspected the property.
The description, the area and what is included are written in the contract.
The dates for the deed and for delivery are firm, with penalties.
I understand what happens to my first payment if either side withdraws.
I know how the money will enter Colombia and how it will be registered.

Where to go next

Read buying property in Colombia as a foreigner for the full process and how to avoid construction fraud and bad builds if the home is new or being built.

Promise of Sale in Colombia: Questions to Ask Before You Sign