John Zuluaga

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Off-plan risk check

Buying off-plan in Colombia means you pay first and see the result later. Answer ten questions and see which gaps to close before your next payment.

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  1. Has a licensed attorney in Colombia reviewed the land title, the building permit and the contract?
  2. Have you seen the building permit of the project, and does it match what is being sold?
  3. Has someone verified that the project is authorised to be sold?
  4. Do you know how your payments are held (for example, in a trust or fiducia) and when they are released to the developer?
  5. Do all your payments go to the account named in the contract, never in cash or to a personal account?
  6. Are the delivery date, the grace period and the penalty for delay written in the contract?
  7. Are the drawings, the area and the list of finishes of your unit attached to the contract?
  8. Were you given enough time to review the contract, without pressure to sign or pay quickly?
  9. Do you receive regular progress reports with dates and photos of the whole site?
  10. Have you planned an independent technical inspection at handover?

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