Frequently Asked Questions
What is the Cartagena and Bolívar Association of Realtors? Show more
It’s a guild that brings together professionals who are linked to the city and state real estate sectors. Its purpose is to single out and highlight those who meet the technical and ethical standards to best advise the public. Inmobiliaria Bustamante is a founding member.
And Fedelonjas? Show more
It’s the Spanish acronym for the Colombia Association of Realtors. In other words, it’s the organization that brings together the country’s real estate guilds. Inmobiliaria Bustamante belongs to Fedelonjas because our company is a founding member of the Cartagena and Bolívar Association of Realtors.
Why do I need Inmobiliaria Bustamante? Show more
If you’re a landlord, you can surely tape a “For Rent” sign in a window of your property and find a tenant without our help. But what happens if the tenant stops paying? If he refuses to vacate your property? If he hands it over in bad condition? If he leaves huge utility debts? Our job is to protect your assets with our real estate experience, which dates back to 1977. And if you are a tenant, our mission is to help you find a home based on your lifestyle or the ideal place for your business to thrive.
How much do you charge to rent and then manage a property? Show more
Landlords pay us a commission of ten (10) percent of the monthly rental value.
Is the commission negotiable? Show more
Ten (10) percent is the minimum we charge to give you a service that meets your expectations. This includes tenant risk assessment, preparation of the rental agreement, guaranteed rent payments, tax settlement, tax withholding certificates, and property maintenance, among other services.
What happens if the tenant stops paying? Show more
While we take aggressive collection action to make tenants fulfill their obligations, we guarantee that landlords will receive one hundred (100) percent of the rent their tenants owe. We also continue paying building management fees, taxes, and utilities mentioned in the contract. Additionally, we pay for property damages and items missing from the inventory.
Who is responsible for repairs? Show more
Article 1985 of the Civil Code indicates landlords are responsible for major repairs that are necessary to keep the property in good condition during the contract period. But minor repairs to fix damages or wear and tear that result from the tenant’s use of the property (such as broken windows, pet-damaged walls, clogged toilets, and replacement of light fixtures) are the tenant’s responsibility.
When should I begin my search? Show more
In general, we recommend that our clients start looking for a place three (3) to four (4) weeks before their moving date. This is because many of the properties you visit one month may be unavailable the next. But, if you believe you need more or less time, we will still help you find a suitable place.
Is there a rent cap? Show more
Yes, but only for contracts involving family homes. Law 820 of 2003 establishes that monthly rent must not exceed one percent (1%) of the property’s price based on the cadastral value. But in the case of business premises, the Commercial Code allows for freedom of agreement between the landlord and the tenant.
What is the duration of a rental contract? Show more
The term is agreed upon by the parties, but the average duration of rental contracts managed by Inmobiliaria Bustamante is one (1) year.
How long will it take for my property to be rented? Show more
Finding a tenant for your property is like looking for the perfect gift for your romantic partner. Sometimes you nail it on the first try. Other times, you have to keep trying. We always persist until we succeed.
What is the first step toward securing a property I like? Show more
Fill out the rental application form and pay the fee (the price varies according to the rent). Then, we will study your application to verify you meet all the requirements, such as having cosigners.
What is a cosigner? Show more
As the name implies, a cosigner is a person who also signs the rental agreement and who is also responsible for the contractual commitment. In other words, if an amount is owed, the landlord can demand payment from both the tenant and the cosigner.
What could cause my rental application to be denied? Show more
Your application can be denied if you are reported to the credit bureaus, if you provide false information, or if your paperwork fails to show you have the funds to pay the rent, among other reasons.
Which documents should I attach with my rental application? Show more
If you are employed:
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• Bank statements from the last three (3) months.
• Employment verification letter stating your position/title, salary, and the date your employment began. The letter must be issued during the current month.
• Paystubs from the last three (3) months.
• Copy of your ID and the cosigners’ IDs.
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• Bank statements from the last three (3) months.
• Last year’s income statement.
• Copy of your ID and the cosigners’ IDs.
• If you are also a legal entity, you must submit a certificate of existence issued in the last thirty (30) days, along with a balance sheet certified by a public accountant.
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• Bank statements from the last three (3) months.
• Proof that your pension has been paid for the last three (3) months.
• Copy of your ID and the cosigners’ IDs.
If all the papers are in order, how long does it take to approve my rental application? Show more
On average, two (2) business days.
How do I submit my property so that Inmobiliaria Bustamante can find me a tenant? Show more
Fill out and submit the following form. One of our Real Estate Salespersons will contact you to schedule a visit that allows us to learn about your property, which we will start promoting as soon as possible.
What is the Cartagena and Bolívar Association of Realtors? Show more
It’s a guild that brings together professionals who are linked to the city and state real estate sectors. Its purpose is to single out and highlight those who meet the technical and ethical standards to best advise the public. Inmobiliaria Bustamante is a founding member.
And Fedelonjas? Show more
It’s the Spanish acronym for the Colombia Association of Realtors. In other words, it’s the organization that brings together the country’s real estate guilds. Inmobiliaria Bustamante belongs to Fedelonjas because our company is a founding member of the Cartagena and Bolívar Association of Realtors.
Why do I need Inmobiliaria Bustamante? Show more
A property’s purchase or sale is a financial (and emotional) transaction of utmost importance for you and your family. Therefore, it is best for you to ally with an expert who knows all the details of the real estate sector. However, it is also normal if you are hoping to avoid a fee by taking care of the process directly. Just remember that if you are the buyer, our advisement fee is charged to the seller. And if you are the seller, keep in mind that since 1977, we have been accumulating expertise that allows us to promote your property to the largest number of customers while also shielding both parties from fraud and scams.
How does Inmobiliaria Bustamante get paid? Show more
The seller pays us through a commission of three (3) percent on the final negotiation value.
Is the commission negotiable? Show more
Three (3) percent is the minimum we charge to guarantee you unbeatable service. Keep in mind that we not only introduce you to potential buyers, but we also give you legal advice so the property is transferred in accordance with the law.
How does an exclusive listing benefit me? Show more
There is a common misconception among sellers: “If my property is listed by several real estate agents, they will compete to sell it as soon as possible.” In reality, this only causes an overabundance of “For Sale” signs on the facade and a delay in selling. When everyone is in charge, nobody is in charge. By giving us your trust with an exclusive listing, you give us the necessary motivation to dedicate more time and money to promoting your property.
Can foreigners acquire property in Colombia? Show more
Of course. According to Colombian law, the only indispensable requirement is to present your valid passport or your immigration ID (cédula de extranjería).
How long does closing take? Show more
In an optimal case, ten days. But there are many variables that can slow the process since each property is different. For example, if the property is occupied, a reasonable time must be agreed upon to allow inhabitants to move. Or, if the buyer needs a loan, you must wait for a bank to approve that form of financing. Typically, closing takes between six weeks and three months.
What documents do I need to sell a property? Show more
To start with, you need five things:
- 1) a payment receipt for the property tax from the current year,
2) a no-outstanding balance certificate for the city valuation tax,
3) a certificate of title issued in the month the transaction is made,
4) the public deed through which you acquired the property, and
5) a copy of the owner’s ID (when the owner is a legal entity, the certificate of existence is required).
How much should I pay in additional fees? Show more
The seller is subject to withholding tax (between 1% and 2.5% of the sale price), which is an anticipated collection of taxes by the Colombian government. The buyer must also pay charity taxes and the registration fee. (This can add up to 2% of the sale price). Finally, the buyer and the seller pay equal shares of the notary fee, which covers the request to record the sale into a public deed. Needless to say, some specific cases have exemptions or additional taxes, but we will be at your side to make sure you don’t pay any unnecessary fees.
How long will it take to sell my property? Show more
Finding a buyer for your property is like seeking a wife for your son: there must be love. It may happen at first sight, or it may take months. We will do our best to ensure Cupid’s arrow strikes instantly, but love is capricious.
Do I need to prepare the property for sale? Show more
When visiting your property, buyers imagine their new home or investment. This is your only chance to make a good first impression. Therefore, we advise you to clear any clutter, have the appliances in optimal condition, fix damages, clean the windows, keep the spaces neat, paint the walls with a neutral color, and eliminate odors, among other recommendations. We can advise you further so that buyers see your property in the best light. Just contact us.
How do I know which offer to accept? Show more
When we inform you of any offers that are made on your property, we will also give you our professional opinion and discuss with you the pros and cons of accepting. This allows you to make an informed decision that takes into account the current real estate market.
What is a Purchase and Sale Agreement? Show more
It is a private document that describes the parties’ agreement to buy and sell. In practical terms, the seller promises the property to the buyer in exchange for a non-refundable advance—an earnest payment—and the buyer agrees to deliver the rest of the money on a given date. If the buyer fails to close, he loses the earnest payment. But if the seller decides to back out of the deal, he must return double what he received.
How do I submit my property so that Inmobiliaria Bustamante can find me a buyer? Show more
Fill out and submit this form. Then, one of our Real Estate Salespersons will contact you to schedule a visit that allows us to learn about your property, which we will start promoting as soon as possible.
What is the Cartagena and Bolívar Association of Realtors? Show more
It’s a guild that brings together professionals linked to the city and state real estate sectors. Its purpose is to single out and highlight those who meet the technical and ethical standards to best advise the public. Inmobiliaria Bustamante is a founding member.
And Fedelonjas? Show more
It’s the Spanish acronym for the Colombia Association of Realtors. In other words, it’s the organization that brings together the country’s real estate guilds. Inmobiliaria Bustamante belongs to Fedelonjas because our company is a founding member of the Cartagena and Bolívar Association of Realtors.
Why do I need Inmobiliaria Bustamante? Show more
Properties often have an incalculable emotional value. For example, a house where three generations of a family were raised. But that sentiment adds nothing to the commercial value. To make sure you’re paying, offering, or analyzing the fair price, Inmobiliaria Bustamante only concentrates on the property’s commercial value. We prepare a document that estimates the property value according to its physical characteristics, such as the square meter, number of bedrooms and bathrooms, quality of construction and finish, general condition, home improvements, and zoning, among other aspects. Our appraisal experts are registered with Fedelonjas’ National Registry of Appraisers.
What type of properties do you value? Show more
All types of real estate. Houses, apartments, lots, buildings, warehouses, shopping centers, schools, hospitals, offices, among others.
How much does an appraisal cost? Show more
In most cases, the cost corresponds to one point one (1.1) peso per thousand (1000) on the commercial value our appraiser assigns to your property.
Does remodeling affect the appraisal? Show more
Generally, yes. A trendy design brings modernity to your property, increases its useful life, and raises the price. But not all changes made to a property add value, no matter how luxurious they are. It is better to concentrate on modernizing the elements that reveal the building’s age, such as bathrooms or the kitchen.
Does an appraisal have an expiration date? Show more
Yes. According to Decree 1420 of 1998, it is valid for one (1) year.
What information do I need to provide when I request an appraisal? Show more
You must give us a copy of the property’s public deed and the personal or business information of the person or legal entity who is requesting the appraisal (cédula or NIT, address, telephone, and email).
What is the Cartagena and Bolívar Association of Realtors? Show more
It’s a guild that brings together professionals linked to the city and state real estate sectors. Its purpose is to single out and highlight those who meet the technical and ethical standards to best advise the public. Inmobiliaria Bustamante is a founding member.
And Fedelonjas? Show more
It’s the Spanish acronym for the Colombia Association of Realtors. In other words, it’s the organization that brings together the country’s real estate guilds. Inmobiliaria Bustamante belongs to Fedelonjas because our company is a founding member of the Cartagena and Bolívar Association of Realtors.
Why do I need Inmobiliaria Bustamante? Show more
If you want to stop worrying about the daily tasks involved in maintaining a property, this service is perfect for you. You might own a rental house but can’t take care of it because you live out of town. Or maybe your multiple occupations leave you little time to spare. The important thing is that we take care of paying taxes, utilities, and common-area maintenance expenses, among other services. We also keep the property neat and make the necessary repairs. Simply put, under our supervision, your property is always spick and span.
How much does it cost to manage my property? Show more
Because each property is unique, our rate is variable. That is, our work differs if the property is furnished or if it is empty. Or if you just need us to pay taxes and utilities but don’t need us to do any repairs. Contact us here so we can provide you with a quote.
What is the Cartagena and Bolívar Association of Realtors? Show more
It’s a guild that brings together professionals linked to the city and state real estate sectors. Its purpose is to single out and highlight those who meet the technical and ethical standards to best advise the public. Inmobiliaria Bustamante is a founding member.
And Fedelonjas? Show more
It’s the Spanish acronym for the Colombia Association of Realtors. In other words, it’s the organization that brings together the country’s real estate guilds. Inmobiliaria Bustamante belongs to Fedelonjas because our company is a founding member of the Cartagena and Bolívar Association of Realtors.
Why do I need Inmobiliaria Bustamante? Show more
Our team of lawyers, who specialize in Real Estate Law, ensures you that every procedure has legal certainty. This is key in handling complex operations, such as homes with ownership issues, foreclosed properties, deteriorated buildings, and any contractual incidents that may cause you future headaches.
Which types of legal advice do you provide? Show more
All issues related to real estate. Especially:
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• Title searches
• Out-of-court collection and aggressive collection
• Property restitution
• Foreclosure
• Purchase and sale agreements
• Public deeds
• Condominium law
• Document analysis and rental agreements
• Consolidating and splitting parcels