Key takeaways
- The promesa de compraventa is the purchase agreement, governed by Article 1611 of the Colombian Civil Code.
- Title legally transfers only when the deed is registered at the Oficina de Registro de Instrumentos Públicos, which takes 3 to 5 business days (sometimes same-day in Guatapé's small office).
- Cash buyers typically complete the whole arc in 30 to 45 days; financing adds 15 to 20 days.
- Run the 10-point due diligence checklist inside a contractual window with exit rights.
- That symmetry is worth negotiating deliberately: a 10 percent deposit means real money moving in both directions, which is exactly why serious parties perform.
The promesa de compraventa locks price and terms with a deposit of typically 5 to 10 percent; the escritura pública, signed 30 to 60 days later before a notary and then registered, is what actually transfers title. Two signatures close every deal, and knowing which does what protects your deposit.
The promesa: a binding promise, not a formality
The promesa de compraventa is the purchase agreement, governed by Article 1611 of the Colombian Civil Code. Once signed, both buyer and seller are legally bound to complete the transaction on the agreed terms; breaking it without legal cause triggers the penalty clauses (commonly the deposit, or arras, for a defaulting buyer, and often a matching penalty for a defaulting seller). This is not a US-style offer you can walk from during a cooling-off period.
A well-drafted promesa specifies: exact price and payment schedule, the earnest deposit (5 to 10 percent), the closing date (usually 30 to 60 days out), which notary will handle the escritura, who pays which costs, and, critically, your contingencies: a 5 to 7 day due diligence window, financing approval if you are borrowing, and inspection results. Per our buying pillar, have your own lawyer review it before signing (typically $200 to $400 USD), and never sign a promesa presented solely by the seller's agent.
The escritura: where ownership actually moves
The escritura pública is the public deed, signed before a licensed notary. The notary verifies identities, tax paz y salvos, and the terms, then issues the deed. But here is the detail most foreign buyers miss: signing the escritura still does not make you the owner. Title legally transfers only when the deed is registered at the Oficina de Registro de Instrumentos Públicos, which takes 3 to 5 business days (sometimes same-day in Guatapé's small office). You then receive a certified copy of the escritura and a fresh certificado de tradición showing you as owner, which is your actual proof of ownership.
The full sequence
| Stage | What happens | Typical timing |
|---|---|---|
| Offer and negotiation | Written offer with proposed price, deposit, closing date | 1 to 3 days |
| Promesa signature | Both parties sign the binding agreement, deposit paid | 1 to 2 days to schedule |
| Due diligence | Title search, paz y salvos, zoning, inspection | 5 to 7 days |
| Financing (if any) | Bank application, appraisal, approval | 5 to 10 days |
| Funds transfer | International wire to notary escrow, Form 4 FX registration | 2 to 3 days |
| Escritura signing | Deed signed before the notary, in person or by power of attorney | 1 day |
| Registration | Oficina de Registro processes; title transfers | 3 to 5 business days |
| Total | Offer to registered title | 30 to 60 days |
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What does it really cost to close?
Notarial, registration and beneficencia on your price, in USD and COP. No account, no email.
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- Notarial fee0.27%, buyer's customary half
- Registration tax0.67%
- Beneficencia1.00%
- Stamp tax (timbre)Marginal, only on the slice above COP 1,047,480,000; negotiated at the notary
- Total in COP
Your lawyer's fee for title review isn't included here, that figure is theirs to give you.
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Cash buyers typically complete the whole arc in 30 to 45 days; financing adds 15 to 20 days. Foreign funds should arrive through the registered exchange channel with the Form 4 foreign investment declaration filed with Banco de la República, which is what secures your right to repatriate capital when you sell.
Where deals go wrong
Signing a promesa without a due diligence window. Once bound, discoveries about liens or zoning do not automatically release you. Run the 10-point due diligence checklist inside a contractual window with exit rights.
Deposit release terms. Your deposit should sit in notary escrow or clearly conditioned hands, releasable to the seller only at the escritura. Colombian notarial escrow provides strong protection: funds cannot be released until closing conditions are met and the deed is signed.
Under-declaring the price. Some sellers propose writing a lower value into the escritura to trim their taxes. Refuse. Your registered purchase price is the cost basis for your own capital gains later (15 percent ganancia ocasional on gains after two-plus years of ownership), and under-declaration shifts that tax onto you while creating legal exposure for both sides.
Skipping the fresh certificado. A lien can be registered the week before closing. Lawyers pull a certificado de tradición dated within days of the escritura for exactly this reason.
Closing costs across both stages total roughly 2 percent of the purchase price (notary, registration, legal fees), with the customary split covered in our closing costs guide.
Arras: how the deposit penalty actually works
The deposit in a Colombian promesa is usually structured as arras, and the drafting decides what walking away costs. In the common penitential form, a buyer who abandons the deal forfeits the arras, and a seller who abandons must return them doubled; either side can also be sued for specific performance depending on how the clauses are written. That symmetry is worth negotiating deliberately: a 10 percent deposit means real money moving in both directions, which is exactly why serious parties perform. Your lawyer should specify the arras type explicitly, the escrow location, and the precise conditions under which each contingency releases you, because Colombian courts enforce what the document says, not what the parties assumed.
What each stage costs
| Stage | Who is paid | Typical amount |
|---|---|---|
| Promesa drafting and review | Your independent lawyer | $200 to $400 USD |
| Deposit (arras) | Held in notary escrow | 5 to 10 percent of price, credited at closing |
| Fresh certificados de tradición | Registry | About $15 USD each; pull one at promesa and again at closing |
| Bank appraisal (financed purchases) | The bank | About $300 USD, 3 to 5 days |
| Escritura, registration, legal | Notary and Oficina de Registro | Combined closing costs of 2 percent of price, customary split per our closing costs guide |
The 2 percent figure is the planning number for the buyer side; the exact split of notary and registration charges between buyer and seller is customary rather than legal and should be written into the promesa so there is no argument at the signing table.
How we knowFigures as of October 13, 2026. Prices: active listings we verified ourselves; USD rate: TRM 3,181.74 COP per US$1, valid October 14, 2026 (Banco de la República, via datos.gov.co).
Frequently asked questions
Can I back out after signing the promesa?
Only through your contingencies or by paying the penalty. If your due diligence or financing clauses are triggered, you exit clean; walking away for any other reason typically forfeits the deposit. The promesa is enforceable in court, including specific performance.
When exactly do I become the owner?
When the escritura is registered at the Oficina de Registro de Instrumentos Públicos, 3 to 5 business days after signing, not at the signing table itself. The updated certificado de tradición in your name is the proof.
Do I pay the full price at the escritura?
The standard structure is deposit at promesa and balance at escritura, wired to notary escrow ahead of the signing so the notary can confirm funds. Never wire the balance directly to a seller before the deed is signed.
Talk to a team that closes these deals
We are the Guatapé Properties team and we coordinate promesa, escrow, and escritura with vetted notaries and lawyers for international buyers. Browse current listings and market data at our Guatapé real estate guide, or message us on WhatsApp at +57 312 668 1788 and tell us what you are planning. We will give you a straight answer.
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Real estate broker · writes for the network · Real estate broker, Guatapé and eastern Antioquia. Specializing in Guatapé and El Peñol, Antioquia, Colombia. Founder of Mike Zapata Real Estate and the guide behind the Guatapé Properties and Guatapé Finca Raíz portals.