[BUYING & SELLING REAL ESTATE IN COLOMBIA] 80
called stamp duty for the sale of real estate with a value defined by the National Tax Directorate was reactivated, a rate that is marginal and progressive. This tax must be financially assumed by the parties or by only one of them (according to what the parties establish) since the law does not establish an express form of distribution of the percentage to be paid 7. Brokerage: The real estate brokerage contract has as object to put potential buyers and sellers in contact to enter a sale and purchase transaction over real estate. Brokerage is a partially regulated activity in Colombia; however, a license is not required to operate as a real estate broker. Commission rates are freely agreed by the parties but generally the commission is equivalent to 3% of the sale price of the property when located in urban areas and 5% when located in rural ones. It is not necessary to have a real estate agent, it is simply an additional activity. However, real estate agents serving under this kind of transactions may help to find the best property and to save time to complete it.
ILN Real Estate Group – Buying and Selling Real Estate Series
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