CREDITOR: Natural or legal person who is authorized to demand payment or fulfillment of an obligation.
LEGAL ACT: Manifestation of will made with the purpose of creating, modifying or eliminating rights. This statement can be written in a private document or in a public deed. The law states the cases in which it is mandatory to do so in a public deed, such as the sale of real estate.
ATTORNEY: Person who is authorized by another to represent it and act on its behalf.
AUTHENTICATE: It is when the notary gives written testimony that the signatures that appear on a private document were placed in his presence establishing the identity of the signatories. A document is authentic when there is certainty about the person who drew it up and signed it, certainty given by the notary.
INDIGENOUS AUTHORIZATION: It is the document issued by an indigenous authority recognized by the State that serves to register the birth of a member of their community.
PROPERTY VALUATION: It is the price that the municipality gives to a good in order to collect property tax.
ESTATE: Things that are part of a person's heritage.
ABILITY: It is being able to express the will and preferences under equal conditions. In Colombia, being of legal age means having capacity.
CERTIFICATE OF FREEDOM AND TRADITION: It is a public document that contains the data of a property, its history and the records of the different acts that have been carried out on it.
VALORIZATION CONTRIBUTION: It is a tribute that the owner of a property has to pay to the municipality when it benefits from a public work.
AUTHENTIC COPY: Copy issued by the notary with full faith of its correspondence with the original, which rests in the file or protocol of the notary.
CURATOR: It is the person who makes decisions on behalf of another (minor), within the limits of curatorship, according to each case.
CUSTODY: It is the personal care and day-to-day custody that parents have with respect to their children.
DECLARATION UNDER OATH: They are verbal or written statements presented before the notary in which the existence of certain facts is assured under oath.
FAMILY OMBUDSMAN: Authority of the Colombian Family Welfare Institute, which protects the fundamental rights of minors.
BUSINESS DAYS: These are the days within the week, which do not include Saturdays, Sundays or holidays.
PRIVATE DOCUMENT: It is the one that contains the declaration of will of one or several persons, such as, for example, the written document of promise of sale.
EDITS: It is a notice or publication of an authority to inform the public that a procedure is being carried out so that the interested parties can make a statement.
EMBARGO: It is a measure taken by a judge that prevents buying, selling, mortgaging or giving a good as collateral.
PUBLIC DEED: It is a document that contains the declaration of will of one or several persons, issued before a notary public to make a certain contract or act required by law.
PUBLIC FAITH: It is the one that the notary gives as a special witness of the State, in relation to the documents that are presented to him to authenticate, the events that occur in his presence and the declarations that the users issue in the public deed.
FRAUD: They are actions contrary to truth and righteousness, generally established as a crime.
GUARD: Person legally in charge of minors in the absence of parents to safeguard the person and/or their assets. The powers of representation are different according to the law. There are different types of guardian, for example, curator, advisor or administrator.
LEGAL IMPEDIMENT: It is the prohibition established in the law that prevents a person from carrying out a specific purpose, for example, the law prohibits marriage between brothers.
PROPERTY TAX: It is a contribution to the municipality made by citizens who own a property.
PROPERTY: Real estate, such as houses, farms, or lots, that cannot be transported from one place to another.
BOUNDARIES: They are the lines that mark the limits of the house or farm that is going to be sold and that serve so that the buyer and the neighbor know how far their property reaches. Farm marking can be done with trees, wire, stones, or other means. The apartment boundaries are in the horizontal property regulations.
MAINTENANCE AND FOOD: Everything that is indispensable for sustenance, housing, clothing, medical assistance, recreation and education.
CIVIL MARRIAGE: It is a solemn contract concluded before a judge or notary, by which a man and a woman or two people of the same sex are legally united, in order to live together, help each other and form a family.
RELIGIOUS MARRIAGE: It is a religious celebration by which two people are united in marriage. For the validity of this marriage, the religion must be recognized by the Colombian State.
FURNITURE: They are goods that can be transported from one place to another. Animals are also considered furniture.
PUBLIC INSTRUMENTS REGISTRY OFFICE: It is the State office whose function is to write down all those actions that are carried out on a property.
GRANT: It is equivalent to the signature made by an interested party in the public deed.
CUSTODY: It is the set of rights and obligations that the law recognizes to parents regarding their minor children.
PERMIT FROM THE INDIGENOUS AUTHORITY: It is the document issued by an indigenous authority recognized by the State that serves to carry out, for example, birth records, death records or name changes of a member of their community
LEGAL PERSON: It is an organization with rights and obligations that exists as an institution and that is created by one or more people.
NATURAL PERSON: It's a human.
HORIZONTAL PROPERTY: It is a form of property whose construction is done by flats and apartments. The owner of an apartment has the right to use the common areas such as the gardens, corridors and goal, among others. All owners have the same rights and obligations over the common areas that are in the horizontal property regulations.
RECOGNITION: It is the diligence carried out by the notary at the request of the signatories, who accept the content of the document and affirm under their responsibility that it is true.
LEGAL REPRESENTATIVE: It is the person whom the law allows to act on behalf of a natural person or a legal entity.
SEPARATION OF PROPERTY: It is the simple legal separation of the assets that were acquired in the marriage and that are part of the conjugal partnership. When making a separation of property, the marriage remains in force.
CONJUGAL SOCIETY: Society of goods that is born by the fact of marriage.
SUCCESSION BY CAUSE OF DEATH: It is the procedure that the heirs do by mutual agreement to distribute the assets left by a deceased.
SUCCESSION: It is the legal distribution of the assets of a deceased person among his heirs. It can be done before a judge or notary.
Impersonation: Illegally taking the place of another person or impersonating another person against their will to obtain a benefit, which is a crime.
OPEN WILL: It is an act by which a person disposes of all or part of their property so that it is taken into account after their death in the succession. It is done by public deed.
CLOSED OR SECRET WILL: It is an act by which a person disposes of all or part of their property so that it is taken into account after their death in the succession. It is kept in a sealed envelope at the notary's office and its contents are known when the person dies and the will is opened.
ACQUISITION TITLE: It is the duly registered public deed by which real estate is transferred, by way of sale, exchange or donation, among others.
Percentage values of the taxes that are caused in the granting of public deeds:
RIGHTS OF REGISTRATION OF PUBLIC INSTRUMENTS:
Less than 10 *SMLMV base rate approx 2020
Settles approx $37,783.
Greater than 10*SMLMV to less than and equal to 150 SMLMV 6.22 X thousand.
Greater than 150*SMLMV to less than and equal to 260 SMLMV 7.73 X thousand.
Greater than 260 *SMLMV to less than and equal to 385 SMLMV 8.61 X thousand.
Greater than 385*SMLMV 9.10 X thousand.
*current monthly legal minimum wages