The process of buying in Panama usually begins with the signing of a promise to buy, where the parties agree on the terms and conditions under which they promise to sell and buy, respectively, a property in Panama.
Before the delivery of documents for the signing of the final deed of sale, both the buyer and the seller must verify before the state entities the status of the property.
If the property to be bought is newly built:
Contract of sale
Form presented and paid of the tax of alienation
Form of exemption from payment of the tax of alienation
Good standing certificate
Good standing of IDAAN
Single Rates (if there are companies within the transaction)
Contract of Purchase and sale
- The contract of sale in Panama must be recorded in writing and signed by the buyer and seller.
- The good to be sold can not be out of the trade and must be lawful.
- The sale of the property must have a price (in money sign that represents it) determined in the contract. If the price does not appear in the purchase contract sale is automatically canceled.
- The property must be recorded by public deed.
When the sale of the property is finished, the purchaser must bring a copy of the public deed duly registered to the National Land Authority and the Public Registry for updating.
In the event that a transaction involves a bank in order to provide financing, the documentation must be submitted to it, so that it is the one that elaborates the contract of sale and mortgage in a single deed.
When you think about buying a property in Panama you need the help of someone who knows how the process of buying is Panama. At TDI Real Estate we are experts in buying and selling properties in Panama, and we can help you find the right property for you.