Acquiring your first home in Panama requires knowing if you have the total budget to buy a property. You should also know the location of the property you want to buy in Panama.
A great advantage of buying a property in Panama is that the real estate market is growing with the passing of the years and this is due to the financial offer of the banking sector. The chances of obtaining a credit or a mortgage for the purchase of your first home in Panama increase every day.
Steps to buy your first home in Panama
1) First of all you must define what type of property you are looking for and how much budget you have for the purchase of the property in Panama. You should consider whether you want to buy a house or an apartment and the location because this will depend on the cost of the property.
2) Find out which are the best financing options with different banking entities. Know your limitations and how much you can afford. With a pre-approval of the loan you can already know the type of financing that you apply according to your current work and / or financial status.
3) After you already evaluate the information of the banks and the house you want to buy you must formalize the mortgage loan. If the purchase of the property is new, the "proforma" is requested from the housing developer and the loan will be formalized with the bank. It will take approximately 2 to 5 working days for the approval of the same and obtaining the letter of promise of payment.
4) When you receive the approval, you sign the contract for the purchase of property in Panama and begin to fulfill the conditions of the contract until the date of delivery of the project. If the purchase of the property in Panama is secondhand, the same is proceeded to formalize with the bank, the approval is expected and the contract of purchase of the property must be signed.
5) Finally, the procedures for the transfer of property in Panama are carried out.
When you think of buying a property in Panama you need the help of someone who knows how the process of buying and selling your first home is. 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.