When it comes to buy property in Panama it is normal to think that it is a process full of paperwork, signatures, and stamps, but it is really simple. The process can be quite simple if you have already all documents prepared and at hand.
The real estate market in Panama is constantly growing and increasing opportunities for doing business for foreigners. Buying property in Panama is very safe because there are laws to protect the investments of foreigners.
Procedure for buying property in Panama
1. Find a property in Panama that is to your liking, then negotiate the terms and price with the seller or with the real estate agent in Panama.
2. An attorney in Panama must seek title to obtain a copy of the title of the property, as well as documents and studies, if available. The search for the title will reveal whether or not the property in Panama was registered or not under the name of the seller or whether or not he still owns the property.
3. Prepare a promise of purchase and sale agreement, where both parties will sign, to block the sale of the property and ensure that the property is under negotiation. A 10% deposit is usually made by signing the purchase and sale promise.
4. After finding the property and it was confirmed that the property title in Panama is found clean, proceed to sign the contract of purchase and sale. This contract is the last necessary step to acquire the property, and will be registered with the public registry making you the sole owner.
When we think about buying property in Panama you need the help of a person who knows how the process of buying and selling a property. At TDI Real Estate we are experts in buying and selling property in Panama, and we can help you find the right property for you.