When renting a property in Panama, you want to make sure you get the most benefit. If you have purchased a property in Panama just for investment you should know that you have made a correct decision. Panama is the number one in terms of return on real estate investment.
Here are some suggestions before renting your property in Panama:
Panama Real Estate Lease Agreements
You should know the rental laws in Panama before making the decision to rent your property. Tenants have their rights just like you as the owner. Knowing the laws will help you avoid many problems when renting your property.
Law No. 93 deals with leases of real estate in Panama.
Law 93 does not include Lease Contracts:
- Located in the old Canal Zone.
- Rural properties.
- Governmental properties.
- Daily rentals (inns, hotels, motels, and lodging houses)
- Holiday homes with stays shorter than six (6) months.
Click here to know the leasing law in Panama.
Choosing the Perfect Tenant
Renting your property to the wrong person can be somewhat costly. A bad tenant can damage the property, not pay you on time, and / or bring legal actions. That is why you should take the time to find the right tenant to minimize the risks and avoid cost overruns.
Interviews to potential tenants and verify their credit history are some suggestions that are recommended to select the right person for your property.
Help from a professional
After you have considered all aspects before renting a property in Panama, think about whether you have the experience you need for you to carry out the rental process. There are important details to consider as they are: the cost, the documentation you should keep abreast, signing the contract, and how you will promote your property.
When you think about renting a property in Panama you need the help of someone who knows how the process is. At TDI Real Estate we are experts in buying and selling properties in Panama, and we can help you find the perfect tenant for your property.