If you have decided to sell a property in Panama make sure that it is as attractive as possible so that customers are encouraged to buy the property. Make an inspection before selling a property so that you can see if there are any imperfections and get it ready on time.
The most important factors that determine to sell a property in Panama are: the price, the location, the form of payment and the conditions of the property.
One of the most important details to consider before selling a property in Panama are the taxes owed on sale. If your property is in the name of a corporation, or your personal name, you should consider 5% of the final sale price of the taxes.
A transfer of shares of a company that owns a property, the law says that the buyer must retain 5% of the sale price and take responsibility for the payment of taxes.
In the case of a transfer of ownership, then there are two different taxes to consider. This is a transfer tax of 2%, and the other is 3% of the capital imposed on profits. Both taxes are calculated based on the social selling price of the property.
The standard property commission in Panama is 5% of the sale price. Sometimes, if the property is located at a distance or requires special resources to show it, it is common for real estate agencies to charge a higher percentage to offset expenses.
Commissions are usually paid by the seller. If there is more than one real estate agent involved in a sale of a property in Panama, then the total commission is divided between them.
After you have considered all aspects before you sell a property in Panama, think about whether you have the experience you need so that you can carry out the selling process. There are important details to consider such as: the real value of the property, the documentation you must keep abreast, the tax payments you will make and how you will promote your property.
At TDI Real Estate we are an expert agency in buy rent and sell of properties in Panama and we can provide advice on the behavior of the real estate market and legal aspects.