Posted by Maria Arias on February 08, 2017 | Real Estate Advices | 0

Process of Buying Real Estate in Panama

The first step before buying real estate in Panama is to identify which area or town is right for you. Panama has a lot to offer with several areas worthy of consideration. A real estate agency can help you match properties to your needs, understand the real estate market in Panama and guide you through the buying process.

#1 Legal

All foreigners can buy all kinds of properties unless it is less than 10 miles from the borders with Colombia and Costa Rica. All Properties in Panama are under the Panamanian laws, for foreigners and Panamanians. The money set forth in Panamanian accounts both national and international license are considered domiciled in Panama so that it is covered by the Panamanian courts of jurisdiction.

#2 Like the Property

One principal step is that you have to like the property and you have to research in the public registry office to confirm that is free of mortgage liens or any limitations that may affect the process of buying the property.

#3 Contact the owner or a Real Estate Agency 

You can contact directly with the owner or a real estate broker to help you with all the paper work. In TDI Real Estate we have the professionals that will be with you in the process of buying the property of your dreams.

#4 Detailed information of the Property

The seller will send you all the necessary documents and detailed information of the property to you. A visit to the property is very important and without any cost we can show the property of your interest.

You need to verified title and sign a Promise to Buy-Sell Agreement. This usually entails giving the seller a down payment (often 10% of the agreed-upon purchase price) and setting a date for the transfer of title.

#5 Contract & Purchase price

Contract negotiations with the purchase price is a processes in which you and the owner will approach. It is important to note that in Panama specific conditions apply to the sales contract and our expert team will help you with this.

#5 Sign the Contract

You can sign the contract personally in Panama or through an authorized representative in Panama. The real estate agency will help you record your purchase at the public registry (the sale isn’t final until you do this.) This process normally takes a few weeks.

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