Five Guidelines For Buying Property In Panama

Are you thinking about buying property in Panama? If you are, there are several things to consider that go beyond the fact that you are purchasing land in a foreign country. Real estate brokers that work in Panama are varied, but there are a few which are familiar, just like Century 21. Purchasing property in Panama is not all that distinctive from buying property in the states, but there are specific items you need to pay attention to in order to be sure that the sale is totally legal.

Negotiating To Purchase Property In Panama

Negotiating to purchase land in Panama is slightly distinct from it could be elsewhere, and you must be sure to have every piece of information regarding the transaction in writing. If you are dealing with a real estate professional directly, then it ought to be no problem. Real estate agents will record every detail of transaction out of habit. But, if you’re working directly with the seller, know that everything that the both of you have agreed upon gets into the contract, particularly the cost and any advance payment. Be sure to have that agreement to a legal professional to finalize. If you find that this is too much investment for you, you can always just get apartments and condos

The Promise To Purchase Contract

In Panama, a contract to purchase property is regarded as a promise to purchase contract. Also known as a purchase and sale contract, here both buyer and seller will initially sign a promise to purchase contract that will secure the property under negotiation. The purchaser pays a small down payment on signing the promise , and then performs a title search to verify ownership.

Title Search

Unlike real estate elsewhere, performing a title search on property in Panama is almost necessary. There are many different ways that an individual can gain access to, and claim ownership of any land parcel within reason. The title search will reveal whether or not the property in question was ever registered under the seller’s name, and also if she or he presently owns it. A good company to contact is Panama Casa Apartment Rental & Management

Draw Up The Buy-Sell Contract

After you have completed the title search, and everything has been found satisfactory, you would then be suggested to return to the lawyer, and have a buy-sell contract drafted. This agreement is the very last step required to buy the property, and will be registered with the public registry listing you as the single owner. If you don’t have this registered, then you will be unable to transfer the deed to the land, nor have any lasting legal rights to that property. The final payment on the property is now due to the seller.

Final Title Transfer

The final step required to buy property in Panama will be the title transfer. This is a phase that normally would be referred to as closing in the states, and ownership of the property legally transfers to the purchaser when the title has been transferred as well as signed. Title should then be registered with the public registry, to make the official government records.

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