Purchasing real estate in Panama 101
By Ivette Chan, Panama Immigration Lawyer
You have found your dream property in paradise, now what?
It is important as a foreign investor to conduct your research and due diligence on the property, the seller and actual market value.
Here is a list of key things you should always request and plan for in advance before committing to an offer:
- Property number (or “folio’)
- Are there any current liens or risks? Is the property mortgaged? Are there any disputes regarding the property?
- Property boundaries
- Is the person selling authorized to do so?
- How am I going to pay for the property?
- How would I secure my payments?
- Am I paying a fair price?
- What are the contigencies?
- Can I back out of this commitment if something goes wrong? What are the penalties if any?
A typical real estate purchase or sale of a property ready to move in will take around 1 month to be executed.
In Panama there is no requirement to be physically in the country to do so, or to even be a resident. Buyers and sellers can grant POA from abroad at the nearest Panamanian consulate and courier this document to Panama to execute the transaction.
How to proceed with the purchase Payment can be arranged through a local bank transfer, international bank transfers, certified checks kept in custody at a local notary or payment guaranteed through a regulated trust agent in Panama.
Purchasing property in Panama can be very straight forward but can also be overwhelming without proper counseling as you will have to navigate through all these matters mentioned above.
Learn More About Investing in Panama Real Estate and Immigration Pathways to Panama
Ivette is a freelance business and immigration lawyer in Panama. She has over 9 years of experience in various legal areas concerning relocation.
Connect with Ivette to be your guide in investing in Panama Real Estate, as well as immigration matters.
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