►► How to Buy Real Estate in Panama
Channel: PGS Attorneys
Date: 06/10/2020

How can I Buy a Property In Panama? ►►https://www.PanamaImmigrationLawyer.com 

Panama is a Civil Law system country, therefore there are several peculiarities within acquiring property, a little different from your home country. 

Let´s talk about first the "Promissory Buy-Sell Agreement."

Once both parties express their intention to buy-sell a property and its price, it is customary to prepare an initial agreement to establish all obligations and foreseeable scenarios for the next weeks (or even months of the transaction). This document is known as the "Promise of Purchase and Sale Agreement," which parties sign before filing the Panama property title. 

The price in this kind of documents is usually expressed in letters and numbers to avoid confusion. The property price is often split into two or more down payments, 10% to 20% of the agreed price. This common practice has more than one purpose. 

First, it allows the Promissory Seller to take care of certain obligations and documents before the final deed, such as tax updates, properties Maintenances fees, and similar real estate liabilities. Second, the promissory buyer established a payment schedule and assumed all closing fees, notary expenses, and public registry costs. 

But which documents are regularly needed for a real estate operation in Panama? 

In this document, the promissory seller should provide in due time all documents and information required to draft the closing deed, such as:  

1. A Bill of Sale signed by parties
2. A good standing certificates of property tax and water utility.
3. A good standing certificate from the building. Only if the property is an apartment. 
4. Proof of payment of the real estate transfer tax (2%) and the property capital gain tax (3%).
5. If any of the parties is a legal entity, a Shareholders' Resolution is allowing the operation. 

Now comes the final step to obtain your property title deed. 

Once the promissory buyer provides all documents needed, an attorney (or the bank's attorney, if the purchase is made throughout a mortgage) should start drafting on the closing deed, which most by signed by parties in front of a Panama notary before be filed in the Panama Public Registry, to finally transfer the ownership of the real estate into the buyer name.

Our advice. Hire legal representation from day ONE, guaranteeing you an uncomplicated, straightforward real estate transaction. 

Contact us for your next real estate operations in Panama. 

►► PGS Attorneys and PGS Realty.
►► Visit: https://pgsrealty.com/
►► +507-3918878 (Panama)

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