Overview of the Real Estate Buying Process in Panama
It is increasingly common that someone wants to buy real estate in a different country than his or her origin or residence, either for business purposes or for living. Therefore, we, HalloCasa strive to provide reliable information to our readers which also entails the specification of how the buying process works in detail.
According to the Panamanian Constitution, any foreigner has the right to acquire real estate in this country, except for the areas close to the borders to Colombia and Costa Rica (10 miles from the border).
2. You like a property
We are glad to see that you are interested in a property published on HalloCasa. On HalloCasa, you will be able to use a lot of tools in order to understand the process of how to buy a property, in addition to obtaining general information about it. You will also find documents and additional available information, allowing you to investigate in detail the environment and infrastructure of the property, thus facilitating the process.
If you like a property and are interested to learn more about it, one of the first steps should be to research in the public registry office to confirm that the property is free of mortgage liens or limitations that may affect the process.
3. Contact the seller
In Panama, property sales are made in two ways: directly through the owners or intermediaries such as real estate brokers. HalloCasa will indicate the language in which you can communicate with each respective contact person. Most agents speak English, but if you need a translator, you will also be able to find those on HalloCasa.
4. You will receive detailed information on the property
The seller will send you all the necessary and available documents to you. However a visit to the property could be of interest to you. If you need help with travel arrangements, you can contact “Experts” directly via HalloCasa who are open to advise you at the time you contact them.
5. You negotiate the contract and the purchase price
Contract negotiations are usually processes in which both sides gradually approach each other. It is important to note that in Panama specific conditions apply to the sales contract, so it will be useful to know its details. For example, you can read about additional purchase costs in our FAQs below, which might be interesting for you.
6. You sign the contract and make payment
You are about to acquire your property! You sign the contract, either personally in Panama or through an authorized representative in Panama. In HalloCasa you will find information about notaries whom you can contact. Read our detailed buying process below of how to buy real estate in Panama.
7. You become the owner of the property
Your property is now registered on your name in the Public Land Registry Department of Panama. Congratulations! You acknowledge that this country has great potential and believe this is a promising country. We are happy for you! Enjoy your property!
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