Buying property in Panama

Hola,

Foreigners have the same rights than Panamanians to buy properties in this country.

The process is simple.
1. find the property.
2. find a good lawyer.
3. sign a pre-purchase agreement & make the down payment.
4. wait until the seller pays the taxes and your lawyer makes sure the property is free and clear of encumbrances.
5. sign the deed in the Notary.
4. register the property in the Public Registry.
5. Property is now on your name!

If you want to get a loan or mortgage, you will need to make an appraisal for the property.

You can hire a property inspector if you want, just to make sure everything is working well on the property.
If you are buying land, we usually suggest to make a survey of the property and an appraisal too.

Hope this gives you a rough idea regarding the process of buying property in Panama.

Saludos, Maribel.
RE/MAX 1st Realty - Chiriqui & Bocas del Toro

Hi remaxsv!

Thanks a lot for your help

Armand

1. how do you find the owner of a property

Hi purplebox,

Maybe you should try to get in touch with a real state agent in Panama

Thank you

Maximilien

there are no realtors in panama only amateurs

Do not just gloss over the "find an attorney" part!

When you find an attorney, get references from gringos who have used him before to buy property, look online for references, find a community of Americans or gringos and ask THEM... etc.

When buying land abroad the #1 MOST IMPORTANT STEP in my humble opinion is finding a real estate attorney whom you can 100% trust to look out for YOUR best interests! To that end, NEVER use the attorney of the owner of the real estate, find your OWN attorney - otherwise the attorney may be representing the seller more than he is concerned about YOU the buyer.

This situation happened to me in Costa Rica even though the seller's attorney was well known and had a good reputation. But he cared much more about the seller than he did about me so I nearly got screwed. Luckily I got out of the deal at the last second!

Also I imagine it is like Costa Rica in Panama and that ocean front property is more complicated and you have to be extra careful re rules and deeds and so on when buying it. I know more about  Costa Rica but was looking at Panama a few years back so do know a bit about it. But take these comments with a grain of salt as I am not a Panama expert. But I think certain rules of thumb apply to buying property in ANY other country and getting a highly recommended trustworthy attorney who represents YOU and not the seller is a standard rule of thumb!

Hello !

Would anyone recommend a real estate lawyer in Panama City ? thank you

Buying real estate is not complicated. You should use an attorney. Yes, I can recommend an experienced attorney in Panama

@ 1112 > Can you please give out information about this attorney please and recommend him in the business directory?

Thanks

Priscilla 

Hi there

Here are a couple of links to a good Real Estate Company who can guide you through the whole process if you want!

trypanama.com/

trypanama.com/resources/panama-real-estate-law/

Regards
Lorna

@ LornaCulnane
I can fix your website

LornaCulnane wrote:

Hi there

Here are a couple of links to a good Real Estate Company who can guide you through the whole process if you want!

http://trypanama.com/http://trypanama.com/resources/panama-real-estate-law/

Regards
Lorna

Hi

I didn't know it needed fixing! I work for Try Panama but it is a brand new website so I think my boss might be a bit upset if you think it requires fixing! lol

computer illiteracy

Nice site.

HI LornaCulnane > Free advertisement is not allowed on the forum. I invite you to recommend the company in the business directory in Panama.

Thank you.

Hi

Ok, sorry, I was not sure, but I had noticed other people had attached links so I assumed it was ok....Will add info to the directory!

Thank you!
Lx

nice but useless

Purplebox...what is nice but useless? and what do you mean by computer illiteracy?

I'm sorry but I am not sure what you are referring to!

Regards
Lorna

Hi Lorna and purplebox > you can use your private message system because you are getting off topic on this thread.

The topic here is Buying property in Panama.

Thank you

a good website can be found on any search engine
and does not have to be posted elsewhere

Yes you can buy property in Panama but there are some things to watch for.  Everybody and their brother want to sell to you so be careful of scams.  Make sure that your property has a clear title and some long lost family member doesnt show up to claim it.
I dont know where you are looking at buying but should you be interested in the Volcan area I have a lot my ex and I bought years ago planning to build...... Ive planned to go back and list it but havnt had time.  Volcan is a beautiful well planned town which has developed much since we bought and I encourage you to check it out.  Should you be interested in more details on my lot just let me know. (Not trying to do a sales pitch lol.  Really posting to answer your question).

Addt note after reading the post about finding an attorney which is on target.  I lived in Panama City for awhile and was fortunate enough to find a reputable one who was educated in the states and speaks perfect English,  He was a Godsend and helped me in more ways than what I consulted him for. A pleasant surprise you will find is the price for an attorney!  You dont have to mortgage your house to pay them, they are very reasonable . If you need his contact let me know.

Your first step is to get a highly recommended well thought of attorney. Check references and get price quotes for services. Contact at least 5 by email with a list of your needs and questions. Their response will indicate who rises to the top.
Google is your friend. Our attorney was and is incredible!
http://www.lawandrealty.net/Legal_Servi … 09920.html
You really do not need a Real Estate agent here!
You can also join this site to help in your relocation feedback from Expats living here.
http://www.chiriqui.life/

Take your time and it is recommended you have been here at least 6 months to a year before you start signing purchase papers. If you decide you don't like it here, unless you price what ever property you bought fairly, it could be a few years before you find a buyer.
We live in Chiriqui Province and and there are a good amount of  houses priced under $250K

Good luck!