How to Buy Real Estate in Panama
If you want to acquire property, you must gain familiarity with the buying and selling laws of the pertinent state. You must understand that laws and regulations are subject to change from one state to another. Thus, you must ensure that you are doing everything in the proper way. There are different ways of acquiring property in Panama. A person can purchase a title property or gain the rights of possession. The record of titled property is kept in Panama’s public registry while the right of possession is used in cases of historic places.
Instructions
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1
Be thorough about the property
The most important thing before considering a purchase decision is to check the authenticity of the property. Here, you do not want to deal with the troubles of lien and liabilities in the future. Therefore, it is important that you must hire a competent person for this purpose. You should consider hiring a lawyer for this task as he/she will be very thorough and ensure that you will not fall victim to any property scam. Apart from that, you must hire a professional who would be able to analyse the area claimed by the seller. -
2
Sign the promise to purchase agreement
After you are comfortable with the preliminary analysis done by your lawyer and the professional, you must enter a promise to purchase agreement with the seller as this will help protect your rights. This will not only reduce the worry of the seller but both parties would have to abide by the agreement. This agreement includes the details of when the buyer wishes to purchase the property and restricts the seller from entering a deal with any other party. -
3
Negotiate terms
Now you must negotiate terms with the selling party. This must include the price of the property that the buyer will pay and the mode which the money will be transferred. Not to mention, you must also agree on the time and date of signing the formal agreement. -
4
Enter the sale and purchase agreement
On the agreed date, both parties must enter the sale and purchase agreement. The seller would have to give the Property Transfer Tax and Capital Gains Tax while the buyer would have to file for registration. -
5
Obtain property deed
After you have paid the amount, you must obtain your property deed which ensures that the property has been transferred to your name.
