Many foreign investors and expats are
choosing Panama as the location of their second home, vacation house, or
business venture. If you are interested in buying land in Panama but don’t know
where to start, here are some practical tips.
1. Find for a property you like.
The first step that most buyers
do is to search for a vacant residential or commercial land in Panama that
suits your requirements. It's prudent to can hire a real estate agent to help
find properties and help you navigate the process. Real estate professionals
not only know how the property market works, but can also provide useful
resources and contacts for everyday living.. They have connections and networks
that they can use to fast-track the search.
2. Title search and Due Dilligence
The seller should provide all
necessary documents showing that he or she is the legitimate owner of the
property. The seller must present the title or the public deed and the
Ownership and Encumbrances Certificate from the Public Registry. If they cannot
present the documents, just ask for the assigned property number or finca number, then ask your lawyer to
manage and cross check the title search.
3. Do a survey of the land.
Before buying land in Panama, make sure to have it surveyed
by a licensed surveyor. This is needed to determine the exact land size and
measurement, which will then help your future engineers and architects build a
structure on it. Surveying the land is especially necessary if the property has
never been surveyed before. You may hire a licensed surveyor yourself and get
it done prior to buying land in Panama.
4. Figure out the structure of your sale and enter into contract
Speak with your attorney and
figure out the best way to acquire your property. It's possible to own real
estate in Panama in your own personal name, a corporation or foundation... each
of these options have pros and cons, and depending on your wants and needs, an
attorney can help you determine the best structure for your purchase. An
attorney can also help prepare the contract and documents needed to make your
dream a reality. Both the buyer and the seller should agree on the price and
all the terms before signing the contract and with the signing of the agreement
a down payment is issued.
