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How to buy real estate in Panama
The process of buying real estate overseas can be complicated, time-consuming, and stressful. But it should not be like this. Professional legal guidance helps you to make an informed decision and protect not only your investment and assets, but also your family, heirs and loved ones.
“On the recommendation of good friends, we contacted Mr. Gomez regarding two property transactions. Due to previous bad experiences with Panamanian lawyers, our expectations were initially low, but we were surprised in a very positive way. We never had to wait long for an answer to our e-mails. We are 100% satisfied and can warmly recommend Gomez Tomiczek Law Office!.”
D. M.
(Panama Visa )
THE BIGGEST MISTAKES REAL ESTATE BUYERS MAKE
Location is Everything
Almost everything can be fixed, but the location, the location, the location cannot be fixed. Buy location, NOT price.
Besides common factors such as traffic connection, security, neighborhood, distance to the nearest hospital, and infrastructures such as supermarkets, shops, and restaurants, it is important to verify the connection to basic public services. That is water, telephone, internet, electricity, and garbage collection. Which are the available providers and how reliable are their services? Are there any (regular) interruptions or connectivity problems with one of the basic services in the sector? Does the availability of one of these services vary according to the season (rainy season/dry season)?
Not thinking about selling someday
Buyers often forget that they will most likely sell their home at some point. Personal circumstances can change, and eventually, you have to sell. The purchase of a home should be structured well from the beginning to avoid headaches and bad surprises in the future: What will be the taxes to pay when you sell your home? Which legal figure is the most convenient to acquire a property? If something happens to me, what is the quickest and least expensive way to transfer the house to my heirs?
Falling blindly in love
Just as in love relationships there are properties that are "problematic". Some details are cosmetic and can be solved in one way or another, but there are real estate options that can be called an "uncontrollable risk". Whether it's a lawsuit, a conflict of interest, or some kind of encumbrance. Unless you like to play Russian roulette, don't get distracted by the "flashy" details.
Trying to buy without a lawyer
Last but not least, one of the biggest mistakes we can observe in our legal practice is when buyers try to buy without an attorney. There are too many factors that cannot be calculated and making a mistake is somehow inevitable. Lack of experience combined with the desire to save “some pennies" can have serious consequences. The Laws and the legal basis in Panama are not the same as in other countries. You should not make a downpayment, sign contracts, promissory or reservation agreements, that were not reviewed by a trustworthy lawyer. If you have doubts about a transaction, seek advice from an experienced lawyer who will not only protect your interests during the purchase transaction, but also your wallet by avoiding problems in the future.
HOW DO I INVEST IN REAL ESTATE IN PANAMA?
Step by Step
- Step 1
Examination of the Title (Due Diligence) - Step 2
The Purchase Contract - Step 3
Public Notary in Panama - Step 4
Registration of Ownership
