tips-to-buy-real-estate-in-panama

The purchase of real estate in Panama can be confusing and uncertain if you are not well guided, or it can be a very pleasant experience. One of the most prevalent qualms within foreigners is whether or not the asked price is fair for a particular property. Sometimes it is difficult, even for locals, to determine what the asking market price for a particular property is.

1.The easiest way to ensure that you do not pay much more for it, is requesting for an appraisal of the property. Even if none is available, the cost of having one done is minimum and possible out of pocket expenses well worth it, because it is common to see very similar properties, even located adjacently, have price variances of up to 150%.

2. Once you have decided on your dream property, it is highly recommended that a title search be completed to ensure that the property has clear title, free of any liens, liabilities or encumbrances.

3. Look for a Licensed Broker. It is necessary to have a professional capability license, issued by the Real Estate Technical Board (“Junta Tecnica de Bienes Raices”) of the Republic of Panama. Real estate agents (brokers) in Panama are trained to offer other services that go beyond the conventional real estate market, such as: property appraisals, periodic reports on concrete marketing actions, counseling on legal and financial matters, general counseling services, preparation and processing of the corresponding legal documents, procedures of negotiation, closing and post-closing of commercial transactions, i.e. collections, payments, inscriptions at the Public Registry, etc. A broker is a able to assist you in the complete purchase procedure.

4. Another secure way to ensure yourself a sound price on real estate in Panama is by purchasing your property financed. All the bank procedure and paperwork can be extremely tedious and time consuming, but you can be assured that a bank will not finance a property for more than it is actually worth and usually the bank will cover or reimburse you the cost of the appraisal.

It is not necessary to be a resident of Panama to buy and own property. Since Panama’s current popularity, its real estate market is an excellent option to enjoy a second home, retiring or simply investing.

Perhaps the most difficult part of a decision of purchasing a property in Panama is choosing which part you like best. For many people it has been more than one, it could be a home in a cool mountain cloud forest, one with a view of the Caribbean. It could also be a modern, high-rise condo in the city or a small farm house in the country. Panama has them all. Come, visit and enjoy Panama!