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Buying Real Estate in Panama Made Easy

Panama real estate has been a target for most foreign investors. They see potential for business development as the market in Panama continues in growth. The potential development comes from the fact that more and more people tend to live in Panama as it welcomes more foreigners being tagged as a retirement haven. Aside from the potential business profit, investors find it easy buying real estate in Panama. With the affordable prices and the tax incentives provided by the government, foreigners take advantage of the benefits of buying real estate in Panama. Aside from this, investors have several options where to buy property in Panama, all offering favorable views and location. Available properties in Panama can be located near beaches, whether in the Pacific coast or the Caribbean coast; in highlands or mountainside; or within the city. Wherever the property is located, real estate brokers and agents never run out of promised benefits in buying real estate in Panama.

Foreigners should be equipped of the knowledge on what to look when buying real estate in Panama. Sometimes, real estate brokers simply want to sell property no matter what it takes. If the foreign investor does not know how to buy real estate in general, he might fall into fraudulent or insufficient transaction that would lead to failed investment. Usually, a promise that is too good to be true should not be trusted because in general there is always an exchange of benefits when transacting with real estate.

To avoid any kind of confusion or inconveniences buying real estate in Panama, investors should see if the property being sold is Titled or under Possession Rights. Titled properties are the most securely owned property. This means that the property is subject to private ownership. Once the property is titled, it is easy to transfer the ownership during buy and sell agreement as long as the complete document of the property is in tact. In Panama, the titled property should be registered in Panama’s Public Registry and the buyer should verify if the title is truly and properly registered. The steps in buying real estate in Panama that is titled includes negotiation on terms and conditions, processing Promise of Purchase Contract; hire attorney services to verify Title in the Panama Public Registry Office; sign Purchase contract; and arrange “Promise to Pay Later” and prepare Deed Of Transfer. All transactions and agreements should have supporting documents to ensure that the transaction is under contract and is valid. It is then necessary to contact an attorney to assist in buying real estate in Panama for validity and security.

Transacting property purchase under Possession Rights is more complicated because the property on hand is not solely owned by the occupant. The occupant was merely given the right to possess by the government and only a certification for possession is issued. Once the property is for purchase, the investor would be transacting with the government and would be entitled with taxes as a government income for possession. In the buy and sell contract for rights of possession, the end document would be a transfer of certification of rights of possession.

Both investments are secure; the main difference is that the possession rights take more time, however it is as same as effective for title and registration purposes. Remember always to investigate and request advice by a reputable real estate company and take pleasure in the benefits of property investments in Panama.

Submitted by:

Laurie Cooper

Laurie Cooper, of Cpanama Real Estate Corp., is an expert on Panama real estate. For more information, please visit www.cpanama.com.




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